Nowadays everywhere education is needed both in India and abroad ,also cost of education is rising day by day it has become difficult for students to afford quality education because increasing college and school fees which plays a major role. To overcome this problem there is a solution which is education loan. Then let’s know
what is education loan?
Education loan is a loan that student apply to fund their education in India or abroad in a renowned college or universities. Different banks are offering education loan to students at some interest rate to help them to study in a renowned university or a college for betterment of their career.
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How you can apply for educational loan ?
There are some ways to apply educational loan what are those leads lets discuss it….
first of all you have to fill the application form provided by the bank which you can fill in online mode or in offline mode.
- In online mode you have to fill the online application form with all the required document attached with it and submit the online and Some banks may provide virtual assistant to help you to fill that application form.
- In offline mode you have to visit the nearest branch of your bank with all necessary document required for the educational loan and then apply that application form and submit it in the bank
What are the necessary document required for the educational loan ?
- Educational certificates
- KYC documents
- Admission letter
- Fee structure
- Income Pro and KYC document of co-applicant
These are the documents required. In some cases additional document may also be required so you can do the enquiry about those documents from your respective Bank
What are the Eligibility criteria for educational loan?
It may differ from bank to bank but this is the basic criteria :
1-Citizen of India
2- Ages – minimum to 16 year maximum to 13 year
3-academic record should be good
4-qualification should completed 10th or 12th or diploma
5-you have to mention pursuing education
6-which university you are applying to
7-loan can be sanctioned on the basis of
8-you have to mention the loan amount
9-you have to mention the co-borrower
10-you have to mention some security to loan
This is the basic criteria for educational loan it may differ from banks to banks you may enquire about the criteria from your respective Bank.
Which bank is best for educational loan ?
In this there are some banks name and there interest rates below
| Bank | Interest Rate |
|---|---|
| State Bank of India | 8.15% onwards |
| ICICI BanK | 10.25% onwards |
| Punjab National Bank | 8.20% onwards |
| Canara Bank | 9.25% |
| Bank of Baroda | 8.15% onwards |
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