Education Loans

Bank Loans are easily available for higher studies anywhere in the world. Loans should be preferably taken
from a Nationalized Bank. The term & condition for educational loans may vary from Bank to Bank.

ELIGIBILITY (Depends on the bank)

All Professional/Technical job oriented courses offered by reputed Universities.

LOAN AMOUNT (Depends on the bank)

Maximum Rs.15 Lakhs.

Margin : 15%

SECURITY (Depends on the bank)

For Loans upto Rs.4 Lakhs, no collateral security is required. For Loans above Rs.4 Lakhs,
collateral security is required.

REPAYMENT (Depends on the bank)

Course period + one year or 6 months after getting a job, whichever is earlier.
The loan is to be repaid in 5-7 years A
after commencement of repayment.

RATE OF INTEREST (Depends on the bank)

Upto Rs. 4 Lakhs-PLR Above Rs. 4 Lakhs-PLR + 1%

DOCUMENTS REQUIRED (Depends on the bank)

• Loan application



• Photograph, Residence proof of borrower and guarantor



• Covering letter stating sources of owned funds



• Fee receipts or proof of payments made
  
  
• Title Deeds of the ownership property to be mortgaged as security
  
  
• Copy of passport & Visa, if student is going abroad for higher education
  and related documents
  
  
• Income proof of the applicant in the form of last 3 months salary slip/Certificate
  or copy of the last 3 years IT returns filed with computation details of personal assets & liabilities.
  
  
• Two guarantors with their latest salary Slip / certificate in case guarantor belongs to service class or latest
  income tax returns filed with the computation of income in case the guarantor is a businessman, professional or self-employed.