Creating Futures
Education Loan
Overview
Features & Our Assistance
- Education pans for studies both in India and Abroad starting from Rs. 50,000
- Attractive Interest Rates
- Simple Documentation
- Quick Loan Disbursal
- Tax Benefit u/s 80(E)
Eligibility And Documents Required
Eligibility Criteria
Your eligibility depends upon your repayment capacity as determined by financial institutions. In addition, factors like income, age, qualifications, number of dependents, spouse’s/co-applicants income, assets, liabilities, savings history, stability, property value, and continuity of occupation are considered while computing your eligibility.
Documents Required
| Duly filled application | |
|---|---|
| KYC documents | |
| Bank statement/pass book of last 6 months | |
| Address Proof | Pan Card, Aadhar Card, Electricity bill |
| Copy of admission letter of the Institute along with Fees schedule | |
| Mark sheets / passing certificates of S.S.C., H.S.C, Degree courses |
FAQs
As the name suggests, an education loan is an amount you can borrow from banks/financial institutions towards paying for your academic fees. You can avail this loan for higher education or specialized courses located in India or abroad.
Banks/financial institutions consider the student’s parent(s) or guardian as a co-applicant of the student loan. Therefore, their role would be, necessarily, like the primary debtor.
You can avail a maximum of 40 lakhs towards an unsecured loan, while a secured loan has no set upper limit.
- The applicant and co-applicant should be over 18 years of age and a citizen of India
- The student needs to have secured at least 50% marks during H.S.C. and graduation
- Secured admission in India or abroad from a recognized college/institution
- The co-applicant should have a regular source of income
- Income statements (Salary slip, Form 16, Income-Tax Returns of the last two years, and Computation of income of last two years certified by a Chartered Accountant)
- Bank Statement/Pass Book of the last six months
- Copy of the admission letter of the Institute along with the ‘fee schedule.’
- Mark sheets and/or pass certificates of S.S.C., H.S.C., Degree Courses, National level entrance test
- Age proof (birth certificate, passport, Aadhaar, P.A.N. card, driving license)
- Address proof (Aadhaar, passport, latest electricity bill, latest telephone bill, ration card, existing house lease agreement, bank account statement)
- Photo identification proofs (Aadhaar, voter id, P.A.N. card, passport, driving license)
- Passport size photos of the applicant and co-applicants
- Guarantor form (optional)