Education and Career Forum

Hello,
I need Education Loan of Rs. 8 Lacs
for study MBA. The course fee is Rs. 6.5
Lacs but I want to apply for Rs. 8 Lacs because
of miscellaeous expenses. So, the Bank will
give me Education Loan for my miscellaneous expenses?

The bank will not give education loan for miscellaneous expense. The bank will offer education loan which will only cover the following expense.

- Tution fees
- Other Institutional Charges including books
- Hostel Fees
- Mess Fees

You need to show proof to the bank to get loan installment for the requisite expense which will only cover the above mentioned four factors.

Originally Posted by Unregistered

Hello,
I need Education Loan of Rs. 8 Lacs
for study MBA. The course fee is Rs. 6.5
Lacs but I want to apply for Rs. 8 Lacs because
of miscellaeous expenses. So, the Bank will
give me Education Loan for my miscellaneous expenses?

You can sanction the Loan of amount that is mentioned in the fee structure of your college. Because you have to include your fee structure along-with the documents while applying for the Loan. So, based on the fee structure the loan amount is going to be Sanctioned. OS, if the miscellaneous charge is mentioned in the fee structure then you will get the money for the miscellaneous charge also.

Yes, State bank of India offers a maximum educational loan amount is Rs. 10 lacs for studies in India and Rs.30 lacs for studies in abroad.

To apply for this educational loan one has to submit all the required documents and should meet the eligibility criteria of the respective bank.