Process And Eligibility For Education Loan In India

Education loan :-

Education loan is the process in which funds are made available to students at the lowest interest rate for higher education at home or abroad. This amount is returned to the bank with interest after the completion of education by the student. Current by various banks in India in funds are made available at interest rates and contribute significantly to the students pursuing their higher education.

Eligibility for education loan :-

In education loan, banks provide loans at the lowest interest rate and help students in pursuing higher education, but to get education loan, students must have the following eligibility:-

1. The candidate who wants to avail the education loan must be a resident of India

2. Education loan is taken for pursuing higher education so the candidate must have a graduate or post graduate degree.

3. The age limit of the candidate who avails the education loan should be between 18 to 35 years

4. Education loan will be given to a candidate who is pursuing higher education in a government affiliated college or university

5. If the age of an applicant is less than 18 years, education loan can be obtained in the name of his parents

6. The academic record of the applicant should be strong.

The course chosen by the applicant should be related to technical education because the bank provides loans only to those applicants who are now preparing for employment.

Education Loan Application Process:-

To get an education loan in India, an application is processed by the banks, on which the following are mentioned:-

1. Do your research and choose a lender-

Before starting the application process, you must have the admission offer letter of the university you want to take admission in. You will need to give that admission letter to the lender. After that the lender will provide you the loan.

2. Fill the loan application form-

You can apply for the form of the bank from which you want to get an education loan by filling the information sought by visiting its online website.

3. Appearing for the interview round-

In order to know the applicant personally, along with providing education loan by banks, that bank can call for an interview. In this interview, questions related to the academic field chosen by the student are asked. If you succeed in answering those questions, then You are considered competent by the bank to give you the loan and you are provided with the loan.

4. Document Verification-

After filling the application and after the interview, document verification is done to get the personal information of the applicant. If any kind of error is found in the document verification, then the recognition of that applicant is canceled immediately. Document Verification any problem in If not generated, the applicant is considered eligible for the education loan. The applicant can get higher education in both domestic and foreign universities with that education loan.

5. Providing loan -

After completion of all the process of education loan, education loan is provided to the applicant by the concerned bank. That education loan can be applied in his field education. After the completion of the fixed period, the education loan is returned by the applicant along with the interest.

Conclusion:-

 The eligibility of the applicant to get the education loan is almost same in all the banks and there may be some variation in the process of the banks. Before applying for the education loan, applicants should read the notification related to that bank. Read it well.

 Frequently Asked Questions(FAQ) :-

1. What is the procedure to get education loan in India ?

The documents to be submitted along with the application form in various banks for availing education loan in India are almost the same. These documents include- 10th and 12th mark sheet, college/college admit card, applicant's ID proof and applicant's address proof. It is necessary to have etc.

2. What is the process of taking education loan ?

To get an education loan, you will have to fill an application form, in which two passport size photographs, college/college admit card, ID proof and age proof etc. documents will have to be attached.

3. How many days will it take to process education loan in India?

In almost all banks in India, the loan is approved in about 7 days after the completion of the application document process and the completion of the document verification process.

READ MORE.........