What are the documents required for education loan?
Documents for Education Loan for salaried individuals: 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.
20 Lakh. Repayment tenor: Repayment of the loan will be in equated monthly installments for a period of up to 15 years after completion of the moratorium period. Above Rs. 7.5 lakh: Parent(s) to be joint borrower(s).
Can I get education loan in IDBI?
Education loans from IDBI Bank aims at providing financial support to deserving / meritorious students for pursuing higher education in India and abroad. With an array of services to choose from and easy repayment options, IDBI Bank makes sure you get complete financial backing.
To provide education loans, banks set a number of terms and conditions for applicants. Every aspiring education loan applicant needs to follow these terms and conditions to utilize the maximum services provided by the bank. This includes being ready with the complete authentic documentation (like KYC, marksheets etc.)11-May-2018
What are the 5 documents required for loan?
Documents required
Bank of Baroda offers various education loans at attractive interest rates with repayment tenure of up to 15 years. No collateral needs to be provided for education loans of up to Rs. 40.00 lakh for the identified premier institutes.
Can education loan be rejected?
When it comes to education loans, most lenders have very strict policies regarding the CIBIL scores of both, education loan applicants, as well as their co-applicants. A CIBIL score lower than 600 is one of the reasons behind an education loan rejection in a majority of the cases.11-May-2022
List of Educational Loans
What are the rules for education loan?
Course period + 1 year or 6 months after getting job, whichever is earlier. The loan to be repaid in 5-7 years after commencement of repayment. If the student is not able to complete the course within the scheduled time extension of time for completion of course may be permitted for a maximum period of 2 years.
Banks generally ask for co-applicant details when you apply for a collateral free loan. Not only this, banks also ask for the income documents such as salary slips or income-tax returns (ITR) of the co-applicant before sanctioning the education loan.18-Sept-2019
Can I get education loan easily?
Easily available: Education loans are widely and easily available. In fact, they are a priority product in all banks as per the RBI's guidelines. Varied loan amounts: Banks can offer loans anywhere between Rs. 2 lakh and Rs.
The interest rates will be floating for entire period of loan. Education Loan Portalmean rate of interest 9.37%.
Can I get education loan without parents?
etc. Students pursuing full-time courses need to have a co-applicant who can be either parent/guardian or spouse/parent-in-law (in case of married candidates). The co-applicant must have a regular income source. A strong academic record facilitates speedy loan approval.
Individuals who wish to get loan without bank statement and/or salary slips can submit an alternate source of income to the lender and establish their ability to pay back the availed credit. This could be ascertained with the help of receipts of rental income, spouse/parent's salary slips, etc.22-Jul-2022
Can I get education loan without guarantor?
Several banks offer education loans without needing collateral or security for loans up to a specific amount. Students who might not have the resources to present such collateral will benefit from this.
Know what lenders look for
What are the 4 loan types?
The eight different types of loans you should know are personal loans, auto loans, student loans, mortgage loans, home equity loans, credit-builder loans, debt consolidation loans and payday loans.13-Oct-2021
Personal loan documents your lender may require
Who is eligible for education loan?
Any Resident Indian can apply for the loan. The loan applicant's minimum age should be 18 years and the maximum should be 35 years. Students should have secured admission to a higher education course in recognised institutions, Indian or abroad, through entrance tests.02-Apr-2022
It takes around 15 days for an educational loan to be sanctioned. Once it has been sanctioned, you will get a promissory note which you will have to sign. In most cases, banks pay the institution directly and or to you. You should check the repayment clause.
Can I get education loan with salary slip?
Documents Required from Co-applicant (if salaried): Identity proof. Last 3 months salary slips or salary certificate on employer's letterhead. Last 2 years Form 16 from employer or last 2 years Income Tax returns. Any other income proof that is not reflected in the above mentioned documents.08-Jun-2022
What are the documents required for education loan?