1. #1
    Unregistered

    Procedure to get education loan?

    I belong to a middle class family. I am not excellent but good in studies. Next year I will give the entrance exam for medical and engineering. If I crack medical or engineering in private institutes,my family cannot afford me that much. So,I have to take educational loan.What is the procedure to get an educational loan? Which bank will be the best to opt for educational loan?

  2. #2
    Kangaroo Array
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    Re: Procedure to get education loan?

    First of all,would like to say that do not give up now.You can surely make up to government institutes of medical or engineering if you work hard.Anyways,coming to your query,getting bank loans is easy nowadays.You or any of your family members must have a bank account in the bank from where you want loan.Then go with an elder and talk to the bank manager.He/She will tell you all the details.The bank manager will tell you all the details regarding interest rates,requirement of third party guaranteer or security deposit.You must take along with you the prospectus of the concerned college and rank certificate of the concerned examination.
    There are many banks which you can opt for.All private nationalized banks have almost equal interest rates.You can go for SBI for lesser interest rates.

  3. #3
    venki Array
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    Re: Procedure to get education loan?

    hello friends...

    first go to nearer bank and ask if there are providing educational loans or not if provided ask him

    i am studying engineering so will you provide the loan for me or not

    i have good percentage on inter and ssc

    for educational loan you have the minimum 70% in inter and ssc

    then go to your college contact your accounts department for more details regarding educational loan they will provide the denomination for the your engineering study

    based on that go to your bank provide the necessary certificates based on that they will provide the education loan to you...

    all the best

  4. #4
    bonomali Array
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    Re: Procedure to get education loan?

    Hello,

    The proceedure of getting educational loan from any PSU banks such as SBI,PNB,Allahabad Bank
    are very simple.You need to provide the following documents to the bank of your choice along with
    the fully filled educational loan application form.

    1. All educational certificates such as 10th,12th, Joint rank card fro engineering or medical students.
    2. A letter of acceptance from the collge of your choice in either engineering or medical stream.
    3. If your father is a goverment employee then you have to submit his salary slip for the last month.
    4. Upto 4 lac you don't need any guranteer but if you take above 4lac then you need a guranteer.
    5. The bank generally take one month to process the loan amount.

    Bye,

  5. #5
    prabhapathak Array
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    Re: Procedure to get education loan?

    HELLO,
    1)Amount limits -upto Rs. 15 lakh .
    2)Wider collateral options- Residential Property, HDFC Bank Fixed Deposit, LIC, NSC or a KVP policy.
    3)Loan Tenure- upto 15 years post moratorium period .
    4)Tax Rebate.
    thanks..........

  6. #6
    ARMY_MEN Array
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    Re: Procedure to get education loan?

    Dear Friend,

    Education Loan is offered by various banks with different schemes and rate of interest, but above all it is advised to go for SBI(State bank of India) due to its attractive rate of interest and easy recovery EMI's.

    Generally student takes loan for study in Indian and some for studying abroad. However there is the limit fixed of education loan depending upon where you are studying your course.

    In India the limit for Education Loan is 10 Lakhs

    To study abroad the limit for Education Loan is 30 Lakhs

    Procedure to apply for Education Loan

    =>You must have an account in SBI. If not then let it opened

    =>Decide the overall loan amount you want for studies

    =>For the Loan upto Rs. 4 Lakhs no security is required. Hence be quick to go for it.

    =>Go to bank and ask for Application form and get in touch with the concerned Officer.

    =>Fill all the details in the form and in case of doubt ask the officer.

    =>Get the documents ready and get it attested asap.

    =>After all this the loan amount is in your Education loan account

    Documents required


    Proof/letter of admission

    Mark sheet of last qualifying exam

    Schedule of expenses for that course

    Passport size photo(2).

    Income Tax return of last 2 year

    Borrowers account statement, last 2 months

    Proof of Income

    Proof of Indian Nationality.

    Follow all these instruction to get Education Loan from Bank.

  7. #7
    Its ams Array
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    Re: Procedure to get education loan?

    hi, friend ..

    >> First you have to select bank .

    >> and then you have to get loan letter from college.

    >> and you have to visit bank from that you want to get loan.

    >> they gives you total paper wants and procedure for that.

    >> you have to pay loan amount after you get job.

    >> and you can get cheque amount as college name only.

    >> i hope you have get exact idea.

    >> All the very best

  8. #8
    Ashok Array
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    Re: Procedure to get education loan?

    Quote Originally Posted by Unregistered View Post
    I belong to a middle class family. I am not excellent but good in studies. Next year I will give the entrance exam for medical and engineering. If I crack medical or engineering in private institutes,my family cannot afford me that much. So,I have to take educational loan.What is the procedure to get an educational loan? Which bank will be the best to opt for educational loan?
    Dear Aspirant,

    Have patience & labour hard so as to get the govt.engineering or medical college for your desired study.If you get seat in a govt.college,you will have to spend the minimum expenses for your studies.

