EDUCATION LOAN
It is sad to say that in INDIA, car loan interest rate is less than Education loan. youth determines
the nation's future,yes it is definitely right.but in INDIA,less than 1%of the total loan is given on
education loan.but in other countries(developed nations) main investment is on higher education.
it provides opportunities for research,provides easy loan to student.
IN INDIA,many student does not go for higher studies due to economic condition of the family.
when they go for loan ,the manager of bank doesn't behaves properly.bank's gives banner for
commercial loans but they don't do for education loan.We only sees few banner on education
loan on our college campus only and no where else.
OK,I have gone to far from my blog topic.
There are lists of few standard bank who provides education loan for higher study in INDIA and
abroad.
(1)STATE BANK OF INDIA
Eligible streams:-
ALL the regular course studies like-b.tech,ms,teacher training/nursing,m.tech
and other technical and professional courses.
Expenses including in loan:-
fees(academic,hostel),stationary,laptop,two-wheeler(rs-50,000),
travel expenses for abroad studies.
Loan Amount:-
maximum 10 lac in India and 30 lac for abroad.
Interest Rates:-
1)up to to 4 lacs-13.50%p.a(10%is the Base rate),(no security is needed).
2)between 4 lac and 7.5 lacs-13.75%p.a.
3)above 7.5 lacs-11.75%p.a.
note:-(0.5%concession for girls and 1%concession for full tenure loan).
(2)UNION BANK OF INDIA
Eligible streams:-
ALL the regular course studies like-b.tech,ms,teacher training/nursing,m.tech
and other technical and professional courses.
Interest Rates:-
FOR GIRLS:(up to 7.5 lacs-12.00%,and above 7.5 lacs-11.75%)
FOR BOYS:(up to 7.5 lacs-12.50%,and above 7.5 lacs-12.5%)
(3)BANK OF BARODA
Interest Rates:-
up to 7.5 lacs-12.75%
above 7.5 lacs-12%.
(4)BANK OF INDIA
Interest Rates:-
up to 7.5 lacs-3%above base rate.
above 7.5 lacs-2.5%above base rate.
(5)CANARA BANK
Interest Rates:-
10.22%p.a.
DOCUMENTS REQUIRED:-
STUDENT:
1)2 passport size color photograph.
2)Identity proof-(passport/voter id/driving license/college card etc.).
3)PAN card (mandatory).
4)proof of residence.
5)mark sheet&certificates (10 onwards).
6)rank card of qualifying exam.
7)fee structure and bonafide student certificate.
8)bank account on education loan applying branch .
GUARDIAN:
1)2 passport size color photograph.
2)Identity proof-(passport/voter id/driving license/college card etc.).
3)PAN card (mandatory).
4)proof of residence.
5)IT Return or form16 for last 2 years for salaried &last 3 years for
businessman/self employed.
6)statement of bank account for last 6 months.
7)for salaried persons-latest 3 month salary slips.
8)for persons other than the above two-Income certificate from the appropriate
authority(block officer).
IMPORTANT NOTE:-
To support the student of economically weaker sections of society.Government has provided
2700crores of subsidies in interest rate.
ELIGIBILITY FOR THE SCHEME:-Parents income from all the sources should be below 4.5 lac.
and a certificate should be issued by authorized officers of the state government.
PERSONAL ADVICE:-
Manager always tries to hide this scheme because it requires little more documentation work.
so.consult a good manager.this scheme is for subsidy in interest rates till the study period and
extra one year/or after getting the job.
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