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Educational Loan Assistance

Bank Loans for higher studies
Most public sector banks and private banks provide education loans to students for pursuing higher professional or technical programs abroad. Sanctioned loan can be used to cover university fees, purchase of books, equipment, travel expenses and purchase of computers. Students are advised to take loans preferably taken from a Nationalised banks. The terms & conditions for educational loans may vary from bank to bank.

Eligibility Criteria
Indian National student with good academic record
The students secured admission to foreign University/institution for the courses engineering, Medical, Agricultural, Veterinary, Management, Law and PhD programs.

Security
Following are the loan categories and loan limit:

Loan amount Third party Guarantee Collateral Security
0 – 4 lakhs No No
4 – 7.5 lakhs Yes No
7.5 lakhs and above Yes Yes

Maximum Loan amount
The maximum limit permissible for education loan abroad is 20 lakhs.

Repayment
Students are given a repayment holiday or moratorium during the study period plus one year, or six months after getting a job.

Repayment period – average 6 years

Interest
Interest rate – 10.5 % to 13.5% depends on loan amount and repayment years.

Margin required
Up to 4 lakhs – No margin
Above 4 lakhs – 15% (Varies from Bank to bank)

Documents required for Bank Loan Application
1) A completed study loan application form.
2) Proof of Residence - Photocopy of Ration Card/Voters Id. Card/Passport/ Electricity Bill/Telephone Bill/ any such document acceptable to the Bank.
3) Copy of academic Records
    a) X standard mark sheet
    b) XII standard mark sheet
    c) Mark List for under graduate.
    d) Degree Mark List / Provisional Certificate for post graduates.
4) Age proof - Date of Birth / Age: Birth Certificate, SSLC / TC / Mark List
5) Proof of having secured admission in UK Universities - Offer letter from the University
6) Proof of Family Income
Salary Certificate / pension Certificate / Auditor's Certificate in case of business category / IT Return / Any other proof for the income stated.
7) Valid Passport
8) Nature of Collateral (wherever applicable)
    a) Property registration or Valuation papers
    b) In the form of land/building (Valuation by Bank's approved valuer& Legal Opinion by Bank's panel advocate), bank deposits in the name of student/parent/guardian or any other third party.
    c) Bonds/Share certificates/ Mutual funds / Provident Funds / Post office savings may also be considered
    d) Savings / Deposits
    e) Details of Assets & Liabilities of the student / parent(s)/ guardian/guarantor to be furnished.
8) Proof of Margin
Details regarding source of funds for meeting the margin requirement to be furnished, with documentary evidence.
9) Others - Declaration/Affidavit stating that no Educational Loan is availed from any other bank by the applicant and his parent(s).

 
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