How To Apply for Student Loans

SBI

For decades, the State Bank of India, or SBI, has been one of India's main education loan providers.

Aspirants can apply for loans to pursue higher education in India and abroad every year, as SBI offers loans to students accepted into a number of prestigious universities around the world.

The SBI Education Loan is available at all SBI branches in metro and metropolitan areas, as well as those with personal banking divisions.

Those who enrol in full-time degree/diploma programmes at respected universities are usually eligible for loans to help them support their studies.

Process to applying for student loan :

1. Online

• The State Bank of India has an official website.
• Look for the section on Educational Loans.
• Apply online.

2. Offline

• To receive an offline Education Loan form, go to your nearest State Bank of India branch.

• The form is also available for download on the official website.

• Send the completed application form, along with any required documents, to the nearest branch.

Eligibility criteria for getting student loan :

The applicant must be a citizen of India. The applicant must have been admitted into one of the world's most prestigious universities.

Document required for applying :

• Form must be filled out completely.
• 2 passport-sized photos.
• A letter from the university attesting to your acceptance.
• Expenses for the research.
• Academic Records- 10th, 12th, and Graduation Results- Semester-by-Semester, as well as the results of the entrance exam through which admission is sought (e.g. GMAT , GRE , TOEFL , etc.)
• Candidate's PAN (Personal Identification Number) card
• Identification Proof (any one) - A valid passport, driver's licence, voter identification card, or Aadhar card is required.
• Valid Passport / Driver's Licence / Voters ID card / Electricity Bill / Telephone Bill / Proof of Residence/Address.
• Bank account statement for the last six months for the student, co-borrower, or guarantor.
• Assets and liabilities of the student, co-borrower, or guarantor.
• Proof of income from the student, co-borrower, or guarantor.
• SBI requires security in order to take out an education loan.

Terms and conditions for applying for student loan :

 If the candidate is taking out a student loan of up to Rs. 4 lakh, only a parent or guardian is required as a co-borrower.

If the loan amount is between Rs. 4 lakh and Rs. 7.5 lakhs, the candidate must co-borrow with a parent or guardian and provide collateral security in the form of the parent's or guardian's gross yearly income.

If the application needs a loan for more than 7.5 lakhs, a parent or guardian must be a co-borrower, and the applicant must offer real collateral security.

Repayment period :

In the event of an SBI student loan, repayment will begin when the course has been completed. Moratorium period Repayment will begin six months after the course is completed. Repayment period of the loan is up to 15 years.

Axis Bank  

Axis Bank is a private bank based in India that offers a wide range of financial services. In 1993, it was founded. One of the services given by Axis Bank is education loans for students planning to study in India or abroad.

Since the introduction of Axis bank education loans, students have seen a significant improvement. Axis Bank offers student loans ranging from Rs. 50,000 to Rs. 5,00,000 depending on the size of the education loan.

Process to applying for student loan :

1. Online :

• Visit the Axis Bank Education Loan website for further information.
• Complete your full name, email address, phone number, and address information.
• Fill in the captcha code found at the bottom of the form.
• Check the box next to the form. It gives Axis Bank permission to call you for an Education Loan Service.
• Click the 'Submit' button.

2. Offline :

• An application form is available at your local Axis Bank location. Following receipt of the application form and the required documents, the bank will process the application.

Eligibility criteria for getting student loan :

• Citizenship in India
• At least a 50% grade point average in HSC and graduation
• Who have been accepted into career-oriented courses, such as medicine, engineering, management, and so on, at the graduate or post-graduate level.
• After completing HSC (10+2), secured admission in India or abroad through an entrance exam or a merit-based selection process.
• The co-applicant (parents/sibling/guarantor) must provide documents demonstrating regular income.

Document required for applying :

• Voter ID, driver's licence, passport, PAN card, and Aadhar card are all acceptable forms of identification.
  
  
• Proof of residence: Electricity bill, most recent telephone bill, most recent bank account statement, most recent registered and valid house lease agreement
  
  
• Proof of collateral income: Income Tax (IT) returns from the previous two years, as well as a computation of the previous two years' income certified by a Chartered Accountant.
  
  
• Last six months' bank statement/passbook
  
  
• Admission letter or conditional admission letter as proof of secured admission.
  
  
• Passing certificates and relevant mark sheets.

Terms and conditions for applying for student loan : 

The student's parent(s) or guardian(s) would be considered co-applicant(s) for the student loan. His or her job would have to be similar to that of the major debtor.

