Steps to filling an Education Loan Form
- Check the recognition of the course or institute by the bank.
- Find out the amount of loan required. Roughly estimate the expenditure. …
- Search out various loan options.
- Compare the available options and find out the optimum one. …
- Apply for the loan to Study Abroad.
- Things to keep in mind.
Regarding this, can a student take loan from bank?
The answer to the question, ‘can students get Personal Loan’ is yes, you can. You can apply for a personal loan and use the money to finance your education.
Herein, can I get education loan without guarantor?
Yes, you might need a guarantor for an education loan. If your loan amount exceeds the INR 4 lakh limit, you may be asked to provide a security to the borrowed loan amount by adding a guarantor to it.
Can I get personal loan if my salary is 10000?
The more income proof you are able to provide, the higher will be the approval chances. Banks such as SBI and Indian Overseas Bank provide personal loans to individuals who have lower income of Rs.
|Bank||Minimum Monthly Income Required|
|Punjab National Bank||Rs. 10,000|
|HDFC Bank||Rs. 15,000|
|ICICI Bank||Rs. 17,500|
Steps to Apply for Education Loan on Property
- Step 1 – Apply Online. Go to the Student Loan application page for the online application form. …
- Step 2 – Respond To Our Representative. …
- Step 3 – Receive Loan Approval Confirmation. …
- Step 4 – Furnish The Necessary Documents.
You can visit the SBI website or download the SBI loan app, and under the specific loan product availed by you check the status of your loan product. You will have to enter your reference number and the mobile number registered with the bank to check the status of the loan that you have availed.
Checklist of Documents to be submitted along-with duly filled Loan Application Form
- Mark sheet of 10th, 12th, Graduation (if applicable), Entrance Exam Result.
- Proof of admission to course [ Offer Letter/ Admission Letter/ ID card if available]
- Schedule of expenses for course.
Form A – Personal Details:
- Name (leave spaces between 2 words)
- Gender and salutation (title)
- Date of Birth.
- Marital Status.
- Name of spouse and father.
- The number of people dependent on your income.
- Mother’s maiden name (your mother’s surname before she got married)
- Category for special benefits (SC/ST or General)
Sub: Regarding loan repayment. Dear Sir, I, Ramesh Gupta, am writing this letter to request you to grant me some extension for repayment of my car loan with your bank. I would like to bring to your notice that my car loan started with your bank in the year 2014 in the month of June for three years.
I need an educational loan to pursue my higher studies abroad, so here I am requesting you to kindly provide me the education loan of __________Rs. (loan amount). And kindly find the attached copies of my admission letter and other educational certificates, and I hope you grant me the loan as soon as possible.
Personal loan application offline
Visit the branch of the financial lender. Procure the personal loan application form and enter all the required details. Submit relevant documents that prove one’s income, age, address and identity. The lender will then verify the documents and check the eligibility of the applicant.
When writing a letter, you’re ready to greet the person (or business) to whom you’re writing. Skip a space from any addresses you’ve included. Formal letters begin with “Dear” followed by the name of the receiver. If you don’t have a contact at a certain company, search online for a name, a job title, or department.
In case you wish to file your income tax returns without Form 16, you will have to refer to your bank statements, payslips, home loan or education loan certificates, tax-saving investment proofs, Form 26AS, etc. … 1,600 per month is allowed, no tax will need to be paid on the allowance.
Generally, education loans are unsecured in nature.It means you do not have to pledge any asset as collateral. However, education loans with loan amount of Rs. 7.5 lakh or higher, may require collateral. Though there is no cap on the disbursed loan amount, the loan amount can range anywhere between Rs 20-50 lakhs.
What Happens After the Education Loan Sanction? On receiving the sanction letter, the applicant and the co-applicant are expected to visit their respective banks for creation of mortgage and signing of the education loan agreement. Once the agreement has been signed, the education loan is ready to be disbursed.
Personal Loan Process
- Step1: Check the Eligibility Criteria. …
- Step 2: Check Interest Rates and Other Charges. …
- Step 3: Calculate your EMI. …
- Step 4: Check Required Documents. …
- Step 5: Fill Application Form Online. …
- Step 6: Wait for Loan Approval.
Documents required for Education Loan
- KYC documents.
- Bank Statement / Pass Book of last 6 months.
- Optional – Guarantor Form.
- Copy of admission letter of the Institute along with fees schedule.
- Mark sheets / passing certificates of S.S.C., H.S.C, Degree courses.
What is a loan application? A loan application is used by borrowers to apply for a loan. Through the loan application, borrowers reveal key details about their finances to the lender. The loan application is crucial to determining whether the lender will grant the request for funds or credit.
The borrower is issued an Arrangement Letter stating the details of relief sanctioned under the resolution framework and other terms and conditions.
External Benchmark based Lending Rate (EBLR) = External Benchmark Rate (EBR) + Credit Risk Premium (CRP) EBR (w.e.f 01-07-2021) is 6.65%; EBLR = 6.65% + CRP.
The bank filed the present appeal saying candidates who have secured 60% marks and above alone are eligible to get education loan as they alone can be treated as meritorious candidates.
Documents for Education Loan for salaried individuals:
KYC documents. Bank Statement / Pass Book of last 6 months. Optional – Guarantor Form. Copy of admission letter of the Institute along with fees schedule. Mark sheets / passing certificates of S.S.C., H.S.C, Degree courses.
SBI Education Loan Interest Rates
|Schemes||Maximum Loan Amount||Interest Rates|
|SBI Scholar Loan||Rs.40 lakh||6.85% to 8.15%|
|SBI Global ED-Vantage||Rs.1.5 crore||8.15% to 8.65%|
|SBI Skill Loan||Rs.1.5 lakh||8.15%|
|SBI Take Over of Education Loan||Rs.1.5 crore||8.15% to 8.65%|
Compare Top Education Loan Offers 2021
|Name of Bank||Interest Rate (p.a.)||Processing Fees|
|SBI||6.85% to 8.65%||Rs.10,000 + tax|
|Axis||13.70% to 15.20%||Nil to Rs.15,000 + tax|
|Bank of Baroda||7.85% to 9.85%||1% of loan amount up to Rs.10,000|
|HDFC||9.55% to 13.25%||Up to 1.5% of loan amount + tax|
Compare Top Education Loan Offers 2021
|Name of Bank||Interest Rate (p.a.)||Loan Amount|
|Axis||13.70% to 15.20%||Up to 75 Lakh|
|Bank of Baroda||7.85% to 9.85%||Up to 4 Lakh and above|
|HDFC||9.55% to 13.25%||Max Apr|
|Tata Capital||10.99% onwards||Up to 30 Lakh|