Documents Required to Apply for Educational Loan

Documents Required to Apply for Educational Loan

How much educational loan you can get?

You can get an educational loan depending upon the chosen course and its tuition fees. The bank does not pay you any money, the loan amount is credited directly into the institution’s account at the beginning of each semester or year as stipulated by the institution. The loan amount varies from bank to bank which are detailed below :

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  • Axis Bank provide loan up to Rs 20 lakhs with 13.75% to 15.75% rate of interest per annum.
  • Bank of Baroda provide up to Rs 20 lakhs with 10% to 12% rate of interest.
  • Canara Bank charge 11% interest for loan up to Rs 4 lakhs, 12% for loan between Rs 4 lakhs and Rs 7.50 lakhs and 9.50% for loan greater than Rs 7.50 lakhs.
  • State Bank of India provide up to Rs 30 lakhs with 13.50% interest for loan of up to Rs 4 lakhs, 13.75% for loan between Rs 4 lakhs and Rs 7.50 lakhs and 11.75% for amount above Rs 7.50 lakhs.
  • Indian overseas Bank provide up to Rs 40 lakhs with no interest up to loan of Rs 4 lakhs and 15% interest for above amount.
  • HDFC Bank Company provide up to Rs 20 lakhs with interest rate of 13.5% per annum.
  • ICICI bank provide up to Rs 20 lakhs with no interest for loan up to Rs 4 lakhs and 15% interest on above amount.

What does an Education Loan Cover?

An educational loan to study abroad covers the following expenses :

  • Accommodation charges
  • Travel expenses
  • Tuition fees
  • Other expenses like purchase of books and equipment, examination and library fee etc.

Study Abroad Educational Loan Repayment

Course period + 1 year or 6 months after getting job, whichever is earlier.

Documents Required to Apply for Educational Loan

Following are the documents required to apply for education loan in India :

  • Fully completed application form.
  • Photos as per the bank specifications.
  • Photo ID like Permanent Account Number (PAN), Aadhaar Card, Passport, Driving License etc.
  • Residence proof of applicant like Passport, Driving License etc.
  • Academic documents of the applicant i.e. Marksheet or certificates of 10th, 12th, further degrees.
  • Proof of admission i.e. the Admission Letter from the Foreign institute or university
  • Bank Statement or Passbook of last six months
Author: Mega Immigration
Mega Immigration and Study Visa Consultants Pvt. Ltd. is one of the best Study Abroad Immigration Consultants, we have the answers to all your questions related to studying abroad in USA, New Zealand, Canada, Australia, UK, Germany, Cyprus, Spain, France, Singapore, Ireland and Malaysia. With over thousand successful placements to top colleges and universities in abroad, Mega Immigration remains dedicated towards being a best one-stop solution for all those who wish to Study Abroad.

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