Education and Career Forum

I am Vikas.I want to know about the procedure of taking loan from banks on the for study basis.And what is the appx. interest on it.

Originally Posted by Unregistered

I am Vikas.I want to know about the procedure of taking loan from banks on the for study basis.And what is the appx. interest on it.

Hey friend,

The Procedure which is to be followed to get a Loan from a Bank is that you need to apply for the Bank in which you want to get the loan,and there are certain things which are needed to be submitted in order to verify about you and then only they will be able to sanction your loan.

-> You need to complete the Education Loan Application Form and submit it.
-> You should provide the Mark sheets of your Plus 2 and the Undergraduate Degree mark sheets if you have finished.
-> You need to specify the amount of loan which you need.
-> 2 passport size photograph of you.
-> PAN Card of the student and the Parent/ Guardian
-> Salary certificate of whom who is going to pay your interests.

The Bank provides loans up to Rs. 10 lakh for studies in India and up to Rs. 20 lakh for studies abroad. If you are getting Rs.4 lakh then there will be no security or marginand the interest rate is not exceeded the Prime Lending Rates (PLR). For loans above Rs. 4 lakh the interest rate will not exceed PLR plus 1 percent.

It is better that you apply for Loan in the same bank in which you have a Previous account.The interest allowed to you will depend on the bans in which you are applying.

ALL THE BEST

You are eligible for the education loan if you wish to pursue higher studies. You need to apply for the loan and visit the nearest bank branch where you or your family members hold accounts. Your merit score will decide the sanctioning part as bank officials check the borrower’s credibility. Spanning from graduate, postgraduate and doctoral level programs in India, students can get loans. There are a lot of help for the under developed segment of the society from the Government of India. Recently, it has launched a scheme to provide full interest subsidy during the period of course and one year or six months after getting job. One can return the loans within the time frame.