Indian Student Loans-Domestic and Abroad
Indian Student Loans- domestic and abroad
Nothing in the world comes for free and each time you want to make a progress you have to overcome roadblocks on your way to top. When it comes to making a career progress you have to keep yourself updated about ongoing changes in your industry with the help of seminars and training programs, but nothing would assist you all your life like a strong educational foundation and so having the best of education is an essential. While some can afford higher studies easily, others have to depend on educational loans. So let us talk about what it takes to get student loans in India for domestic and international studies. Here is a short gist to find your way around getting Educational Loans in India-Domestic and Abroad.
How much Educational Loan you can get?
Loan for Studies in India: Without providing any security you can borrow an amount worth Rs. 4 lakh, while any amount between Rs 4 lakhs to Rs 7.5 lakhs can be availed against the third-party guarantee. In the latter case you would have to put up with a five percent margin which translates that you would get 5% less the amount of loan that you want and you would have to arrange that amount from somewhere else. This guarantee can be given by any of your relatives, neighbours or friends stating n assurance for full amount.
Maximum amount of loan that you can claim for Domestic Educational Loans is Rs 10 lakh.
An Advice: Try and not to take loan against any of your assets like house for a-not-so-big-amounts like 4 to 6 lakhs.
Study Abroad Loans
Loan for Studies in India: In this case, all the loan amounts above Rs7 lakh are to be sanctioned against your Fixed deposit, NSC (National Savings Certificate) certificates, property worth the loan amount, etc. In this case only 85% of the amount of total loan amount is sanctioned and you would have to arrange for that amount on your own. Before you apply for this loan you would have to have your paper work to study abroad clean and clear, including the admission letter from the University that you are to join.
The maximum upper limit loan amount that you can avail for overseas studies is Rs 20 Lakh.
An Advice: Do your research well about which University and city you would be settling in and estimate the amount of loan very clearly and include every single thing like accommodation, tuition fees, study material, etc.
Required Documents for application of Student Loans in India:
For any- domestic or overseas student loan you would require:
- Attested Mark Sheets of Last Examination,
- Admission Scholarship Proof
- Detailed Schedule of Expenses that you would Incur in Course,
- Bank Account Statement of Last Six Months,
- Income Tax Assessment of last Two Years
- Statement of Assets and Liabilities of the co-borrower, usually your parent or guardian
- Proof of income
- 2 passport size photographs
- Residence proof if you are not an existing bank account holder
For Studying Abroad Student Loans
- Copies of foreign exchange permit.
- University Acceptance Letter
List of Expenses of Education Loans:
- Tuition fee payable to college/school
- Examination/library/hostel charges
- Travel expenses
- Purchase of books/equipment/uniform
- Cost of two wheeler (Optional)
Educational Student Loans Repayment
Repayment commences after one year of the completion of the course in the form of Equated Monthly Installments EMI or six months after landing a job, whichever you choose. It may vary depending upon every individual bank’s policy.
on Education Loans:
Interest rate varies from bank to bank but an approximate ongoing interest rate ranges between 7 % to 10 % in domestic student loan and up to 15 % on the overseas student loan. Always check with three to four banks before you choose and zero down on a single one.
All the best and have Study Well! :D
- Student Loans in India, Indian Student Loan Schemes
Get information on student loans in India, complete information on different type of education loans in India, loan programs for students in India.
- EDUCATION LOAN - Student Loan Schemes offered by Banks in India
Student Loan Information. Student Loan Schemes offered by Banks in India - Educational Loans for Students Get Loans for your Professional Courses. Student Loans for Studies in India, Educational Loan for Studies Abroad.