Any student, who has secured admission in any of the colleges/institutes of repute, affiliated to recognized universities or recognized by AICTE, is eligible to apply for a student loan. One could avail as much as 7.5 - 10 lakhs for studying in
India and up to 20 lakhs for studying abroad. Educational loans are issued by almost all public and private sector banks in the country, and for a prospective applicant, the job is just about filling the application form and submitting to the bank official.
The applicant is also expected to submit the following documents alongside the duly filled student loan application form.
· Proof of admission to the course for which loan is sought.
· Mark list of the respective qualifying examination.
· Course expenses schedule.
· Two passport size photographs.
· Last six months bank statement of the applicant.
· Income tax proof.
· If applying for foreign studies, copy of foreign exchange permit.
For the exact info on documents to be submitted, you are required to read the terms and conditions of the particular student loan scheme.
Every applicant is expected to payback the educational loan availed within 84 months in EMIs, starting from 12 months since completion of the course or 6 months after entering a job, whichever is earlier.