Repayment period :

Student loans, like other loans, are repaid in monthly instalments with interest. The loans are usually for a period of 5-7 years.

Some lenders, such as Axis Bank, can extend the loan for up to 15 years. The most significant benefit of a student loan is that, unlike other types of loans, repayment does not begin when the loan is disbursed.

There is a moratorium, which means there is a break from monthly payments. The moratorium is in effect for the duration of the course plus six months. This six-month period is intended to provide the borrower time to find work.

Bank of Baroda 

The Bank of Baroda is one of India's oldest banks, having been established in 1908. BOB offers its retail and commercial customers a wide range of local and international services.

The Bank of Baroda Education Loan has assisted thousands of students in realising their dreams of studying abroad for many years. The BOB Education Loan offers a 0.5 percent interest rate concession to female students.

Process to applying for student loan :  

Online :

• After you've chosen your preferred scheme, click 'Apply Now.'
  
• Vidya Lakshmi's webpage will subsequently be redirected to you.
• Log in and apply after entering your name and other details if you are a registered user.
• If you don't have access to a computer, you'll need to fill out an online application form to apply for a student loan.
• Then log in and select Bank of Baroda as your source of Education Loans.
• After the loan is approved, you will be notified via email or text message.

Offline :

• You can go to the nearest branch of Bank of Baroda, ask for the form of Student loan and do the needful.

Eligibility criteria for getting student loan :

The eligibility criteria for a Bank of Baroda Student Loans are straightforward :

• The candidate must be of Indian descent and have been accepted into a relevant degree.
  
  
• Female students, on the other hand, receive a 0.50 percent interest rate reduction, while outstanding amounts on loans above 4 lakhs INR are subject to a penal interest rate of 2%.

Document required for applying :

• Proof of address
• Card of identification
• Form of application
• Photographs the size of a passport
• Letter of Acceptance
• Proof of the guarantor's income
• Collateral Documents of security
• Scores on the GRE, IELTS, TOEFL, and GMAT 10th and 12th exams
• Income calculation over the last two years.
• Income tax returns of the last two years.

Terms and conditions for applying for student loan :

• Applicants are required to submit a progress report to the bank on a regular basis.
• The loan of more than Rs. 7.5 Lacs must be repaid within 15 years, and the loan of less than Rs. 7.5 Lacs must be repaid within 10 years.
• Late EMI payments on loans over Rs. 4 lacs will be levied a 2% penalty.
• For courses in India, the loan ceiling is Rs. 30 lacs, and for courses abroad, it is Rs. 60 lacs.

Repayment period :

The EMI (or equated monthly instalment) for a Bank of Baroda Education Loan is a set sum of money given to Bank of Baroda in exchange for the loan.

This is for the purpose of repaying your bank loan. It is due on a set date each month until your loan is completely paid off.

The Bank of Baroda Education Loan Repayment Calculator estimates your EMI based on the loan amount you applied for, the interest rate levied on the loan, and the loan tenure you opted for.

Offers economical and convenient education loans with EMIs as low as 7,014 per month for a 15-year term and a rate of interest as low as 7.70 percent.

Punjab National Bank

Students can choose from a selection of student loans offered by Punjab National Bank. The loans offer a low interest rate and up to a 15-year repayment duration. However, depending on the loan, the repayment time will differ.

Education loans are available for higher education (in India or abroad), vocational education and training, education at prestigious institutions, and higher education in Delhi.

Individuals born outside of India who wish to pursue higher education in India are also eligible for the loan.

Process to applying for student loan :

• Go to Punjab National Bank's official website.
• From the "Product" option, select "Retail."
• Download your preferred education loan's application form.
• After taking a printout, fill out the application form.
• Visit your local PNB branch and turn in your application for further processing. 

Eligibility criteria for getting student loan :

• You must be an Indian citizen.
• The student must have been admitted into the school.

Document required for applying :

• The form for applying
• Photos the size of a passport
• Aadhaar Card, Permanent Account Number (PAN) Card, Passport, Voter's ID, or Driver's Licence are all acceptable forms of identification.
• A voter's ID or driver's licence, an Aadhaar card, or a passport are all valid forms of identification as proof of address.
• Academic documents include: The following academic documents must be submitted:
• Grades 10 and 12 exam results.
• Any additional education marks.
• Mark sheets for the Graduate Record Examination (GRE), the International English Language Testing System (IELTS), the Test of English as a Foreign Language (TOFEL), and the Graduate Management Admission Test (GMAT).
• Any scholarship documents, if applicable.
• Documentation for admission.
• Income proof from a co-borrower or guarantor.
• Documents that were saved as a backup.
• Account statements.

