Education and Career Forum

Hi friends, I am interested to study BTech course. But I belongs to a poor family. I am preparing for various Engineering entrance exams. I would like to know that is it possible for me to take an Education Loan from any Bank for this course?

Hi,


Although you are poor,in order to study BTech you can easily take an Education loan.In fact loans are available for helping candidates like you only.


But there are some key points that you need to remember or follow while taking an Education loan. They are :-

• You can apply for loan of amount upto Rs 15 Lakh.The loan amount varies from bank to bank. Most banks and NBFCs (non-banking financial companies) sanction a maximum amount of Rs. 15 Lakh for studies in India.

• The interest rate varies from bank to bank. Usually, the interest rate charged on an education loan ranges from 9% to 13.5%, depending on the bank, loan amount and the college/university you are taking an admission into. You can choose between floating interest rate and fixed interest rate.

• You should have secured admission in the B.Tech course in a college recognized by the bank. The college should be recognized by UGC, Government, AICTE or such board. You will have to fill the loan application form and submit documents such as an address proof, mark sheets, admission letter for the course.

Below are the additional documents that you need to submit to bank:-


1) HSC and SSC Marksheets/Certificates
2) Entrance exam Marksheets (If applicable)
3) Scholarship Documents (If applicable)
4) Marksheet/Certificate of the last attended highest education
5) Proof of confirmed admission letter from university or institute

Yes, it is possible to take Bank education loan for pursuing B.Tech course. You should have secured admission to B.Tech course in a government recognised college/ university to be eligible to apply for an education loan. You should have to submit the documents like admission letter, income proof, address proof, identity proof, etc., to bank for processing your education loan.