How To Apply Education loan in India For Students

Educational loans in India: Educational loans in India widely known as Students loans and it have become a normal method of funding higher education in both India and abroad with the cost of educational grades going higher. These loans are useful where the increases of self-financing organizations are providing loans for higher education in fields of technical education like management, engineering and medical. Essentially in technical education the fees were extremely high and sometimes they were not reasonable by the students at that time candidates can apply for education loans, these loans were authorized by all public sector banks and some private sector banks. So students can obtain the educational loan from any one of the bank. 

Eligibility for the education loan: 

students who are pursuing higher education either in India or abroad can apply for education loan. Before receiving the loan students have to gratify some basic condition such as he/she is the resident of India, applicant father income should be less than 1, 00,000. When candidates have applied for the bank loan he/she must have the security protector for loan amount. Applicants have to repay the loan amount after the close of student’s education without interest.

Profit of educational loans: 

government of India Under section 80(e) of the Indian income tax acts student can excused the amount paid against the interest of the education loan either for self or for he/she/children, for eight years from the year he/she starts to pay the loan or for the periodof the loan is effect. As of now day by day these education loans are becoming much admired because of growing fee structure of higher education in our country. As per source educational loan was started in the year 1995 by SBI Bank and then several banks have started giving student loans. An educational Loan Scheme main purpose is given that financial support from the bank to valuable/ meritorious students for getting higher education in both India or abroad. The main significance is that every commendable student is provided with a chance to pursue higher education with the financial support on sensible terms and conditions.

For Punjab National Bank Education Loan:
Up to Rs.4.00 lacks: co-obligation of parents no security
Above Rs 4.00 lacks and up to rs 7.5 lacks: co-obligation of parents together with security in the form of suitable 3rd party guarantee satisfactory to the bank
Above 7.5 lacks: co-obligation of parents. Collateral security of suitable value along with assignment of future income of the student for payment of installments.
For Syndicate Bank Education Loan:
Studies in India – Maximum Rs. 10.00 lakh
Studies abroad – Maximum Rs. 20.00 lakh
Security:
Up to Rs.4.00 lacks: co-obligation of parents no security
Above Rs 4.00 lacks and up to rs 7.5 lacks: co-obligation of parents together with security in the form of suitable 3rd party guarantee satisfactory to the bank
Above 7.5 lacks: co-obligation of parents. Collateral security of suitable value along with assignment of future income of the student for payment of installments.
For SBI educational Loan:
Loan Amount:
Rs. 10.00 lacs for education in India
Rs. 15.00 Lacs for Study in prime institutions
Rs. 20.00 lacs for education abroad
Margin:
Up to Rs. 4.00 lacs: NIL
Above Rs. 4.00 lacs 5%
For education abroad: 15%
Up to Rs.4.00 lacks: co-obligation of parents no security
Above Rs 4.00 lacks and up to rs 7.5 lacks: co-obligation of parents together with security in the form of suitable 3rd party guarantee satisfactory to the bank
Above 7.5 lacks: co-obligation of parents. Collateral security of suitable value along with assignment of future income of the student for payment of installments.
For Andhra Bank educational Loan:
Security:
Up to Rs.4.00 lacks: co-obligation of parents no security
Above Rs 4.00 lacks and up to rs 7.5 lacks: co-obligation of parents together with security in the form of suitable 3rd party guarantee satisfactory to the bank
Above 7.5 lacks: co-obligation of parents. Collateral security of suitable value along with assignment of future income of the student for payment of installments.
For State Bank of Hyderabad educational Loan:
Up to Rs.4.00 lacks: co-obligation of parents no security
Above Rs 4.00 lacks and up to rs 7.5 lacks: co-obligation of parents together with security in the form of suitable 3rd party guarantee satisfactory to the bank
Above 7.5 lacks: co-obligation of parents. Collateral security of suitable value along with assignment of future income of the student for payment of installments.
For Bank of Baroda educational Loan:
For Axis bank educational Loan:
For Indian bank educational Loan:
Up to Rs.4.00 lacks: co-obligation of parents no security
Above Rs 4.00 lacks and up to rs 7.5 lacks: co-obligation of parents together with security in the form of suitable 3rd party guarantee satisfactory to the bank
Above 7.5 lacks: co-obligation of parents. Collateral security of suitable value along with assignment of future income of the student for payment of installments.

For Cooperation bank educational Loan:

Up to Rs.4.00 lacks: co-obligation of parents no security
Above Rs 4.00 lacks and up to rs 7.5 lacks: co-obligation of parents together with security in the form of suitable 3rd party guarantee satisfactory to the bank

Above 7.5 lacks: co-obligation of parents. Collateral security of suitable value along with assignment of future income of the student for payment of installments.

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