Vidya Lakshmi – Education Loan
- Mark sheet of last qualifying examination;
- Proof of admission (should compulsorily consist the name of institution and course)
- Proof of income / assets (if any)
- Photos to be provided for Student / Parent / Guarantor, whose income details have been provided.
Keeping this in view, can a student open a bank account without PAN card?
For opening a bank account you need certain documents. Without them, you cannot open a bank savings account. Documents that you need to open a savings account in a bank are – your valid photo identification proof like Aadhaar card or PAN card, passport, driving license etc.
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.
Also to know is, how can I register for Vidyalakshmi portal?
The applicant must register and login to Vidya Lakshmi portal and then fill-up the Common Education Loan Application Form (CELAF) by providing all the necessary details. After filling the form, the applicant can search for Educational Loan and APPLY as per his/her needs, eligibility and convenience.
How do I get an interest free education loan?
However, can education loans in India be actually interest-free? The answer is no. Or at least, technically, you cannot avail of an interest-free education loan unless you have availed some economic benefits or academic subsidies from either the government or your institution.
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 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.
Is Vidyalakshmi portal mandatory?
“The Department of Financial Services has made it mandatory for all the banks to accept the education loan applications only through the NSDL portal. … Vidya Lakshmi is the IT-based Student Financial Aid Authority to administer and monitor scholarships as well as education loan schemes.
What documents are required 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 is a loan security?
Loan Security means the mechanism by which the RECIPIENT pledges to repay the loan. “Loan Term” means the repayment period of the loan.
What is AO code for no income?
There is no AO code for students. What is the AO code for a non-employed person on a PAN card? No specific AO code is assigned to a non-employed person on a PAN Card. However, the applicant will have an option to choose a salary below a certain amount.
What is collateral security?
What Is Collateral? The term collateral refers to an asset that a lender accepts as security for a loan. … The collateral acts as a form of protection for the lender. That is, if the borrower defaults on their loan payments, the lender can seize the collateral and sell it to recoup some or all of its losses.
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 |