Education and Career Forum

Please give me information on an Education Loan course for MBA courses? Waiting for your kind reply. What should be the procedure which I need to follow for the same? Is it easy to get the educational loan or not? Who can provide me the details?

Yes, it is easy now to get education loan since the terms D's and conditions have been made lenient and the formalities have reduced. You need to get admission in a well recognised and reputed institute which offers good placement opportunities to get your loan sanctioned. Once you get admission call, you need to approach any bank near your residence for education loan. Comply with the terms and conditions and act as per bank's instructions to get your loan sanctioned.

To get an Education loan for pursuing MBA course, first you need to contact bank manager where you wish to take an Education loan and discuss about the loan details with him. If you need Education loan of Rs.4 lacs, no security is required and for getting an Education loan of more than Rs.4 lacs and less than Rs.7.5 lacs, your parents must be joint borrowers. To get an Education loan of more than Rs.7.5 lacs, you must have to submit the Collateral Security in the form of documents related to House/ Land equal to bank loan amount for sanction of Education loan.

Educational Loan is provided to those students who get admission in the first year of any professional course such as Engineering, Medical, Hotel Management etc. You are interested to know about the procedure for taking the educational loan.

Documents required:

--Admission slip which you got from the college

--10th , 12th and graduation Mark sheet Xerox

--Address and Identity proof

--3-4 color photograph

--ITR of previous three years of your father

--Fee structure. Also make sure that in the fee structure it should mention the total fee of both years.

Procedure to apply for loan:

--Visit to nearest bank branch office through which you want to take the educational loan. In my opinion you should avoid to take the educational loan from private banks as they charge higher rate of interest.

--Fill the application form in which you have to fill your basic details, personal details, academic details, tuition fee details etc.

--After filling the application you have to submit the application form with the Xerox copy of the relevant documents.

--The application form is firstly validated by the bank official.

--Your loan will be sanctioned within 15 days.

>>Now a days the education loan are filled online too. You have to visit the official website of that bank fill the application form, upload the documents and click on final submit. Your loan will be sanctioned.