A comprehensive educational loan scheme was framed with the consultation of Government of India with reserve bank of India and Indian bankers association. This scheme can avail a loan of up to 7.5 lakhs in India and up to 15 lakhs for abroad studies. These figures are not stable in nature for banks. State bank of India is availing an upper limit of 20 lakhs and in recent days. Indian bank has upgraded its maximum limit to 15 lakhs for education in India and 25 lakhs for abroad studies. All the details given below will change time to time and students are advised to get right information from the banks concerned.
Eligibility Security Processing fee
Documents Rate of Interest Credit Delivery
Margin Repayment Holiday Capability Certificate
Eligibility
The eligibility criteria of the bank to obtain an educational loan from any bank of India:-
- The student who is seeking for educational loan should be Indian national
- The student should have secured admission to professional/ technical courses through entrance test/selection process
- The student should have secured admission to foreign university/institution
Take a peek into other important points of consideration that the comprehensive educational loans:-
You need to keep the following documents in place before applying for an educational loan:
- Mark sheets of the last qualifying examination for school and graduate studies in India.
- Proof of admission to the course.
- Scheduling of expenses to the course.
- Copies of letter confirming the abroad scholarship.
- Copies of foreign exchange permit, if applicable.
- Two passport size photographs.
- Bank statement for the last six months of the borrower.
- Income tax assessment order not more than two years.
- Brief statements of assets and liabilities of the borrower.
- If you are not an existing bank customer you would need to establish your identity and give proof of residence.
If the course cost is up to 4 lakhs, nil for both studies in India and abroad. If the course cost is above 4 lakhs, 5% for inland studies and 15% for studies abroad. More
