Education and Career Forum

Where can i get education loan to study 2nd year B.Tech Mechanical in Visakhapatnam?

Best Education Loan in April 2023:-

1) State Bank of India: Best customized education loans with low interest rates.

2) Punjab National Bank: Best for OCI category students, or born abroad but studying in India.

3) ICICI Bank: Best for studying in reputed colleges and universities in Canada.

You can apply for education loan in any nearby bank.
You can either visit the nearby branch of bank and collect the form, from there or you can also fill the form online through their official website.
Some of the documents are also to be attached with the application form
Some are
Identity proof
Marksheet and certificates
Letter of admission
Passport size photograph
Pan card /Adhar card etc

To obtain an education loan for your second year of B.Tech in Mechanical Engineering in Visakhapatnam, you have several options:-

1. Banks: Visit various nationalized and private banks in Visakhapatnam, such as State Bank of India (SBI), ICICI Bank, HDFC Bank, Axis Bank, etc. These banks often provide education loans to eligible students.

2. Non-Banking Financial Companies (NBFCs): Companies like Avanse, Credila, and InCred are specialized institutions that offer education loans.

3. Government Schemes: Inquire about government-backed loan schemes for education, such as the Pradhan Mantri Vidya Lakshmi Karyakram (PMVLK). This scheme provides a single platform for various education loan schemes offered by multiple banks.

4. Online platforms: Some online platforms like GyanDhan and Vidya Lakshmi also provide information and assistance in finding suitable education loan options.

You meet the eligibility criteria set by the lenders and have the necessary documents, such as admission letters, fee structure, academic records, and identity proof, ready for the loan application process.

To obtain an education loan for studying the second year of your B.Tech Mechanical program in Visakhapatnam, you can explore various options available to you. Here are a few avenues you can consider:

Banks: Approach nationalized banks, private banks, or cooperative banks that offer education loans. Some popular banks in India that provide education loans include State Bank of India (SBI), Punjab National Bank (PNB), HDFC Bank, ICICI Bank, and Axis Bank. Visit the nearest branch and inquire about their education loan offerings, interest rates, repayment terms, and eligibility criteria.

Non-Banking Financial Companies (NBFCs): NBFCs like Credila, Avanse, InCred, and Auxilo are specialized financial institutions that focus on providing education loans. They often have streamlined processes and offer competitive interest rates tailored for students.

Government Schemes: The Government of India has introduced several schemes to facilitate education loans, such as the Central Scheme to provide Interest Subsidy (CSIS), Pradhan Mantri Vidya Lakshmi Karyakram (PMVLK), and State Bank of India Scholar Loan Scheme. Check if you are eligible for any of these schemes and apply accordingly.

Online Loan Aggregators: Several online platforms like BankBazaar, MyLoanCare, and Paisabazaar allow you to compare education loan options from multiple banks and financial institutions. You can fill out their online forms, and they will provide you with a list of suitable loan offers.

Before applying for an education loan, gather all the necessary documents such as admission letter, fee structure, academic records, identity proof, address proof, and income proof of the co-applicant (if required). Additionally, make sure to thoroughly understand the terms and conditions, interest rates, repayment options, and any collateral requirements associated with the loan.