Education and Career Forum

Sir, i have addmitted for BE Course in a govt. College and got a merit wise scholarship. Am i eligible for education loan too as my family encome is below 1 lakh ???

if you are getting scholarship then you wont be eligible for education loan i think. But i am not sure, you can just contact bank manager for clarification.

Hi,

I don think your are eligible for Education loan as you are already getting merit wise scholarship. But you can ask about Education loan to a near by Bank Manger.

Am I eligible for Education Loan if my family income is below 2 lakh?

yes you are eligible. But again the my reply will be if you are getting any scholarship then some bank wont give you education loan. Try and contact some bank managers.

Originally Posted by Unregistered

Sir, i have addmitted for BE Course in a govt. College and got a merit wise scholarship. Am i eligible for education loan too as my family encome is below 1 lakh ???

Hey friend,

Yeah you can get Loan if your family income is below 1 lakh,and to get a loan from the preferred bank which you wish and there are many banks available.

First you need to check up with the bank and know the interest rates for the bank.You need to contact the Branch manager regarding the loan details.

There are certain documents which are needed to be submitted in order to sanction your loan form the bank.If you have a Account in a bank it is better to check up with the bank and get a loan from there because the possibility of getting the loan sanctioned will be easy.

The documents which you need to submit are:

-> Completed Education Loan Application Form.
-> Mark sheets of last qualifying examination
-> Proof of admission scholarship, studentship etc
-> Expenses for the specified course
-> 2 passport size photographs
-> Borrower's Bank account statement for the last six months
-> Income tax assessment order, of last 2 years
-> Income Certificate

The Bank will verify all these details and if they are verified true,then you get the loan sanctioned.

>> For loans up to Rs.4.0 lacs : No Margin
>> For loans above Rs.4.0 lacs:
Studies in India: 5%
Studies Abroad: 15%


ALL THE BEST

If your course fee is between*Rs*4*lakh to*Rs*7.5*lakh, you need a guarantor who promises to pay the amount in case you fail to pay back the loan. You need documents like passport size photo, income proof/latest income tax return, last 6 months bank account statements during the sanctioning. Bank interest varies between 12 to 13 per cent annually. Incase of India, you can get a loan of Rs 10 lakh approximately while for abroad studies, Rs 20 lakh can be granted. Some banks can provide loans amounting Rs 1 crore against residential property like land.

Yes, you can get education loan if your family income is below 1 lakh.

Just take up the details of interest charged by nearest banks. visit the desired bank and meet up with the manager of that branch and ask the details about education loan.

It is recommended to visit the bank in which you or your parents have bank account because your loan will be sanctioned very easily.

Required Documents are listed below :

• Completed Education Loan Application Form
• Prospectus and admission letter from the college
• Marksheet of previous qualifying exams.
• Income Certificate
• 2 passport size photographs

Bank will verify all the details and will sanction your loan after verification.