Student LOANS

Which bank is favourable for student loan?

Note: ALL BANKS MENTIONED HERE ARE APPLICABLE ONLY TO THOOSE WHO APPLY FROM THE REPUBLIC OF INDIA APPLICANTS FROM OTHER COUNTRIES, PLEASE CHECK WITH YOUR PREFFERED BANK IN YOUR COUNTRY. THANK YOU.

Click to SEE All Banks That Provide Student Loans for SPP In India

DOCUMENTS RECQUIRED FOR STUDENT LOAN
The requirements for the documents may vary from bank to bank according to their policies. However most of the banks ask for the following documents.

• Attested copies of documents for:-
  1. Proof of Age/ Date of birth.
  2. Proof of residential address.
  3. Proof of admission into the course/Offer letter.
  4. Proof of income (Income Certificate).
• Passport size photo of the applicant and guarantors.
• Copy of mark sheets/ certificate of previous academic qualifications.
• Details of collateral security along with valuation of a government approved valuator.
• Details of the bank accounts held by the student applicant/ guarantors for the last 6months (if any).
• Copy of passport/visa, airfare in case of studies abroad.
• For mortgaging the property
  1. Original and prior title deeds.
  2. Latest tax receipts.
  3. Possession certificate.
  4. Encumbrance certificate for the last 15 years from the sub-registrar.
  5. Valuation report by a bank approved valuator.

How much loan you can get?

Loans in India are divided into two categories:-

• Loans for studies in India.
• Overseas study loans.

1. Loans for study in India.

• Students can borrow up to Rs. 400000/- without paying any security or margin.
• A loan amount of Rs. 400000/- to Rs. 750000/- is availed against a third party guarantee.

2. Overseas study loan.

An amount worth Rs. 700000/- and above are usually given against fixed deposits, property worth loan and a margin of 15 percent.

The Reserve Bank of India (RBI) suggests the amount rate and repayment period for educational loans.