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All leading banks in India offer loans to students to pursue their academic dreams. These loans can cover all their course studies starting from nursery to specialized degrees.
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All leading banks in India offer loans to students to pursue their academic dreams. These loans can cover all their course studies starting from nursery to specialized degrees. Students can get loans for full-time as well as part-time courses. In India, an education loan India is offered to working professionals for their vocational courses. These loans generally cover the students' tuition fees, hostel fees, travel expenses, cost of books and other study materials, examination fees, laboratory fee and library fees, caution deposit and other expenses required to complete the course.
Ways to apply for an education/study loan in India. The interest rates for these study loans in India start from 6.75 percentand their repayment tenure goes up to 15 years. Interest rates for education loans vary according to banks. The base lending rate for banks in India, as directed by the RBI, is around 9- 10 percent cent. Students can apply for these loans in the following ways;
Apply online One of the most convenient ways to apply for study loans in India is to apply online. For this, students need to first fill in the application form available online and submit it to the lender. Nowadays banks also provide virtual assistants to clear customers’ doubts and help them proceed with their loan application.
Request for a call back Students can also make an online application by providing the lender with all the request details enabling him to contact them for discussing all the terms of the loans before processing the application. Students can also request a call back by expressing an interest in his loan scheme.
Visit the bank’s branch Another way students can apply for study loans in India is by visiting their nearest branch with the required documents. This gives them the opportunity to discuss the loan terms in-person with the bank’s representative. Once at the bank, they would need to fill in the application form and submit it to the representative.
Submit the required documents Along with the application form, students would also need to submit certain documents to substantiate their loan application. The documents that they would need to submit include: • ITR with income computation • Audited balance sheet • Recent bank statements • Proof of turnover (service tax return/sales receipt) • Latest passport size photographs • Appropriate Visa for studies abroad. • Recent bank account statements
Add guarantor details Students applying for study loans in India need to have a guarantor to support their loan application. These guarantors may include the applicant’s parents or guardians. They need to add the name and contact details of this guarantor in their loan applications. . After verifying the credit score and history of these guarantors, banks may ask applicants to sign a promissory note of repayment with the lender. Only after this agreement is signed, the processing of these education/study loans will proceed.
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