Education and Career Forum

I want to join merchants navy and take loan for courses. So, please do tell me that what is process for the loan?

You first have to crack the examination for entrance into the course and secure a seat in the institute. Without securing a seat, no bank would extend the loan facility to you.

Once you do that, get an estimate of expenditure from your institute and submit it in the bank along with the ID card and other documents as and when required by the bank.

Sign the agreement of loan with the bank and bank will pay the fees to the institute.

You will have to repay it after you complete the course.

It depends on how much amount of loan you want. You can go to any nationalized bank and apply for education loan. If the amount is below 4 lakh than that can be approved by the branch manager but if it's above that than it's not in his hand, headoffice has to approve the loan.

It will be better if you know someone in bank to get the loan.

Taking an education loan is itself a task which one should understand how it works and how you can apply for the same. The process of taking a loan for any course be it a Merchant Navy course is given below.

--> You can apply for an education loan if you are a resident of India.
--> You are in the age group of 18 - 35 years old during the loan application.
--> There is no Education loan for the GP rating course.
--> You should have secured admission to a college/university affiliated with UGC/AICTE.

Documents required for Education Loan are given below.

--> Loan Application Form as per bank.
--> Proof of Identity and Address.
--> College Admission Letter
--> Details of Assets and Liabilities of parents/co-obligates/guarantors.
--> Proof of having cleared your last qualifying examination.
--> Prospectus of the college wherein charges is mentioned like admission fee, examination fee, hostel charges, etc.

You must have the following documents to apply for Education Loan Scheme.

1) Mark sheets of academic qualifications.

2) Copy of admission letter of the Institute along with fees schedule.

3) Bank Statement or Pass Book of last 6 months

4) KYC documents

5) Identity proof like voter ID card, driving license, etc.

You have to go to the website of the bank from where you will take a loan and upload the above documents and follow the next procedure to get the loan.