Education and Career Forum

What is the procedure followed to get student educational loan? Can someone please provide me the complete details on the same? I just wanted to understand the complete steps which we have to follow. Hope that I will get the answer. Thanks!

To get student education loan, you must have to contact the bank manager or staff where you wish to apply for education loan. They will inform you the details like what all documents are required, processing fee and time taken to sanction the loan. You need to submit admission letter, your study certificates, Income proofs, Collateral security documents (if loan amount is greater than 7.5 lakhs) to bank and they will process your loan within 10-15 working days.

First of all you have to secure admission in a recognized college and then approach nearest bank branch for educational loan with all the documents. You have to apply on an application form and submit it to the manager with all the required documents.
They will review your application and take their decision based on your financial situation and the guarantor or collateral security according to the size of the loan. If bank thinks that you fulfill all the points then they will sanction your loan.

The process is quite simple, you will have to contact the bank official and the loan department and the further details regarding the loan and the documents required or any other requirements, if any will be mentioned to you in detail by the bank staff.

So, you need not worry about it, you just have to contact the official and ask about the procedure.