Terms and conditions for applying for student loan :

The parents or guardians will be the co-applicant for the loan and the primary debtor. In exchange for a third-party guarantee, the bank will accept tangible collateral as security.

There is no requirement of collateral for loans up to Rs. 4 lakh.

Repayment period:

Concerning the Repayment of Student Loans PNB works in the same way as any other government bank when it comes to education loans. The course duration plus one year is the moratorium period for PNB Education Loans.

You are not required to make any bank payments during this time. One year after you graduate, you'll start receiving payments.Your PNB Education Loan has a maximum term of 15 years. There will be no fees if you pay off your loan early.

PNB Education Loan Online Payment, like any other government bank education loan, is possible. The Punjab National Bank's policy on education loan repayment is straightforward.

Punjab & Sind Bank

Customers of Punjab & Sind Bank (PSB) can get education loans starting at 8.30 percent per year. Currently, the bank offers three distinct education loan plans based on the type of education a student wants to pursue.

Process to applying for student loan :

Offline :

• Bring the relevant documentation to the nearest PSB branch office.
• Complete the relevant forms, submit them, and have them verified.
• Alternatively, you can phone PSB's toll-free line at 1800 419 8300 to inquire about the loan.

Online :

• Visit the bank's official website and use the 'Internet Banking Login' option in the top-right corner of the screen to log in to the portal.
• Follow the on-screen instructions to find the loan product you want.

Eligibility criteria for getting student loan :

Document required for applying:

• The application form
• Passport-sized photos  
• Passport, voter's ID card, PAN card, and other forms of identification are acceptable.
• Aadhaar card, driver's licence, passport, and other forms of identification can be used as proof of address.
• Academic records of the candidate Proof of admission

Terms and conditions for applying for student loan :

• NO SECURITY UP TO Rs.4 Lakhs (Parents to be joint borrowers)
• Above Rs.4 lakhs but not surpassing Rs.7.5 lakhs
• Parents will be co-borrowers.
• In the form of an acceptable third-party guarantee, collateral security is provided.
• More than Rs.7.5 lakhs.
• Parent(s) to be joint borrower(s) with tangible collateral security of an appropriate value acceptable to the bank, as well as an assignment of the student's future income for instalment payment.

Period of Restriction :

1 year plus the duration of the course.

Repayment Period :

For all categories, the loan will be repaid in equal monthly instalments for a maximum of 15 years.

Bank of India

Bank of India offers need-based education loans for students studying in India and abroad, with repayment based on the student's earning potential after completing the course.

The loan can be used to cover a variety of costs, including course fees and travel costs for international courses.

Process to apply for student loan :

You can apply for a Bank of India education loan by going to the lender's nearest branch. Check to see if you have all of the required papers. The education loan application process will be assisted by a bank representative.

Call 1800 103 1906 (Tollfree) / 1800 220 229 (Tollfree – Covid Support) / (022) – 40919191 for assistance with the application process for an education loan (chargeable number).

Eligibility criteria for getting student loan :

• The applicant must be an Indian citizen.
• The applicant must have been accepted into the educational institution. 
• A co-borrower who is employed must co-sign the loan.

Document required for applying :

• Identity evidence – Voter ID, Ration Card, Passport, etc., Income data – PAN Card, Form 16, Form 60, Income Tax Returns, Salary Slips, etc.
• Academic Documents – SSC and HSC mark sheets, degree certificates
• Completed application form
• Income information for co-borrowers: Form 16, Form 60, PAN Card, Salary Slips, Income Tax Return Files, and so on.

Terms and conditions for applying for student loan:

For loans up to 7.5 lakhs, no security is required if a parent or guardian is a co-borrower; for loans above that, adequate collateral is required.

Repayment period :

After completing the course, the tenure is up to 15 years with a one-year moratorium period.

Bank of Maharashtra

Customers of Bank of Maharashtra have a number of products to select from, including a comprehensive education loan for study in India and abroad.

With favourable interest rates, the bank will finance up to Rs.10 lakh for education in India and Rs.20 lakh for study abroad.

