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Education Loan Info
Money constraint should not bother deserving and meritorious students when a list of commercial banks is available to finance your education in affordable terms and conditions. You can repay the loan amount after one year of completion of course or after six months of securing a job, whichever is earlier. It is easy.
We have laid out the basic steps taken for Education Loan to assist you with the application process for any bank:
Step 1: Fill in the loan application form
After selecting appropriate bank for the loan disbursement, the applicant has to fill his preliminary information in an application form, including contact and academic details, etc.
Step 2: One-on-One Discussion
During this round with the bank executive, you may be asked about your academic history and performance, intended course for study and college, etc. You ought to be clear about your career perspective and prove the financial worth of the course you seek loan for. There may be a case when you are questioned for a certain shortcoming (if any) in your student profile, so just be prepared to answer them.
Step 3: Supplementary Documents
You need to provide validated supporting documents before the bank for verification to help them consider your application, including the affirmation from your concerned institute about your secured admission. If the loan amount is more than Rs. 4 lacs, you may require collateral security such as property (to be mortgaged) related papers.
Step 4: Confirmation of the Guarantor
At this crucial stage of loan sanction, the bank requires a guarantor on your behalf who should have a credible credit history. This guarantor could be the applicant’s parents or guardians.
Step 5: Borrower's Signature on a Promissory Note
Being the actual borrower, the applicant (student) is supposed to sign a promissory note to the bank as the loan gets sanctioned.
Step 6: Loan Disbursement
After successful completion of all the formalities, the bank may disburse the college fee to the concerned institute directly.
Though one can transact online for this process but one needs to contact bank for actual approval and disbursement of the education loan. Choose among the enlisted banks according to your requirements and pursue higher education without any halt (like cost factor).
Allahabad Bank Allahabad Bank HDFC Bank HDFC Bank State Bank of Hyderabad State Bank of Hyderabad
Bank of Baroda Bank of Baroda IDBI Bank IDBI Bank State Bank of India State Bank of India
Bank of Maharashtra Bank of Maharashtra Indian Bank Indian Bank State Bank of Indore State Bank of Indore
Canara Bank Canara Bank Indian Overseas Bank Indian Overseas Bank State Bank of Mysore State Bank of Mysore
Catholic Syrian Bank Catholic Syrian Bank Oriental Bank of commerce Oriental Bank of commerce Syndicate Bank Syndicate Bank
Central Bank of India Central Bank of India Punjab & Sind Bank Punjab & Sind Bank UCO Bank UCO Bank
Dena Bank Dena Bank Punjab National Bank Punjab National Bank United Bank of India United Bank of India
Federal Bank Federal Bank State Bank of Bikaner & Jaipur State Bank of Bikaner & Jaipur Vijaya Bank Vijaya Bank
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