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.
Similarly, can I get a education loan without collateral?
Lenders you can approach for an education loan without collateral. Public banks – Public banks like SBI, BOB, etc according to their policies can only provide up to 7.5 lakhs student loan without collateral irrespective of the course and country.
Also know, do education loans get rejected?
Your loan gets rejected if you provide the wrong collateral such as agricultural land which isn’t acceptable by the lender for an education loan. The bank will accept house, fixed deposit, insurance, or any tangible collateral which is on the borrower’s name.
Does education loan require collateral?
Collateral Required for Education Loan
Guidelines show that loan taken up to Rs. 4 lakhs does not require collateral security. It is only when the loan exceeds a specified amount as set by the bank that collateral will be required as well as third-party guarantee.
How can I apply for GSIS MPL loan?
Members may apply for MPL via email to the GSIS handling branch; Electronic GSIS Members Online (eGSISMO); GSIS Wireless Automated Processing System (GW@PS) kiosk for those in the GSIS Head Office; or over-the-counter or via drop box in all GSIS branches and extension offices nationwide.
How much is the monthly payment for GSIS computer loan?
Macasaet explained that under the program, GSIS members may borrow P30,000, payable in three years at an interest of 6 percent per annum. “The loan is very member-friendly as it has a monthly amortization of only P983. 33,” the GSIS chief said. “And the application may be done online.”
Is it difficult to get education loan?
Easily available: Education loans are widely and easily available. In fact, they are a priority product in all banks as per the RBI’s guidelines. Varied loan amounts: Banks can offer loans anywhere between Rs. 2 lakhs and Rs.
Is property required for education loan?
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 are the requirements for GSIS computer loan?
Qualified to apply for the Computer Loan are active members who have paid at least three months of premiums; have permanent appointment; are not on leave of absence without pay; have no pending administrative or criminal case; have no arrears under the GSIS Financial Assistance Loan (GFAL); have no past due GSIS loan …
What is CPL in GSIS?
COMPULSORY LIFE INSURANCE. POLICY LOAN APPLICATION. GSIS. Formn No. A-CPL-02-2007.
Which bank provide education loan easily?
Compare Top Education Loan Offers 2021
| Name of Bank | Interest Rate (p.a.) | Loan Amount |
|---|---|---|
| SBI | 6.85% to 8.65% | Up to Rs.1.5 crore |
| 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 |
Who can be a guarantor for education loan?
As most students have no previous credit history, the parent or guardian has to co-sign for an education loan as a guarantor. Moreover, education loans also require key lender approved collateral such as property documents, fixed deposits, etc.
Why do banks reject education loans?
Poor CIBIL Score
When it comes to education loans, most lenders have very strict policies regarding the CIBIL scores of both, education loan applicants, as well as their co-applicants. A CIBIL score lower than 600 is one of the reasons behind an education loan rejection in a majority of the cases.