Student Loan Info

Our students have got loans from almost all major Banks like State Bank of India, State bank of Bikaner and jaipur, IDBI bank, Federal Bank, , Indian Overseas Bank, Indian Bank, Punjab National Bank, Corporation Bank, , , HDFC Bank, , Union Bank of India, ICICI Bank, Bank of India etc
Banks offer up to 85% of the course fee for overseas education against security.

Tips to note in applying for an education loan

Ideally, take a loan from a bank located at your place of study than one located where you reside, unless it concerns overseas studies. This is because you will have better access to funds if you take a loan from the place of your study. Secondly, Make sure the repayment period starts only after six to twelve months after you begin your working life. And thirdly, Banks typically prefer to finance students who opt for traditional courses.

For What Professional Courses do Banks generally provide education loans?

Management students are among the top choices for most of the banks. Technology students from the country’s premier institutions can also get student loans from Banks and Medical and engineering college students.
Banks don’t provide loans for students with a bachelor’s/master’s in Arts . Also, for courses where employment prospects are less (as per Bank’s own evaluation), loans are sanctioned on the basis of the parents’ income.

How much Loan you can get?

Loan for Studies in India Most of the Public Sector Banks in India have categorized Student Loans in two categories. For Studies in India , Students can borrow up to Rs 4 lakh without providing any security or margin. A loan amount of Rs 4 lakhs to Rs 7.5 lakhs can be availed against a third-party guarantee. This loan comes with a five percent margin (what this means is that you will get five percent less the amount sanctioned as loan; you will have to put together the rest of the money). The third-party guarantee can come from an uncle, neighbor or friend standing guarantee for the full amount.

Overseas study loans : Amounts worth Rs 7 lakhs and above are usually sanctioned against fixed deposits, NSC certificates, property worth the loan amount and a margin amount of 15 percent (what this means, again, is that you will get 15 percent less the amount sanctioned as loan; you will have to put together the rest of the money). Also, if a loan below Rs 4 lakhs comes at x rate of interest, the loan over Rs 4 lakhs is usually charged one percent higher interest. The Reserve Bank of India prescribes the specifics (amount, rate, repayment period) of education loans and the government provides a two per cent subsidy on these loans to the banks
Repayment - Course period + 1 year or 6 months after getting job, whichever is earlier.

What are the Documents required for applying a Student Loan?

All students are required to submit mark sheets of last qualifying examination, poof of admission scholarship, schedule of expenses for the specified course, his/her bank account statement for the last six months, an income tax assessment order for the previous two years, a brief statement of assets and liabilities, of the co-borrower, which is usually the parent or guardian and proof of income, if any.
Some banks require all or any of the following documents as pre sanction documents:
To furnish the following documents along with the completed application form. Relevant information would relate to the guardian and the student both, when the loan is jointly taken.

  • Mark sheet of last qualifying examination for school and graduate studies in India
  • Proof of admission to the course
  • Schedule of expenses for the course
  • Copies of letter confirming scholarship, etc.
  • Copies of foreign exchange permit, if applicable.
  • 2 passport size photographs
  • Statement of Bank account for the last six months of borrower
  • Income tax assessment order not more than 2 years old
  • Brief statement of assets and liabilities of borrower.
  • ) If you are not an existing bank customer you would also need to establish your identity and give proof of residence.

Eligibility for getting a loan:

The applicant should be an India National
The applicant must have secured admission to professional/ technical courses through Entrance Test/ Selection process Secured admission to foreign university/ Institution

Which Banks are offering Education Loans in India?

Most of the Private Sector banks, Foreign Banks and Public Sector Banks in India are providing Student Loans. Below given are some of the main banks which have flexible Education loan schemes.

  • Andhra Bank
  • Allahabad Bank
  • Axis Bank
  • Bank of Baroda
  • Bank Of India
  • Bank of Maharashtra
  • Bank of Punjab
  • Bank of Rajasthan
  • Bassein Catholic Bank
  • Bharat Overseas Bank
  • Canara Bank
  • Catholic Syrian Bank
  • Central Bank of India
  • Centurion Bank of Punjab
  • Citi Bank
  • City Union Bank
  • Corporation Bank
  • Dena Bank
  • Development Credit Bank Dhanalakshmi Bank
  • Federal Bank
  • HDFC Bank
  • HSBC
  • ICICI Bank
  • Indian Bank
  • Indian Overseas Bank
  • IDBI Bank
  • ING Vysya Bank
  • Jammu & Kashmir Bank
  • Karnataka Bank
  • Karur Vyasa Bank
  • Lakshmi Vilas Bank
  • Oriental Bank of Commerce
  • Punjab & Sind Bank
  • Punjab National Bank
  • Ratnakar Bank
  • Saraswat Bank
  • SBI Commercial and International Bank
  • South Indian Bank
  • State Bank of Bikaner & Jaipur
  • State Bank of Hyderabad
  • State Bank of India (SBI)
  • State Bank of Indore
  • State Bank of Mysore
  • State Bank of Patiala
  • State Bank of Saurashtra
  • State Bank of Travancore
  • Syndicate Bank
  • Tamilnad Mercantile Bank Ltd
  • Thane Janata Sahakari Bank
  • UCO Bank
  • Union Bank of India
  • United Bank of India
  • United Western Bank
  • Vijaya Bank

Contact Student Visa Expert for details regarding education loan to fund your higher studies.

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