As every year number of students is increasing in order to go for higher studies hence more and more requirement for education loan is also increasing. Almost all the banks provide education loan.
All the national banks, private banks and state level banks provide education loan to the students to study both in India and Abroad.
The interest rate provided by these banks will be less. There are banks which education loan for studying in India and Abroad so that it covers the tuition fees and other fees.
Certain Documents are required to submit in the bank before taking an education loan
Typically the following are the basic minimum documentation to be provided to the bank while availing of loans from them:
Mark sheet of last qualifying examination for school and graduate studies in India
Proof of admission to the course
Schedule of expenses for the course
Statement of Bank account for the last six months of borrower
Income tax assessment order not more than 2 years old
Brief statement of assets and liabilities of borrower
Identity and give proof of residence.
Copies of letter confirming scholarship, etc.
Copies of foreign exchange permit, if applicable.
Allahabad Bank offers education loan to all the students who are already studying or is securing education in one of the following institutes.
1. Indian Institutes of Management (IIMs’)
2. Indian Institute of Technology (IITs’)
3. Indian Institute of Science, Bangalore,
4. Jamnalal Bajaj Institute of Management, Mumbai,
5. XLRI Jamshedpur,
6. Roorkee Engineering College
7. Indian School of Mines, Dhanbad
Canara Bank gives loan to any student with consistently good academic record for pursuing school education or higher education in India or abroad. The scheme provides relaxation for reserved candidates.
State bank of India, Indian overseas bank and many other banks give education loan to the students who want to study in India as well as in abroad. So nowadays it has easy for all the students to fulfill their dreams by going with education loan.