Process to applying for student loan :

Online :

• Go to https://www.bankofindia.co.in/ 
• "Loans" can be accessed by clicking on it.
• Select "Vidya Lakshmi Portal" from the drop-down menu.
• Enter your User ID and password to access the site.
• Name, phone number, email address, city, and PIN code will be required.
• Once you've completed the form, click 'Register Now' to be contacted by a bank representative.

Offline :

• You can visit a Bank of Maharashtra branch and request a loan application form to apply for an education loan.
  
  After you have completed the form, you must submit it to the representative together with the necessary documentation.
  The application will be processed once all of the steps have been completed.

Eligibility criteria for getting student loan :

• Students must be a resident of India.
• The applicant must have been accepted into the educational institution.

Document required for applying :

• Identification proof
• Permanent Account Number (PAN) card as proof of address (when required)
• Parents' Proof of Income: Salaried
• Form-16, the previous two years' income tax return (ITR), and three months' salary slips
• Statements of bank accounts from the past six months
• Non-salaried
• A two-year ITR
• Balance sheet that has been audited
• The prior year's bank statements
• Documents pertaining to the Student Loan
• Admission to any professional or technical course in India or overseas, either through an entrance exam or a merit-based selection process.
• Class X and XII academic certificates
• Certificates and mark sheets for graduation.
• Admission confirmation letter.
• College/university prospectus
• Fee schedule.
• Payments have been received.
• Exam scorecard or proof of merit-based seat selection are also required. 

Terms and conditions for applying for student loan :

The co-applicant and major debtor will be the parents or guardians. With the third-party guarantee, the bank will take tangible assets as security. For loans of up to 4 lakhs, no security is required.

Repayment period :

For loans up to 7.5 lakhs, the repayment period is up to 10 years, and for loans over 7.5 lakhs, it is up to 15 years. The moratorium period is 12 months following the completion of the course and 6 months following employment.

Union Bank of India

Union Bank provides low-interest education loans with simple conditions, making it easier for Indian students to pursue higher education.

Students who want to attend some of the country's best technical and management schools won't have to worry about money. Students from low-income families and minorities may be eligible for government-funded, interest-free bank loans.

Process to applying for student loan :

Offline: Go to the bank's nearest branch or the bank's special retail loan lending branch, the Union Loan Point (ULP).

Online: You can also request a call back from a bank representative by submitting your contact information on the bank's website.

Eligibility criteria for getting student loan : 

• All Indian citizens who wish to enhance their education are eligible. 
  
  
• Graduation, post-graduation, and diploma courses from recognised universities, as well as technical, professional, and management courses, are all covered under the Union Bank education loan scheme.

Document required for applying :

• Passport, PAN Card, Employee Identity Card, or any other legal evidence of identity
• Electricity bill, telephone bill, ration card, or any other legitimate evidence of address
• Bank statement for the previous 12 months using your PAN card
• Admissions documentation, letter of acceptance, and admit card
• Fee structure and living expenditures are included in the budget.
• From Class X or equivalent onwards, mark sheets are used.
• three photos
• Any outgoings must be documented.
• Statement of Loan Repayment (If any)
• Policies of the LIC (If any)
• Any other documents requested on the application form
• Income Documentation:
• Salaried Individuals - Income Tax Returns for the previous year, Form-16 / letter from employer, and salary slips for the previous six months.
• Income Tax Returns for the last three years, as well as a Profit and Loss Balance Sheet for business owners.

Terms and conditions for applying for student loan :

No security is required for amounts up to Rs. 4 lakhs. Suitable third party guarantee acceptable to the bank is required for amounts beyond Rs. 4 lakh and up to Rs. 7.5 lakh.

Above Rs. 7.5 lakhs - Tangible Collateral Security of at least the same value as the loan amount, plus interest accrued during the course and moratorium period, acceptable to the bank.

Repayment period :

If the loan amount is Rs. 10,000, the repayment period is ten years. If the loan amount is less than 7.50 lakh, the repayment period is 15 years. If the loan amount is more than 7.50 lakh, the repayment period is 15 years.

IDBI Bank

IDBI Bank's education loans are designed to help eligible students pursue higher education in India and abroad.IDBI Bank ensures that you have total financial support by offering a variety of services and convenient repayment choices.

Process to apply for student loan :

You can either apply online or in person at an IDBI branch near you. You can also get an education loan application form from the IDBI website, fill it out, and hand it over to a bank representative.

You can also use CreditMantri to evaluate your eligibility for an education loan and apply for one. 

