People often have few doubts before or after taking education loan| study loan in India. Here are answers to some common questions that people have with regard to student loan. To know More Visit : http://www.avanse.com/avanse-education-loans/

1. Study Loan

2. Some Frequently Asked Questions
About Education Loan In India

3. ▪ People often have few doubts before or after taking
education loan in India. Here are answers to some
common questions that people have with regard to
student loan:

4. Who is eligible for Education Loan?
The person taking the loan should have secured admission in
the institute. The institute or course of study must be recognized
by UGC/AICTE/AIBMS/ICMR, etc. The person needs to be an
Indian citizen and should be 17 years old or above.

5. What are the courses covered for Education Loan?
▪ Education Loan in India is available for all approved courses
leading to Graduate/Post Graduate Degree and PG Diploma
conducted by recognized colleges/universities recognized by
UGC/AICTE/AIBMS/ICMR, etc. Education Loan is also available
for part time courses and job oriented courses subject to
employability and earning potential. An education loan for study
abroad is also available for job oriented professional/technical
courses offered by reputed universities.

6. What are the expenses covered under Education
Loan?
▪ The amount of Education Loan is provided to meet all type of expenses
which are necessary for completion of course that includes purchase of
books, equipments, computer, travelling, study tours, boarding, lodging
besides all types of fees.

7. What are Documents required while applying for
Education Loan?
▪ Some banks or financial institutions require all or any of the
following documents as pre sanction documents:
▪ Loan application
Passport size photographs.
Proof of Address.
Proof of Age.
Copy of PAN of student Borrower.
Proof of having cleared last qualifying examination.
Letter of admission.
Prospectus of the course wherein charges like Admission Fee,
Examination Fee, Hostel Charges etc. are mentioned.

8. ▪ Details of Assets & Liabilities of parents/guardians/guarantors
In case loan is to be collaterally secured by mortgage of IP, copy of
Title Deed, Valuation Certificate and Non-encumbrance Certificate
from approved Lawyer.
▪ Photocopy of Passport & Visa in case of study abroad.
Any other document/information, depending upon the case and
purpose of the loan

9. What is moratorium period or grace period?
▪ It is the maximum time given to the student after finishing
studies that go without catering any payments for yr loan.
Mostly, it range from 6 to 12 months.
▪ What is the repayment tenure of an education loan?
▪ The repayment tenure depends on the amount of loan taken
and type of course. The minimum time given to repay the loan
is 1 years and maximum is 10 years.

10. Is guarantor mandatory in education loan?
▪ Yes, guarantor is mandatory in education loan. The guarantor
could be an applicant's parents or guardians who take the
responsibility for the repayment of loan in case of any mishap.
Is there any tax benefit by taking an
Education Loan?
The moment a person start repaying the study loan, he/she can
deduct the interest amount from the total income while
calculating tax. This means the effective interest rate on the loan
works out to a lower amount.

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Source : http://avanseeducationloan.blogspot.in/2014/03/some-frequently-asked-questions-
about.html

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loans/