Education Loan Documents Required India By Banks
Want to take an education loan? Then you should definitely know that what the Education Loan Documents Required India By Banks. Here we have given all the details about the procedure decided by the banks for taking an education loan. There are many banks that provide the loan like SBI, PNB, Canara Bank and here is the procedure.
In today’s era every one wants s to get good education. But today it is not easy to get as education has also becomes a high priced commodity. Getting education from a top institution needs a lot of money.
To resolve this situation the facility of education loans has been introduced by the banking sectors. An education loan helps a lot of students to fulfill their dreams of getting higher education in India and from foreign universities. But not everyone knows the procedure of taking it. The process of applying for the loan is simple and the basic thing that it needs is the proper documents verification.
Here on this page we will try to provide you all the relevant information regarding the Loan applying procedure of various Banks such as SBI, PNB, and CANARA etc
Get Banks List with Minimum Interest Rate: How to Apply For Education Loan
At the time of taking loan:
when someone approaches the bank for the requirement of money or we can say for taking a loan, at that time the initial thing that the banks do is the verification of the contender that the money they are providing is lending in safe hands or not. And this procedure is done by verifying the documents of the candidates.
So having the right documents at the right time becomes important if you desire to get education loan from any bank whether it is SBI, PNB, CANARA or any other commercial bank without any problems. Here is the list of all such required documents to help you get your education loan easily.
Documents required by SBI, PNB, Canara Bank for Education Loan
- Testified copies of documents for proof of age/date of birth and proof of residential address
- Passport size photo of the applicant, Co-signer and guarantors
- Copy of mark sheets/degree certificates of previous academic qualifications
- Income proof/latest income tax return of parents/ Co-signer, guarantors(if any)
- Details of collateral security along with valuation certificate of Govt approved valuer (if any).
- Details/statements of Bank accounts held by the student applicant/ Co-signer (s) / guarantors (if any) for the last six months
- Copy of Passport/Visa, cost of air fare (documentary detail) in case of studies abroad
Must Read Out: Study in India Vs Study Abroad | Which Is Better?
Advantage of Education Loan
- With the help of education loans the candidates can get their education from their desired institution.
- It helps the candidates in fulfilling their financial needs in regard to the desired course.
- It reduces the burden of payment of fees.
- The best part of these loans is that once you have completed your goals and financial freedom, you can pay back them without difficulty with simple rate of interest.
- And most it is that the process of acquiring the loan is very simple.
- Most of the banks provide online application forms facility and detailed information for aspirants expediency.
Get all scholarships on a single page, Hit Here: Scholarship in India
Education Loan in India for Study Abroad
- In comparison of the typical regular load, the Education / student loan is a much better option
- They have easiest terms and conditions and simple and profitable rate of Interest.
- The person who has the loan is not required to pay back the loans while studying
- the loan can be paid even after the completion of the studies and the rate of interest for paying it back is also not that much high
- The main benefit of student / education loan is that it not only convinces the financial need to proceed with higher education but also help in saving the income tax while repayment.
We hope this page will prove to be helpful for the candidates who want to take educational loan and looking for the proper procedure. if you have any queries regarding this page then please write up in the below given comment box and if you want to get more updates then please keep visiting our pages.