Education loan in India – Loan policies of Indian banks: Gone are those days when professional education was only the apple of landlords, money lenders and babus. If the dream of admission in your favourite college looks distant because of hefty fees then banks are there to help you.
Getting an education loan is not very difficult if you have documents in place. The most common documents required by all banks for education loan are :
Proof of Identity
Proof of Income
Proof of residence
Other documents that include Copy of admission letter of the Institute along with Fees schedule, mark sheets / pass certificates of S.S.C, H.S.C , Degree courses
Some banks may ask you provisional admission letter
Students from economically weaker sections (Those with an annual family income up to Rs. 4.5 lakhs) are eligible for full interest subsidy during the moratorium period. If you receive a scholarships, it will be taken into account for calculating the margin money. Banks generally asks 5% as margin money. Some banks also provide subsidy to girl candidate. The repayment starts only after six months to one year after getting a job.
Education loan in India – Loan policies all of Indian banks