How To Get Education Loan After 12Th?
Loan Amount –
Studies in India
Medical Courses: Upto Rs 30 lacs Other Courses: Upto Rs 10 lacs (Higher loan limit for studies in India may be considered on cases to case basis, maximum upto Rs 50 lacs
Studies abroad
Upto Rs 7.50 lacs (Higher loan limit for Studies abroad are considered under Global Ed-vantage Scheme, maximum upto Rs 1.50 Crores)
Checklist of Documents to be submitted along-with duly filled Loan Application Form
Mark sheet of 10th, 12th, Graduation (if applicable), Entrance Exam Result Proof of admission to course Schedule of expenses for course Copies of letter conferring scholarship, free-ship, etc. Gap certificate, if applicable (self-declaration from student for gap in studies) Passport size photographs of Student / Parent / Co-borrower / Guarantor (1copy each) Asset-Liability Statement of Co-applicant / Guarantor (Applicable for loans above Rs 7.50 lacs) For Salaried Persons
(a) Latest Salary Slip (b) Form 16 OR latest IT Return (ITR V)
For other than Salaried Person:
(a) Business address proof (if applicable) (b) Latest IT Returns (if applicable)
Bank Account Statement for the last six months of Parent / Guardian/ Guarantor Copy of Sale Deed and other documents of title to property in respect of immovable property offered as collateral security / Photocopy of Liquid Security offered as collateral Permanent Account Number (PAN) of Student / Parent / Co-borrower / Guarantor AADHAAR (mandatory, if eligible under various interest subsidy schemes of GOI) Passport (mandatory for Studies Abroad) Submission of OVD (refer to table below)
Contents
Can I get education loan for 5 years?
Educational Loan – Vidya Lakshmi is a first of its kind portal for students seeking Education Loan. This portal has been developed under the guidance of Department of Financial Services, (Ministry of Finance), Department of Higher Education (Ministry of Human Resource Development) and Indian Banks Association (IBA).The portal has been developed and being maintained by NSDL e-Governance Infrastructure Limited.
The scheme envisages loans up to Rs.7.5 lakh for studies in India and up to Rs.15 lakh for studies abroad. For loans up to Rs.4 lakh no collateral or margin is required and the interest rate is not to exceed the Prime Lending Rates (PLR). For loans above Rs.4 lakh the interest rate will not exceed PLR plus 1 percent. The loans are to be repaid over a period of 5 to 7 years with provision of grace period of one year after completion of studies
Can a 17 year old apply for education loan in India?
The age of the candidate must fall within the bracket of 18 to 35 years during loan application.
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Is it difficult to get education loan?
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.
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Which bank gives student loan easily?
Axis Bank brings you Education Loans for studies both in India and abroad starting from Rs.50,000 at attractive interest rates. With an Axis Bank Education Loan you can enjoy a host of benefits such as simple documentation, quick loan disbursal, tax benefit u/s 80(E), long repayment tenure, etc.
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How to get student loans without parents?
A Word on Private Student Loans – You can get a private student loan without a parent, as well, but there’s a pretty big catch. Private student loans generally require a creditworthy cosigner, but the cosigner does not need to be your parents. Someone else with a good or excellent credit score can cosign the loan.
However, convincing a non-parent to co-sign a private student loan is hard. If you have a mentor, grandparent, or trusted friend with sterling credit who will cosign your loan, you may be able to qualify for a private student loan without getting your parents involved. A few private lenders and products, like Ascent’s Non-Cosigned Outcomes-Based Loan, use criteria other than credit and income, such as GPA or major, to establish eligibility.
Keep in mind that private loans do not offer the same repayment options and benefits as federal loans. These include income-driven repayment plans, a chance for subsidized loans, opportunities for deferment or forbearance if you lose your job, the potential for student loan forgiveness, and much more.
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Why do banks reject education loans?
Education loan rejection due to Poor CIBIL Score: – To those who have applied for any kind of loan previously, CIBIL score may not be an alien subject. The Credit Bureau of India Ltd, or as it famously called CIBIL is the major governing body that examines every loan applicant’s credit score.
- This is done so in order to determine an applicant’s worthiness to receive any particular loan.
- 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.
In order to know whether you qualify for an abroad education loan with your current CIBIL score, get in touch with the financial team of WeMakeScholars at the earliest. Let us move on to understand the next factor which invites an education loan rejection.
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How much is a 60000 student loan monthly?
The monthly payment on a $60,000 student loan ranges from $636 to $5,387, depending on the APR and how long the loan lasts. For example, if you take out a $60,000 student loan and pay it back in 10 years at an APR of 5%, your monthly payment will be $636.
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Can I get 40 lakhs education loan?
Processing Fees – 0 (Up to 20 Lakhs) | INR 750 per lakh (More than 20 Lakhs) Apply Loan Online Established in 1994 as UTI Bank, Axis bank provides education loans to students who want to study in India or abroad. Axis bank is the third largest commercial private bank in India.
- Prime A: This list contains mostly Masters programmes from top universities.
- Prime B: Besides Masters programmes, it includes a few Bachelors degrees as well.
- Non-prime: Courses and institutes which do not form a part of Prime A & B lists are included in this category.
” frameborder=”0″ allow=”accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture” allowfullscreen=”” title=”Axis Bank education loans: GyanDhan”> Axis education loan does not just help students to realize the financial requirements of studying abroad but also offers a 100% tax benefit to them on the interest paid under Section 80(E) of the IT Act. Other than these features, as a scheduled commercial bank, government schemes such as Central Government Interest Subsidy Scheme ( CSIS ) for Economically Weaker sections (income up to Rs.4.5 Lakhs) are available at Axis Bank. Check Axis Education Loan Eligibility
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Can I get 2 education loan?
Can I get a second Education loan? – The answer is YES, you can get a second education loan provided you meet the requirements for the second education loan. You can opt to take this loan either from the same bank you had taken the loan from for your graduation or from a different lender.
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