Eligibility criteria for getting student loan :

An Indian national who has been accepted into the educational institution.

Document required for applying :

• Application Form Completed
• A declaration/affidavit from the borrower stating that no other banks have offered educational loans.
• DPN
• Proof of age, proof of identification, and proof of address
• Last qualifying exams mark sheets
• Proof of acceptance (prior to disbursement), scholarship, and so on.
• Expense schedule for the specified course
• Proof of Age and Identification
• Proof of signature, address, employment, or business, or proof of income

Terms and conditions for applying for student loan :

No security is required for amounts up to Rs. 4 lakh. To be a joint borrower, one or both parents must be present (s).

Above Rs. 4 lakh and up to Rs. 7.5 lakh: Third Party Guarantee, in addition to the parent(s) being a co borrower (s). If the loan amount exceeds Rs. 7.5 lakh, the parent(s) must be co-borrowers (s).

Collateral security in the form of a tangible item, as well as an assignment of the student's future earnings for the payment of instalments.

Repayment period :

Moratorium period is 1 year plus the duration of the course. After the moratorium period has ended, the loan will be repaid in equivalent monthly instalments for up to 15 years.

Indian Overseas Bank

Individualities interested in pursuing a Parchment, scale, or Post-Graduation programme at a recognised university can apply for an Indian Overseas Bank Vidya Jyoti education loan.

The loan is also available to people who want to study specialised or professional courses in another country. Low- interest education loans are available from Indian Overseas Bank.

Process to applying for student loan :

Online :

• Go to the sanctioned website of Indian Overseas Bank.
• Click on 'Educational Loan – Vidya Jyoti' under the 'Retail' section.
• On the following page, go to www.vidyalakshmi.com.
• After that, fill in the necessary information.
• To complete the request, an Indian Overseas Bank representative will contact you.

Offline :

• You can also apply for an education loan from an Indian Overseas Bank near you. To process the request, you must submit the application form together with the required documentation.

Eligibility criteria for getting student loan :

Document required for applying:

• A completed application form and two passport-size pictures are required.
• Statements of account
• Documents of collateral 
• Proof of the guarantor or co-income borrower's
• Proof of acceptance into a reputable university

Academic documents: The following is a list of academic documents that must be submitted:

• 10th and 12th grade report cards
• a transcript of any post-secondary study
• Results of the entrance exam
• Results of the GMAT, TOFEL, IELTS, and GRE
• Documents pertaining to a scholarship, if applicable

Anyone of the documents for proof of address.

• Passport
• Aadhaar Card
• a driver's licence
• Identification of a voter

Anyone for proof of identity.

• a driver's licence
• Identification of a voter
• Passport
• Aadhaar Card 
• PAN Card (Personal Identification Number)

Terms and conditions for applying for student loan :

For loans up to Rs. 4.00 lakh, parents' co-obligation is required. There is no security. For loans of more than Rs. 4.00 lakh but less than Rs.7.50 lakh. Parents' joint responsibility, as well as collateral security in the form of a suitable third-party guarantee.

For loans in excess of Rs.7.50 lakh Parents' joint responsibility with tangible collateral security NSC/KVP/LIC Policy/Gold/Shares/Debentures or immovable properties are examples of collateral security.

Bank deposits with sufficient margin in the name of the student, parent, guardian, or any other third party.

Where the land/building has previously been mortgaged, the unencumbered component can be used as security on a second charge basis as long as it covers the loan amount. if the loan is used to acquire a computer, the computer must be in working order.

Repayment period : 

The bank gives the applicants a generous 15-year repayment period to repay the loan. Furthermore, there is a one-year moratorium following the completion of the course.

This means that after completing the course, the applicants will begin repaying the loan one year later. It is also possible to pay off the loan early.

HDFC Bank

HDFC Bank, as one of the largest education loan providers, understands the needs of students and offers highly competitive education loans with lower interest rates.

Every year, HDFC Bank education loans help a huge number of students get into top universities and institutions in India and overseas.

Process to apply for student loan :

You can apply for the loan either online or in person at a local HDFC Bank branch. You can also get an application form for an education loan from the HDFC Bank website, fill it out, and hand it over to a bank representative.

CreditMantri can also help you determine whether you are eligible for an education loan and apply for one.

Eligibility criteria for getting student loan :

You must be a permanent resident of India. The applicant must have been accepted into the educational institution. The applicant should be between the ages of 16 and 35.

