How to take education loan? 2023
How to take education loan: Friends, in today’s world, thousands of students dream of studying abroad. Or simply say that there are some students who are not able to get higher education because of their poor economic condition. To fulfill this dream of his, he is provided education loan by the government.
If you are also one of those people who have dreamed that they get a good education. And to be able to live a better life, and for that one has to study, a lot of money is also spent to study. And it costs you at least lakhs of rupees to study abroad.
If you have a dream and you want to see that dream come true. So you can apply for education loan, now you have absolutely no idea about how to take education loan. So this post of ours can prove to be very useful for you. After reading this post, you will know what is education loan? What are the benefits of taking an education loan, what are the types of education loan, etc.
How to take education loan? 2023
We are going to tell you in detail about all these things how to take education loan. When we want to take a loan from an individual or a private institution to study abroad for higher education, it is called an education loan or student loan. To avail this type of loan, it is mandatory for you to pass in good marks.
Any student can fulfill his dream of higher education by availing this type of loan. Education loans are given by banks for studying both in the country and abroad.
Any student who wishes to complete his studies. He can apply for this loan. This loan is given to the student to help him complete his studies in his home country or abroad. Parents can also take an education loan for the education of their children.
How many types of education loan are there?
Different types of education loans are provided by private institutions to the Indian Bank. You can avail these different types of education loans for various programs.
There are many types of education loans available such as:
based on location
If a student wants to study in a college or university located within the geographical limits of the country, then he wants to take an education loan on the basis of location. On the other hand, if a student wants to take an education loan to study abroad, then he can only study abroad.
depending on the course
If you want to complete diploma or business course to get higher education. So you can easily get education loan on the basis of court through any bank private institution.
on the basis of the security of the guarantee
If you take both secured and unsecured loans with the proposal in education. So you can get an education loan on the basis of the security of the guarantee.
Career Education Loan
When a student wants to make his career after studying in a government college or institution. So in such a case a career education loan can be taken.
Professional Graduate Education Loan
If you have completed your graduation and want to continue further studies after graduation. So for that professional can take graduate education loan.
Parents Education Loan
If you take a loan from any bank or private institution for the education of your children, then it is called Parents Education Loan. Through which parents can shape the future of their children.
How to take education loan?
If you want to get higher education then you can get education loan through any bank or private institution, to get education loan you have to follow the following steps.
First of all, you have to take the admission confirmation letter from the recognized school or university in which you want to study.
After that you have to apply for graduation loan in the bank.
Then you have to submit all your loan related documents to the bank.
- bank loan application form
- identity card
- current address
- proof of your age
- two passport size photos
- income certificate
- Income tax return document of last 2 years
- all financial supporting documents
- Last 6 months bank account statement
- statement of assets and liabilities
- foreign exchange permit
- Marksheet of last qualifying examination
- university offer letter
List of your expected special file course if you already have it. If there is a scholarship letter then its copy
Now on the basis of all the documents and the information given by you, the bank will verify your loan. After verification, the bank will proceed with the process of your loan application.
Now if the information given by you is found to be correct and you are eligible to avail the education loan. So after the loan application is approved by the bank, the amount is transferred to your bank account.
What is the graduation loan interest rate for different banks?
Banks Indian Student Loan Interest for Universities Student Loan Interest for Studying Abroad
- Axis Bank 13.70% 13.70%
- Bank of Baroda 7.70% 8.35%
- Bank of India 9.05% 9.05%
- Canara Bank 8.50% 8.50%
- Central Bank of India 8.50% 8.50%
- Federal Bank 10.05% 10.05%
- IDBI Bank 6.90% 8.40%
- Indian Overseas Bank 10.65% 10.65%
- PNB 7.05% 10.65%
- SBI 7.00% 8.80%
- UCO Bank 9.30% 9.30%
- Union Bank of India 8.40% 8.05%
- education loan guarantee
Whenever we ask for a loan from any bank or institution, we have to give guarantia security to the bank for that amount. In student loan this happens when we want to take a loan of more than four lakhs for education loan. No guarantor is required for loans up to Rs 4 lakh 4 lakh.
If you need more money than this amount, then you will need security as per the rules of the bank. Along with this, if any person or organization demands processing fees from you, then you can also make a complaint against it. Because there is no processing fee to be paid while taking an education loan.
List of banks giving education loan
- Bank Name Official Site Terms & Conditions
- State Bank of India Apply Now Click Here
- Axis Bank Apply Now Click Here
- Punjab National Bank Apply Now Click Here
- hDFC Bank Apply Now Click Here
- ICICI Bank Apply Now Click Here
- Allahabad Bank Apply Now Click Here
- Union Bank of India Apply Now Click Here
- IDBI Bank Apply Now Click Here
- Canara Bank Apply Now Click Here
- UCO Bank Apply Now Click Here
So friends, in this way we have told you how to take education loan 2023 and you have been provided all the information in detail. Now there will be no doubt of any kind in your mind, if it still happens then you can definitely tell us by commenting below. We will assist you fully as well as definitely share it on social media platforms apart from your friends. That’s all for today, see you again in the next post.