2. • The Educational Loan Scheme gives you loan upto 9 lakhs for
Indian studies and upto 21 lakhs for abroad studies. These
figures are not constant in nature for banks. State bank of India
is availing an upper limit of 20 lakhs and in recent days. Indian
bank give loan upto 15 lakhs for education in India and up to 30
lakhs for study overseas.
3. Criteria for Loan
The eligibility criteria of the bank to obtain an educational loan from
any bank of India:-
• Students must be Indian
• The student should have secured admission to professional/
technical courses through entrance test/selection process
• The Student secured admission to foreign university
4. Documents Required
• You need to keep the following documents in place before applying
for an educational loan emi calculator:
• Mark statements of all qualifying documents.
• Proof of admission to the course.
• Complete Schedule of exam.
• Letter of confirmation.
• Foreign Exchange permits.
5. • Two passport size photographs.
• Bank statement.
• Income tax receipt.
• Brief statements of assets and liabilities of the borrower.
• If you don't have existing bank account, then you need to open it.
6. Repayment
• Loans are repayable in 5 to 7 years. Repayment of both principal
and interest will start after one year after completion of the
course or six months after getting employment.
7. Margin
• If the course cost is up to 4 lakhs, nil for both studies in India
and abroad. If the course cost is above 4 lakhs, 5% for inland
studies and 15% for studies abroad.
8. Percentage of Interest
• The Rate of interest is 11% up to INR 4 Lacks. For Above INR 4
Lacks are charges 12%.
9. Protection
• Requirements Changes from Bank to Bank
• Upto INR 4 lakhs, No collateral security.
• Loan above INR 4 lakhs and up to INR 7.5 lakh. Security in the
form of satisfactory third party guarantee.
• Loan above INR 7.5 lakhs.
• (a) Collateral protection of suitable
• (b) Co-obligation of parents/guardians/third Party along with
assignment of future Income of the student for payment of
Installments.
10. Service of process Charges
• Most of the Indian banks do not charge any processing fee or
upfront charges. The State Bank of India accepts a deposit of
INR 5000 for education loan for studies abroad, which is
adjusted in the margin money.
11. Capability Security
• If you are going abroad to study, some of the foreign universities
require you to submit a certificate from your bankers about the
sponsor's solvency/financial capability with a view to ensure that
your sponsors are capable of meeting the expenses till
completion of studies.
Finally, you need to hit on the right bank with the right
educational loan scheme to suit your needs.