Document required for applying :

• An acceptance letter
• Loan Application Form has been completed and submitted.
• 2 photos of passport size
• Expenses for the study
• Pan, Aadhar Card of the student and Parent/ Guardian Aadhar Card
• Proof of identification (driver's licence, passport, Aadhar card, or other photo identification)
• Proof of residency (driver's licence, passport, utility bill, or phone bill)
• Bank account statement of student/co-borrower/guarantor for the previous 2 years of Parent/Guardian/other co-borrower for the last 6 months IT return/IT assessment order (if IT Payee)
• Parent's/Guardian's/Other Co-Assets borrower's & Liabilities
• Proof of income (for example, pay stubs/Form 16) Other co-borrower (parent/guardian)

Terms and conditions for applying for student loan :

In order to study in India loans up to 4 lakhs, no security is required, and parents must be co-borrowers. For amounts greater than 7.5 lakhs, tangible collateral is required, as well as a third-party guarantee.

For international studies The co-applicant for the loan and the major debtor will be the parents or guardians. The bank will accept tangible collateral as security in exchange for a third-party guarantee. For loans up to 4 lakhs, no collateral is required.

Repayment period:

For loans up to 7.5 lakhs, the repayment period is up to 10 years after completion of the course, and for loans exceeding 7.5 lakhs, the repayment period is up to 15 years.

Kotak Mahindra Bank

Kotak Mahindra Bank recognises the needs of students and provides highly competitive education loans with lower interest rates.

Every year, Kotak Mahindra Bank education loans help numerous students gain admission to renowned institutions and colleges in India and overseas.

Process to apply for student loan :

You can apply for a Kotak Mahindra Bank loan either online or in a branch near you. You can also download the Kotak Mahindra Bank education loan application form, fill it out, and submit it to a bank representative.

Eligibility criteria for getting student loan :

The student must be a citizen of India and must have gained admission to a university in India or overseas through an entrance exam or a merit-based selection process.

Document required for applying :

• Admission letter
• Application for a Loan has been completed and submitted.
• two passport-sized photos
• Cost of study statement
• PAN AADHAR Card of the student and Parent/Guardian
• Proof of identity (driver's licence, passport, Aadhar card, or any other photo ID)
• Proof of residency (driver's licence, passport, utility bill, or telephone bill)
• Bank account statement of the student/co-borrower/guarantor for the last 2 years of Parent/Guardian/other co-borrower for the last 6 months IT return/IT assessment order (if IT Payee)
• A brief statement of the parent's, guardian's, or other co-assets borrower's and liabilities
• Proof of income (pay stubs/Form 16) Other co-borrower (parent, guardian, etc.)

Terms and conditions for applying for student loan :

A student's age is not a determining factor in whether or not they are qualified for an education loan.

At the time of loan origination, the age of the joint applicant, co-borrower, or guarantor must be at least 21 years old, with a maximum age of 70 years at the time of loan maturity.

If the student was a minor when the joint applicant, co-borrower, or guarantor signed the loan agreement, the bank will request a letter of ratification from him/her after he/ she reaches the age of majority.

Repayment period :

The repayment of education loans by Kotak Mahindra Bank begins when the student has completed their degree.

Furthermore, Kotak Mahindra provides a 6-month grace period for students to find work and begin repaying their EMIs. The loan should be repaid in 5-7 years at the most.

Conclusion

The article brings to your knowledge the different banks offering you student or education loans for your higher studies. The requirements, process and benefits are mentioned for you to get a clear idea of what and how to go on with the procedure.

Choose the bank that meets your needs and go on with your further studies with financial assurance. I hope you liked our article on how to apply for student loans , if you have any comments or suggestions do share them in the comments below.

Frequently Asked Questions

Q1. Is it hard to get a student loan? 

In the present day where there are different banks offering you different beneficial schemes through easy methods of application, student loans are not hard to get.

Q2. What are the requirements for an education loan? 

The basic requirement is the student should be an Indian and he/she should be registered under any of the universities or colleges.

Q3. How much can you get for a student loan?

The student loan usually starts from 4 lakhs and can go up to 7.5 lakhs depending on the amount you choose.

Q4. What is the fastest way to get a student loan?

Contacting a bank official or checking the official website and doing the needful will get you a student loan in the fastest way.

Q5. Is there any tax benefit on student loans?

Yes there are tax benefits for student loans. The tax benefits will vary in accordance to the bank’s terms and conditions.