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Education Loan

An education loan is a form of credit, advanced to students & scholars. It is designed to help students pay for college tuition fees and living expenses. Education loans are different from other types of loans as the interest rate is often considerably lower than other loans and the repayment schedule is deferred while the student is still in school. Eligible courses for funding include graduation/ post-graduation as well as job oriented professional/ technical courses offered by reputed universities outside India.

Minimum repayment tenure: 12 Months
Maximum repayment tenure: 120 Months (Including course duration)
Grace period is of 6 months after the course completion or 3 months after getting the job

The financial institution offers you the flexibility of repaying your education loan while in school as well as upon completion of your course. The financial institution will assess your education loan application based on the information and documents provided. Once your loan application is verified, the institute shall issue an in principle approval through a Loan Offer letter, outlining the loan amount you qualify for. They will also intimate you about any additional documents that may be required to be submitted prior to disbursement. You can use this Loan Offer letter to declare the source of funds, during the process of admission.

  • The student taking the study loan must be an Indian Citizen and 18 years old or above.
  • There must be confirmed admission in the Institute before final disbursement of the education loan
  • The student loan must be co-signed by an earning co-borrower in India.

  • The co-borrower of overseas education loans must be an Indian Citizen and could be a parent, sibling, legal guardian, or any other relative.
  • The co-borrower must have a bank account in any bank in India with cheque writing facilities
  • The co-borrower would necessarily be the primary debtor.

  • 100% Tuition Fee as determined by the Institute or University
  • Living Expenses including purchase of Books, Computers and other expenses essential to complete the course (up to 75% of total living cost though not exceeding 20% of the total tuition fee)
  • Caution Deposit / Building Fund / Refundable Deposit supported by Institution Bills / Receipts but not exceeding 10% of the total tuition fee.
  • Travel expenses / passage money up to Rs. 75000/- for students travelling abroad.

Security for the loan is determined by the quantum of loan required and the credit worthiness of the principal borrower. Following types of collateral are accepted:

  • Residential property ( house/flat/apartment)
  • Fixed deposit with any deposit-taking organization assigned in favor of the financial institution
  • Life insurance policy with surrender value equivalent to provide the required security coverage.
  • Non-agricultural land

Applicant

Co Applicant

Additional Co- Applicant

Guarantor

2colour photos

2colour photos

2colour photos

2colour photos

Photo Id

Photo Id

Photo Id

Photo Id

Residence Proof

Residence Proof

Residence Proof

Residence Proof

Date of Birth Proof

Date of Birth Proof

Date of Birth Proof

Date of Birth Proof

Signature Verification

Signature Verification

Signature Verification

Signature Verification

Academic Documents

8 Months Bank Statement

8 Months Bank Statement

Income Proof

Proof of Admission

Income Proof

Income Proof

Collateral Documents

Fees Structure

Collateral Documents

Collateral Documents

 

 

Relationship Proof

Relationship Proof

 

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