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Education loan is one of the best financial services offered by the Banks as it allows anyone who is meritorious to aspire for higher studies regardless of the student not having the financial capacity to do so. Education loans are given to those students who are willing and aspiring to pursue higher studies, especially the professional courses, in India and abroad.
The student should be and Indian citizen and should have secured admission to professional or technical courses through Entrance Test or Selection process.
To extend financial assistance to deserving/meritorious students for pursuing higher education in India and abroad. Usually all professional courses are covered under the Education loan eligibility.
Maximum Amount :
Maximum loan is usually fixed by the Banks for studies in India and abroad. They do have an upper limit with some exceptions for few courses. The Banks allow the borrower to cover their tuition and academic fees along with the boarding and lodging.
Banks do ask for collateral securities in case of education loan in the for of tangible security like land, house, gold etc., and third-party guarantees. All Banks invariably ask the guardian or parent to be a coborrower along with the student.
Frequently Asked Questions
What are the courses for which loan may be granted for study in India?
Usually Banks sanction education loan for the following courses;
- Professional courses: Engineering, Medical, Agriculture, Veterinary, Law,Dental, Management, Computer, etc.
- Courses conducted by IIM, IIT, IISc, XLRI, NIFT, etc.
- Courses offered in India by reputed foreign universities.
- Graduate and PG degree courses in nursing approved by Indian Nursing Council
- Courses offered by National Institutes and other reputed private institutions.
What are the expenses that can be covered under education loan?
Education loan is mostly given to cover the tuition expenses but in some cases the boarding & lodging and special expenses like cost of computer etc. are also allowed.
Who should execute the documents for any student loan?
The documents should be executed by the student and the parent / guardian as joint-borrower.
What tangible collateral security that can be offered to avia education loan?
The security can be in the form of land/ building / Govt. securities/ Public sector bonds / Units of UTI, NSCs, KVPs, LIC Policy, gold, shares, debentures/ bank deposit in the name of student / parent/ guardian or any other third party.
Do Banks provide extensions if the student is not able to complete the course within the scheduled time?
Banks do provide extension of time for completion of course if the student is not able to complete the course for reasons beyond his control.
What are the papers to be submitted along with education loan application?
Mark sheet of last qualifying examination for graduate studies In India
- Proof of Admission to the course.
- Copies of letter confirming scholarship, free ship, studentship, etc.
- Prospectus/documents evidencing course commencement and duration
- Schedule of expenses for the course
- Copies of foreign exchange permit, if applicable
- Passport size photographs of borrower(s)/ guarantor(s).
- Statement of Bank account for the last 6 months of borrower (s).
- A copy of Passport/ Voter's ID Card/ Proof of residence/Aadhar Card
- Statement of Assets & Liabilities of borrower(s).
- Proof of income