Education Loans

The following are the important requirements for applying for an educational loan to be able to study abroad-

  • A co-applicant( parents, a sibling or a spouse ) is a must
  • a third party guarantor is required for loans between Rs 4 – 7.5 lacs
  • Collateral needs to be provided for student loans above Rs 7.5 lacs
  • Loan repayment commences 6 to 12 months after the course completion
  • lender recovers the remainder payment from the co-applicant, If a student goes abroad

The criteria for sanctioning the maximum amount of loan, charging the interest rate and deciding the period and mode of the repayment depends on various factors decided by the lender. Certain factors include the quality of the institution, relevance of the course and credit worthiness of the co-applicant.

Education loan includes

  • Study tours, exchange programs and project work
  • Charges for examination, library, laboratory and hostel
  • Tuition fees
  • Travel expenses for study abroad
  • Cost of purchasing books, equipment, instruments and uniform
  • Caution money, refundable deposit, etc.

Documents Required

Study Abroad

  • Mark sheet for last qualifying examination for school and graduate studies in India
  • Proof of admission to the course
  • Income Tax assessment order not older than two years
  • Schedule of expenses for the course
  • Copy of Foreign Exchange permit ( if available)
  • Two passport size photographs
  • Copy of letter confirming scholarship, if any
  • Statement of borrowers bank account for last six months
  • Brief statement of Borrowers Assets and Liabilities
  • If not a customer of the lending bank provide proof of identity and residence

Study in India

  • KYC
  • Age Proof
  • Signature Proof
  • Income Documents of parents/guardian
  • SSC,HSC or Graduation mark sheets whatever is applicable
  • Application Form and Photographs
  • Residence Proof
  • Identity Proof
  • Collaterals in the form of FDs / Immovable Property

For acquiring more information on education loan, contact WhiteGlow.