Education and Career Forum

Sir,i hd taken admission in btech mech.Eng. And i want to take educational loan so which documents i have to give for this purpose and how muCh money bank will give me plz tell me thanks

Education loan has come as great relief for candidates with poor background who can not afford higher education. Instead of opting out of college they can not complete expensive courses like B.Tech, MBA, MBBS etc with the help of education loan.


In a country where a large section of people are poor, there are very few government colleges. Unless you get admission in government college, it is very difficult to arrange finance for the course.


Such students don't need to worry anymore because Education loan has come for their rescue. You can concertrate on your studies without having to worry about fianances at the same time you are not going to put any burden of repayment on your parents.


In India all the private banks and the Public Sector Banks offer education loan. It becomes easy to obtain loan for courses like Engineering in comparison to basic graduation courses. Generally banks offer somewhere between Rs 10 Lakh to Rs 15 Lakh as education loan. The amount generally is around Rs 10 Lakh in the PSU Banks while some private banks such as HDFC offer loan upto Rs 15 Lakhs.


Now you should no hurry to get education loan. Check out the schemes of 4-5 banks and see what suits you the best. You must check out the points mentioned below.


Important Points

1. You will have to show the letter from college or any document that verifies your admission to obtain loan.

2. You would only get loan if your college is approved by the UGC/ AICTE.

3. The education loan is generall give to candidates who have got admission after appearing in competitive entrance exams like AIEEE/IIT-JEE etc.

4. You must be of Indian origin.

5. Before applying for loan, check out which bank is charging lowest interest rate. Generally the interest rates in PSU banks for education loan is cheaper in comparison to private banks.

6. You will require ID proof and address proof to obtain loan.

7. Please remember that the amount will not be given to you but the bank will make the cheque in favor of college after each semester. If your performace is poor like 5-6 backlogs, then the bank has every right to cancel future payments of your course.

8. You will need a co-signer for the loan. It could be your parents, guardian etc.

9. The co-signer would need to show his bank statement, IT returns. In case you are unable to make the repayment, it would have to be done by co-signer.

10. For loan upto 7 Lakh, co-signer is enough but for amount greater than that you will need to secure loan against your property.

11. The repayment of the loan starts 1 year after completing graduation or 6 months after getting the job, whichever happens first.

12. The loan has to be repayed in 5 to 7 years.

sir,i want to know,how many time will be taken after completing the application form for educational loan?

sir I am a pass out diploma holder student. I want to adimited b-tech college, but my family echonic level is poor. can i will get education loan? but i have no granter.

at last year i got education loan.bt this year i failed in one subjet.so do i get loan for this year?

sir, the interest in edu. loan for b.tech. applies on during the study ??
and which bank's interest rate is lower??pls tell me at an early time...

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