Education and Career Forum

what are the rules to taking loan to study engineering? Tell me the rules or the terms and conditions properly. Nothing should be hidden.

There are no such rules to take education loan in order to pursue engineering. It is only that you need to follow the instructions of the particular bank from which you want to take education loan. The general formalities and conditions are stated below.

- You need to approach a bank from which you want to take loan.
- Have a discussion with the branch manager concerning the loan and the formalities to be undertaken.
- Follow his/her instruction and act accordingly.
- You need to submit documents of your academic background, family income and the current institute where you want to pursue course.
- The interest is computed as simple interest and can fluctuate as per orders from RBI.
- You need to keep mortgage or have a third party guarantor for loan of high amount.
- You need to start repaying the loan within six months after completion of your course of study.