Most public sector banks and private banks provide education loans to students for pursuing higher professional or technical programs abroad. Sanctioned loan can be used to cover university fees, purchase of books, equipment, travel expenses and purchase of computers. Students are advised to take loans preferably from a Nationalized bank. The terms & conditions for educational loans may vary from bank to bank.
OBJECTIVE & PURPOSE OF BANK OF INDIA:
The Educational Loan Scheme aims at providing financial support from the bank to deserving/ meritorious students for pursuing higher education in India. The main emphasis is that every meritorious student is provided with an opportunity to pursue education with the financial support on affordable terms and conditions.
Studies in India (Indicative list) :
GUIDLINES AND RESOURCES
Documents required by banks for extending education loans
|S.No.||Documents Required to Apply for Educational Loan|
|1||Admission letter of the Educational Institute giving details of fee, boarding and lodging expenses. Letter confirming scholarship, if any.|
|2||Attested copies of documents for the proof of age/date of birth and proof of residential address.|
|3||Passport size photo of the applicant, co-obligants and guarantors.|
|4||Copy of the PAN card of student and Parents Borrower|
|5||Copy of marksheets/degree certificates of previous academic qualifications.|
|6||Income proof/latest income tax return of parents/co-obligants, guarantors. (if any)|
|7||Details/statements of Bank accounts held by the student applicant/co-obligant(s)/guarantors (if any) for the last six months.|
|8||Details of collateral security alongwith valuation certificate of Govt approved valuer (if any). (In case of loan amount more than Rs: 4.00 Lacs)|
Banks in India providing Educational Loans
Following are some of the premier banks of India that are providing educational loans. Click on the banks to know the details.