All About Education Loan!
What criteria must be met to qualify for a student loan?
Banks often provide education loans to college students who have been accepted to graduate or post-graduate programs in professional fields like medical, engineering, control, etc. To obtain a student loan from any bank, a guarantee letter or a guarantee letter under certain conditions is typically needed. It would ultimately be difficult to obtain a mortgage for schooling without a proposal letter.
The advantage of the student
Exam results, educational background, accomplishments, and awards received by students are taken into account as important factors while processing a mortgage application.
Course cost
Before issuing a student loan in India, the cost of the course is considered. The organization that maintains the route receives payment for its services. Banks frequently prefer businesses that are recognized or authorized by the Indian government, the AICTE, or both.
College costs
Accredited or renowned institutions usually charge lower fees for processing and disbursing student loans. Additionally, it makes it easier for banks to decide whether or not students will be able to pay for their education on time.
Loan collateral for education
The student’s ability to furnish collateral is another important consideration. For loans ranging over the collateral loose mortgage fee, the kind of collateral and its fee are essential.
Acknowledged admission
In cases where a seat has been reserved but admission has not yet been granted, banks will frequently want the offer letter or conditional offer letter to process an application for a student loan. Confirmed enrollment in institutions of higher education identified by the UGC, the government, the AICTE, etc. in specialized publications such as Management, Engineering, Medicine, Computer science, Architecture, Hotels and Hospitality, Agriculture, Fine Arts and Design, Pure Sciences, BA, MA, B.Com, M.Com, Post-Doctoral publications, and a few vocational and technical publications like Aviation and Air-hostess education are occasionally covered too.
Necessity for collateral
You may be required to have collateral protection if you take out a mortgage for more than INR 7.55 lakh. Best available for loans under INR 7.55 lakhs, education loans without collateral require a third-party guarantee. There is no need for a third-party guarantee or security for education loans up to Rs. 4 lakh.
Co-Applicant
The need for a co-applicant applies to all full-time programs. The parent, mother, father, spouse (if married), or parent-in-law may co-apply (if married).
What is covered by a student loan?
In India, a student loan traditionally covers the cost of tuition plus a few other related expenses. Today, however, mortgage programs like SBI educational mortgage, Bank of Baroda educational mortgage, HDFC educational mortgage, and other readily available loans are genuinely offering educational loans that cover almost all of a student’s educational-related expenses. Huge classes like these are covered by education loans in India:
- 100% of the college’s tuition is due.
- the cost of lodging
- Library and exam fees
- A computer, books, and objects are also present.
- Costs of international travel
- Other reasonable expenses needed to complete the journey
Disclaimer: The views expressed above are for informational purposes only based on industry reports and related news stories. PropertyPistol does not guarantee the accuracy, completeness, or reliability of the information and shall not be held responsible for any action taken based on the published information.
