How to get Education Loan easily

Needless to say, every study abroad aspirant wants to study at a reputed University. At the same time, we are also aware of the fact that education is becoming an increasingly expensive endeavour.

In India, a comprehensive student would pay for all costs, including tuition, housing, stationery, laptop, test fees, travel expenses, etc. Special education loans are now accessible not just for colleges and universities but also for coaching facilities.

Education loan for Indian students in the US

Some banks like SBI and Bank of Baroda provide female students an additional bonus in terms of fewer interest rates.

A student loan’s principle can range from 50,000 to 75 lakhs of rupees. Depending on the bank and different programs, the interest rate on student loans might range from approximately 6.6% to 15%. Typically, the guarantors for students are either their parents or guardians.

The following documents might support your request for a student loan:

• properly completed application form with two passport-size photos attached
• copy of the 10th, 12th, or comparable grade transcripts.
• a copy of any required mark sheets for graduation or post-graduation
  a thorough breakdown of the education costs.
• Student and parent/guardian Aadhar and Pan cards.
• Age, identification, residency, and income of the parent or guardian must all be demonstrated.

For the first disbursement, you would also require the following documents:

• Request letter from the organisation
• Signed loan documents include the loan agreement, the request for payment, and the letter of sanction.
• Collateral security documents (if applicable)
• For institutions located abroad, Form A2 must be completed, signed, and submitted.

Conclusion

It is time to end all your worries and start taking an education loan. Just follow the steps mentioned above as they are simple yet efficient. You can also contact your bank manager or a financial advisor for help, but make sure you read through the terms and conditions carefully before signing them. If you cannot afford this expense, then don’t worry! There’s no need to fear because there are government loans too where you can get money without putting anything in writing.

If you have any queries, feel free to leave them down below in the comments section and we will get back promptly!