Most Indian banks offer students loans for studying in India and abroad. Some banks also provide credit cards to their education loan customers. Most banks provide details about student loans on their website. But it is always better to call up the banks and discuss the details with their representatives. It is recommended to apply for a loan at the earliest as the entire process of application, approval, and loan disbursement can be time-consuming.
Before choosing a lender, compare the student loans offered by different banks. Courses covered by the loans are not the same for every bank along with a variable loan amount. Loans are available for both full-time or part-time courses. Researching and comparing will help in choosing the most suitable one. Online: The application form can be filled online with all the necessary documents attached.
And then submit it online. Some banks may also provide virtual assistants to help with the application procedure. Offline: This can be done by visiting the nearest branch office with all the required documents and the duly filled application form and applying it in person. Once the loan gets approved, the bank issues a loan document that contains various elements of the loan. The interest amount paid on an education loan is deductible from the total taxable income with no upper limit under Section 80E of the Indian Income Tax Act.
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Terms Privacy Legal. The process goes as follows: Once you have determined to study at an institution and completed the process of admission, then you will have to concentrate on taking out an educational loan. Here are the documents which you should keep ready: You will have to provide a proof of admission to the selected recognized institution. Proof of your consistently high academic performance along with the last mark sheet will need to be produced.
The cut-off marks generally differ from general students to reserved students. You need to produce a schedule of fees. Depending on the amount that you are applying for, you will need to produce income statement, statement of assets and liabilities etc. If you are going to study abroad, you need to produce your passport with a valid visa also.
Your education loan will cover a number of things in addition to your tuition fees. These include hostel fees, exam fees, library fees, purchasing books, travel and other expenses for educational projects. After all the documents have been submitted and verified, you will have to appear for an interview.
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