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.
People also ask, can I get 20 lakhs education loan without collateral?
Collateral Required for Education Loan
20 lakhs. 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.
Moreover, can we take 2 education loans?
Well, the answer to the above question is – Yes, a student can be eligible for a second education loan. For this, they can either apply for a second education loan from the bank they already have taken their first loan from or they can apply to a different bank.
Does education loan need security?
The security pledged against a loan is termed as collateral. However, you can get an education loan without pledging any security. … But, if you take a loan of more than Rs 7.5 lakh, the bank may ask for collateral for the loan amount. The bank may also ask you to deposit margin money and seek third-party guarantee.
How do I repay my education loan?
Repayment of education loan is not a big process as such. You just need to get in touch with your bank manager who will take note of your account details and start the repayment on an auto deduction mode. You can also check out the various education loan repayment schemes available in India.
How long does it take to get SBI education loan?
SBI Education Loan process takes about 2 months to get processed and sanctioned if you go through the process on your own. But when you go through the SBI Education loan procedure with WeMakeScholars, it takes only 15 days!
How much percentage is required for education loan?
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.
Is ITR required for education loan?
Also required are the income documents such as salary slips or income-tax returns (ITR) of the co-applicant. The banks can finance up to 100% of the loan depending on the amount. … For loans above Rs 4 lakh up to Rs 7.5 lakh, a third-party guarantee is required.
Is PAN card compulsory for education loan?
The Indian Banks’ Association (IBA) has pointed out that since students may not require PAN during their period of education, submission of PAN details should not be made a precondition for loan sanction. … Meanwhile, State Bank of India, it is learnt, has made submission of PAN mandatory along with the loan application.
Is PAN card required for education loan?
They have made submission of PAN (Permanent Account Number) details of the applicant’s parent/guardian (often the co-borrower) mandatory this year along with the loan application. …
What are the documents required for applying educational loan?
Education Loan Documentation
Duly filled and signed application form with affixed photographs. 2 photographs of passport size. Copy of exam mark sheets of 10th/12th or latest education certificate. Statement of course expenses/cost of study.
What documents need for education loan?
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 expenses are covered in education loan?
List of Expenses Covered under Education Loan
- Fees payable to educational institutes.
- Examination/library/laboratory fee.
- Travel expenses/passage money for studies abroad.
- Insurance premium for student borrowers, if applicable.
What happens if education loan is not paid?
If you are unable to make repayment on your education loan, then you will receive notices and warnings from the lender. If you fail to comply with the same, then the lender is legally entitled to the assets you mortgaged. Your property or asset can be auctioned or used by the lender.
What is the interest rate of education loan in SBI?
The interest rates will be floating for entire period of loan
| SBI STUDENT LOAN SCHEME | ||
|---|---|---|
| Loan Limit | 3 Year MCLR | Effective Interest Rate |
| Upto Rs 7.5 Lacs | 6.65% | 8.65% |
| Concession | 0.50% concession in interest for girl students | |
| Above Rs 7.5 Lacs | 6.65% | 8.65% |
What is the procedure to get education loan from SBI?
For student-applicant: Duly-filled loan form. Any one proof of identity: PAN/Passport/Driver’s License/Voter ID card. Any one proof of residence: Recent copy of Telephone Bill/Electricity Bill/Water Bill/Piped Gas Bill or copy of Passport/Driving License/Aadhaar Card.
Which bank is best for abroad education loan?
Top Education Loans Providers in India for Study Abroad
- HDFC Bank. HDFC Bank offers education loans with preferential interest rates for reputed universities. …
- State Bank of India. …
- Axis Bank. …
- Punjab National Bank. …
- Bank of Baroda. …
- Canara Bank. …
- IDBI Bank. …
- Avanse Financial Services.
Which bank provide education loan easily?
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 |
Which courses are not eligible under SBI student loan scheme?
Vocational Training and skill development study courses will not be covered under the Education Loan Scheme, as the scheme is framed to provide bank loans for higher studies. Secured admission to Professional/Technical courses through Entrance Test/Selection process. 4.