What is necessary for Education Loan?
Dear friends once more I welcome to you in my another new blog
In this blog I will tell you necessary things about Education Loan.
Friends at the time of applying for education loan you should have a co applicant or *guarantor
One more important thing for Education Loan that guarantor should have fixed source of income
(* a person who promises to pay back a loan if the original borrower does not pay it back)
All Indian banks Provide education loan to students for studying in India or abroad.
Normally interest rate of these kinds of loans is up to 15% to 18% for Education loan
Normally banks give time to pay Education loan
It starts from after completing study or after getting job
Normally it takes 1 year to 3 year time
Students can pay their Education loan after getting job so it’s easy for them
to pay their Education loan
According to reserve bank of India guidelines for Education loan
There is no need of guarantor for Education loan up to 400000
If Education loan is more than 400000 so loan guarantor is required
Third party guarantee is must for Education loan more than 400000
Students can get rebate on Rate of interest of theirs Debt (Education Loan)
It is Based on theirs institute or merit rank of students
Other than this thing girl students can get rebate on Rate of interest of their Debt (Education Loan)
Maximum 1000000 Rs Education loan can be taken for getting education in any institution of India
Maximum 2000000 Rs Education loan can be taken for getting education in any institution of abroad
Maximum Education loan amount can be increased in any special case.
Essential documents for Education loan
Estimated value of expenditure for education course by university or college
Photo passport size
Identity card of student and guardian (aadhar card or voter id card )
Bank records of last 6 months of student or co applicant or *guarantor
guardian will have to fill Bank return form bank last two years
Qus 1 -: for which kind of courses I can get education loan ?
Ans -: Education loan can be approved for any graduate/postgraduate degree and PG diplomas courses run by recognized universities like UGC/Govt./AICTE/AIBMS/ICMR etc.
Reputed professional and technical courses are also considered like B.E / B.E / L.L.M/ M.B.B.S/ MCA
Students can check Approval for education loan on
Loans for courses in reputed foreign universities are also granted. Indicative list is available on
Qus -: what kind of Expenses bank gives in Education loan?
1 College Fees
2 Accommodation charges,
3 Exam and library fees
4 Reasonable expenses for books and equipment including computer
5 Travelling expenses abroad and other reasonable expenses required to complete course.
Qus -: what is period for repayment?
Ans -: student will have to pay their education loan
After completing course period + 1 year or 6 month or after getting job, whichever is earlier
Qus -: I will have to pay how much earnest money for getting loan ?
Ans -: student will not have to pay earnest money for education loan up to 4 lakh
Above 4 lakh education loan student will have to pay 5 percent to 15 percent for study in india and abroad
Qus -: I can get education loan for how much Tenure period?
Ans -: 0 and 15 years for education loan upto Rs 7.5 lakhs
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