    However,if you are needed for educational loan,first of all get selected for a govt.recognised or govt.college.Have a letter of seat acceptance in the related college,go to the nearest bank in your region.Of course,all the banks are interested to sanction the educational loan to an eligible candidates.You may prefer state Bank of India,Allahabad Bank,Bank of India,Uko Bank to get the desired loan.

    Meet the manager either with your parent,preferably father or guardian,having the seat acceptance letter.Express your view to the manager.He will let you know all the procedures to be completed to sanction the amount.Accordingly you have to proceed further.

    Hope you will have no problems in getting your loan sanctioned & disbursed in time.There is no guarantor needed for loan amount of Rs.4.0 lac.

    Thanks & good luck.

  9. #9
    abhinandan Array
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    Re: Procedure to get education loan?

    Hello*******
    Dear person*******
    ++++++++++++Try these steps for this issue++++++++

    ********** All educational certificates such as 10th,12th, Joint rank card fro engineering or medical students.

    **********A letter of acceptance from the college of your choice in either engineering or medical stream.

    **********If your father is a government employee then you have to submit his salary slip for the last month.

    **********Up to 4 lac you don't need any guarantee but if you take above 4 lac then you need a guarantee.

    **********The bank generally take one month to process the loan amount.


  10. #10
    sksingh Array
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    Re: Procedure to get education loan?

    Dear Friend,

    I appreciate your courage and dedication to move forward in your career by fighting all odds.

    To get an education loan, you need to contact your nearest bank and request for education loan. Whether to sanction the loan or not depends upon branch manager's discretion and he may sanction the loan after considering following factors:

    1. whether you can repay the loan in time or not
    2. how much chances you have of getting job after finishing your course
    3. do you have any property to give as a security
    4. whether you have any guarantor or not

    So, he will decide on these factors to decide about sanctioning. If he doesn't sanction, there is no harm in using informal means to get the loan. You just need to convince the branch manager.
    You should check about interest rate and other conditions before approaching the bank. Usually the interest rate will be between 10.5% to 12% in all every bank.

    All the best.
    Thank you.

  11. #11
    lamborgini Array
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    Re: Procedure to get education loan?

    Hi,

    The procedure for loans is different in different banks.
    But the main procedure is same.
    They will ask for required documents.

    After you get the result and admission, you are supposed to visit the bank and ask for education loan.
    According to the college and fee structure you will get loan.

    You will also require another person to verify your loan.

    You can education loan from STATE BANK OF INDIA .
    It is the best bank for education loans.

    Also, you must not loose hope fro now.
    Work hard so that you can make it to the government colleges.
    So, you will not have to Take education loan.
    Work really hard for the entrance.

    And decide from now that what field you will go engineering or medical.
    It will make your studies easy.
    If required join coaching classes for the entrance.
    It is better to pay for coaching classes than to go for education laons.

    Good luck

  12. #12
    Boss Array
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    Re: Procedure to get education loan?

    First of all,would like to declare which do not quit now.You may unquestionably generate around federal organizations of health-related or maybe executive should you deliver the results hard.Anyways,arriving at your dilemma,having loans from banks is not hard nowadays.You or maybe one of your loved ones must use a bank account in the bank by in which you would like loan.Then proceed using an parent and also discuss with the lender manager.He/She will tell you each of the details.The traditional bank manager will tell you every piece of information with regards to rates of interest,prerequisite of 3rd party guaranteer or maybe basic safety deposit.You has to take with you the prospectus on the uneasy university and also rank certification on the uneasy examination.
    There are several banks which you'll elect for.All exclusive nationalized banks have got practically similar interest rates.You might want to use SBI intended for reduced interest rates.
    The proceedure of asking for helpful bank loan from any PSU banks such as SBI,PNB,Allahabad Traditional bank
    are quite simple.You really need to give the following documents to help the lender that you picked coupled with
    the absolutely filled helpful loan application form.

    Just about all helpful accreditation such as tenth,12th, Articulation rank greeting card fro executive or maybe health-related students.
    Instructions of recognition from your collge that you picked in executive or maybe health-related stream.
    If the biological father is really a goverment worker then you need to help publish his paycheck get during the last month.
    Upto 4 lac its not necessary any kind of guranteer yet with above 4lac next you require a guranteer.
    Your budget usually consider 30 days to help process the money amount.

  13. #13
    end of query Array
    Join Date
    Mar 2013
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    309

    Re: Procedure to get education loan?

    hi
    if you belong to the poor family or the family which cannot afford high fees of the colleges, then you do not have to worry about your future, you have a option of bank loan, in which you need to go the bank and fill up a form for the educational loan. Along with the bank officials would ask you for some of the documents of your own for the verification purpose and then you need to keep something as a guarantee and thereafter, you loan can be easily passed. But one thing that you need to keep in mind is, that you need to prove your worth while applying for the bank loan. Good percentage marks in school and higher ranks in competition exams are always preferable.
    Gud luck

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