There are several banks which are available to provide educational loan to the students. Here are the details
There is no best bank to avail a education loan. In India there are a number of banks both Public and private sector from which you can avail an education loan. There are also dedicated loan Companies from which you can avail an education loan. Many a time these Companies have a tie up or are supported by a bank.
One needs to know the following before applying for an Education Loan
Nationality : You should be an Indian National to avail an education loan in India.
Age : You should be 18 years of age to avail an education loan or your parents can take the loan in their name. Banks might set an upper age limit of 35 years and no educational loan is given if you are above this age.
Admission to an educational course : You should have secured admission for a professional, technical or a management course in India or abroad. You should have secured at least 60% in all your previous qualifying examinations.
Documentation : You will have to fill the loan application form and submit documents such as an address proof, mark sheets, admission letter for the course. The co borrower (Parents or the third party Guarantor) has to show proof of income (salary slips) as well as the income tax statements of the past 2 years.
Loan Amount : You can avail a loan for a maximum amount of INR 10 Lakhs if you are studying in India. For foreign studies a loan amount of INR 20 Lakhs can be availed.