Documentation required:
- Letter of admission.
- Duly filled and signed loan application form.
- 2 recent passport size photographs.
- Statement of cost of study.
- PAN Card, AADHAR card of student and parent/guardian.
- Proof of identity and proof of residence.
- IT returns or IT assessment order of previous two years of the co-borrower.
.
Also question is, what are the documents required for educational loan?
Documents required for an Educational Loan:
- Duly-filled application form.
- 2 passport size photographs.
- Graduation, Secondary School Certificate, or High School Certificate or mark sheets.
- KYC documents that include ID, address, and age proof.
- Signature Proof.
- Income Proof of parents or guardian.
Likewise, how can I get education loan from SBI online? How to Apply for State Bank of India Education Loan
- Got to the Education Loan Platform of State Bank of India.
- Select the type of education loan you want to apply for.
- On the new page click on 'Apply Now Online' tab.
- Fill up the form with all the required information and submit it.
Subsequently, one may also ask, which bank is best for education loan?
Top education loans providers in India:
- State Bank of India: State Bank of India offers a term loan to Indian students aspiring to continue their higher education abroad.
- Axis Bank:
- HDFC Bank:
- Punjab National Bank:
- Canara Bank:
- IDBI Bank:
- Bank of Baroda:
- Avanse Financial Services:
What is the interest rate on education loan in SBI?
8.65% to 10.70%
Related Question AnswersCan I get education loan without property?
There are 4 NBFCs in India that provide education loan without collateral and some foreign NBFCs as well. bank if you are availing a loan up to INR 4 lakhs. According to guidelines set by RBI, all banks have provision to provide education loan without collateral up to INR 7.5 lakhs when certain criteria are met.Who is eligible for educational loan?
Age Eligibility There is no specific restriction regarding the age of a student in order to be eligible for an education loan. Age of joint applicant / co-borrower / guarantor should be minimum 21 years at the time of loan origination and maximum age at the time of loan maturity can be 70 years.Can I get education loan before admission?
No. You can apply for education loan before getting admission confirmation from University / College. If your case is approved, you'll get a conditional loan sanction letter. Students and parents feel confident to apply for better colleges, without worrying about how to fund the education cost.Is it good to take education loan?
If you don't have the money to give yourself a good education, then availing an education loan is a very good idea. You are the engine of your career growth. You do not have to start making your EMI repayments (Repayments on your education loan) until the end of the moratorium period.Can I take education loan from 2 banks?
You cannot take educational loans from two different Banks for the same course merely because of the cap of Rs. 20 lacs in most of the Banks. There are other Banks which offer higher limit of Educational Loan. The loan is offered only for Graduation and Post Graduation Courses offered by Reputed Universities.How can I get a student loan without my parents?
Generally, it's easy to get federal student loans without a cosigner, since there's no credit check involved. However, you do need to fill out the Free Application for Federal Student Aid (FAFSA) in order to apply for federal student loans so you can get financial aid.How many days does it take for education loan to be approved?
15 daysWhat Is Educational Loan & who is eligible to get the education loan?
Eligibility criteria The candidate applying for the loan must be a resident of India. He/she must have confirmed admission in recognised educational institutes in India or abroad. The age of the candidate must fall within the bracket of 18 to 35 years during loan application.How much percentage is required for education loan?
As per education loan is concern the admission in the course is required. G.K.Rana ji as per the admission requirement of MBA you must have minimum 50% marks in graduation for general and OBC candidate and 45% marks for SC/ST candidate with the valid score in MAT, CMAT, CAT exam.Is education loan interest free in India?
The entire interest paid (without any limit) on the education loan is tax-deductible under Section 80E of the Income Tax Act. Central Government of India has launched an Interest Rate Subsidy scheme for Education Loan for students who belong to Economically Weaker Sections (EWS) of the society.What is margin in loan example?
The margin is the amount that a borrower need to pay from his own funds, while the balance amount of the loan will be paid by the bank. For example, suppose a borrower needs, say, a loan of Rs 1,00,000. This money of (Rs 20,000), which the borrower puts into his business is called margin money.Which bank gives lowest interest for education?
SBI also offers one of the lowest interest rates for education loan in India. Pros: A low rate of interest. Low processing fees.Which bank gives maximum education loan?
Top Banks Education Loan Interest Rates| Banks/NBFC | Loan Amount | Rate of Interest |
|---|---|---|
| Punjab National Bank | PNB Honhaar | 10.45% |
| State Bank of India | Up to Rs. 7.5 Lakhs | 10.25% |
| Above Rs. 7.5 Lakhs | 10.50% | |
| Avanse | For all loan types and amounts | 10% to 16.50% |
