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Education Loan

 

The number of students opting for MBBS abroad has increased exponentially in the past two decades. Also, there is a drastic increase in the number of students opting for overseas education loan due to increase in the expenses of quality education abroad. Today there are numerous lenders offering loans to students. 

Our students have got loans from almost all major Banks like State Bank of India,Federal Bank, South Indian Bank, Dhanalakshmi Bank, Indian Overseas Bank, Indian Bank, Punjab National Bank, Corporation Bank, Karur Vysya Bank, ING Vysya Bank, HDFC Bank, Syndicate Bank, Andhra Bank, Union Bank of India, ICICI Bank, Bank of India etc. Banks offer up to 85% of the course fee for Overseas education against security.

For What Professional Courses do Banks generally provide education loans ?

Management students are among the top choices for most of the banks. Technology students from the country’s premier institutions can also get student loans from Banks and Medical and engineering college students. Banks don’t provide loans for students with a bachelor’s/master’s in Arts . Also, for courses where employment prospects are less (as per Bank’s own evaluation), loans are sanctioned on the basis of the parents’ income.

In general, when applying for a study loan, you must keep in mind the following criteria:

  • A co-applicant is a must (could be parents, a sibling or a spouse)
  • For loans between Rs.4 – 7.5 lacs a third party guarantor is required
  • Collateral needs to be provided for student loans above Rs.7.5 lacs
  • Loan repayment commences 6 to 12 months after course completion
  • If a student goes abroad, lender recovers the remainder from co-applicant

Banks have their own criteria developed for the upper limit of the loan, the interest rate to be charged and the period and mode of repayment. Banks usually have some pre-approved courses and institutions and usually sanction education loans on the basis of the quality of the institution, relevance of the course to career options, credit worthiness of the guarantor or co-applicant.

Repayment - Course period + 1 year or 6 months after getting job, whichever is earlier.

What are the Documents required for applying a Student Loan ?

All students are required to submit mark sheets of last qualifying examination, poof of admission scholarship, schedule of expenses for the specified course, his/her bank account statement for the last six months, an income tax assessment order for the previous two years, a brief statement of assets and liabilities, of the co-borrower, which is usually the parent or guardian and proof of income, if any.

Some banks require all or any of the following documents as pre sanction documents:

To furnish the following documents along with the completed application form. Relevant information would relate to the guardian and the student both, when the loan is jointly taken.

  1. Mark sheet of last qualifying examination for school and graduate studies in India
  2. Proof of admission to the course
  3. Schedule of expenses for the course
  4. Copies of letter confirming scholarship, etc.
  5. Copies of foreign exchange permit, if applicable.
  6. 2 passport size photographs
  7. Statement of Bank account for the last six months of borrower.
  8. Income tax assessment order not more than 2 years old
  9. Brief statement of assets and liabilities of borrower.
  10. If you are not an existing bank customer you would also need to establish your identity and give proof of residence.

Eligibility for getting a loan:

  1.  The applicant should be an India National
  2. The applicant must have Secured admission to foreign university/ Institution

Which Banks are offering Education Loans in India ?

Most of the Private Sector banks, Foreign Banks and Public Sector Banks in India are providing Student Loans. Below given are some of the main banks which have flexible Education loan schemes.

  • Andhra Bank
  • Allahabad Bank
  • Axis Bank
  • Bank of Baroda
  • Bank Of India
  • Bank of Maharashtra
  • Bank of Punjab
  • Bank of Rajasthan
  • Bassein Catholic Bank
  • Bharat Overseas Bank
  • Canara Bank
  • Catholic Syrian Bank
  • Central Bank of India
  • Centurion Bank of Punjab
  • Citi Bank
  • City Union Bank
  • Corporation Bank
  • Dena Bank
  • Development Credit Bank
  • Dhanalakshmi Bank
  • Federal Bank
  • HDFC Bank
  • HSBC
  • ICICI Bank
  • IDBI Bank
  • Indian Bank
  • Indian Overseas Bank
  • ING Vysya Bank
  • Jammu & Kashmir Bank
  • Karnataka Bank
  • Karur Vyasa Bank
  • Lakshmi Vilas Bank
  • Oriental Bank of Commerce
  • Punjab & Sind Bank
  • Punjab National Bank
  • Ratnakar Bank
  • Saraswat Bank
  • SBI Commercial and International Bank
  • South Indian Bank
  • State Bank of Bikaner & Jaipur
  • State Bank of Hyderabad
  • State Bank of India (SBI)
  • State Bank of Indore
  • State Bank of Mysore
  • State Bank of Patiala
  • State Bank of Saurashtra
  • State Bank of Travancore
  • Syndicate Bank
  • Tamilnad Mercantile Bank Ltd
  • Thane Janata Sahakari Bank
  • UCO Bank
  • Union Bank of India
  • United Bank of India
  • United Western Bank
  • Vijaya Bank


Overseas Education Loan: How Jeevan Can Help

If you are a student from India aspiring to study MBBS abroad you can make the process easier by choosing to apply through Jeevan.We have been providing high quality education consultancy service to Indian students for more than 15 years. Jeevan have been helping hundreds of students each year to identify the right studying opportunities abroad.

Backed by a team of qualified and dedicated staff, Jeevan offers valuable advice to clients and help them find the right university and study opportunities in ex-soviet countries like Russia, Kyrgyzstan and Ukraine and more. Contact us today for more information on education loan for MBBS abroad.