Now Fund Your Studies Through Education Loan

Studying abroad is expensive and you might need loan to pursue your studies. In order to make sure that no student is denied of pursuing higher education, various banks in India have come up with educational loan schemes. The demand for the loans is on a rise as the cost of education is escalating over the years.

You are eligible for a loan if you have secured admission in any of the bank’s list of approved courses or universities.

Expenses considered for loan:
* Fees payable to school/hostel
* Examination/Library/Laboratory fees
* Purchase of Books/Equipment/Instruments/Uniforms
* Caution Deposit/Building Fund/Refundable Deposit
* Travel Expenses/Passage money for studies abroad
* Any other expenses required to complete the course like study tours, project work etc.

SBI, Bank of Maharashtra, IDBI, Allahabad Bank, OBC, UBI, Bank of Baroda are some of the banks that provide educational loan in India.

The documents needed to be furnished to avail the loan:
1) Completely filled Application Form with Photographs.
2) Letter of admission from the Institute.
3) Letter from the Institute stating expenses of the program (term-wise, year-wise)
4) Documents for the Applicant & Co-applicant (Residence Proof, ID Proof, Signature Verification Proof, Age proof)
5) Mark sheets from SSC onwards till the latest examination passed.
6) Income Documents of the Co-applicant (Pay Slips / ITR copy etc)
7) Declaration/Affidavit confirming that no loan has been availed from other Bank/Institution

If you are planning to study abroad then following documents will also be required:
8) Visa approval papers
9) Travel documents
10) GRE/GMAT/SAT score
11) I-20 in case of applicant going to the USA

Related Articles :