Student consolidation loans
Students loans is one of the fastest growing retail banking product. Almost all public and private sector banks are offering student consolidation loans at attractive rates for meritorious and needy students for studying both in India as well as abroad. Loans are available for graduate/postgraduate/technical courses; banks are increasing the flexibility of this loan in terms of payback period to attract more students. Students loans cover the tuition fee, hostel fee, library charges, administrative charges etc.
Types Of Student Loans Available:
* Education Loans
* Scholar Loans
Education Loans
Education loans are term loans offered to deserving students pursuing higher education either in India or abroad. All employment generating courses are eligible for education loans.
Eligible Courses:
Graduation/ Post graduation/Professional course in any stream Any other course approved by Government.
Maximum Amount of Student Education Loans:
The amount of educational loans varies in different banks. Generally the maximum educational loans granted is Rs. 10 lacs for studying in India and a maximum of Rs. 20 Lakhs for studying abroad.
Expenses Of Education Loans:
Banks and other institutions may have different criteria for selecting as to what constitutes the education expenses. A few common expenses covered under education loans are as follows :
* Tuition fee payable to college/school
* Examination/library/hostel charges
* Travel expenses
* Purchase of books/equipment/uniform
* Cost of two wheeler (Optional)
Repayment of the student consolidation loans can be done by Equated Monthly Installments EMI. It generally commences after one year of the completion of course or six months after securing the job. The time period can vary depending on the policies of individual banks.
Interest on Education Loans:
The interest on education loans varies from bank to bank and also the prevailing market rate. The rate of interest can increase or decrease with respect to the amount of loans required.
Process Of Obtaining Education Loans:
Education loans forms are available at bank premises. Online forms are also available for ease of the clients. Generally no processing fee is charged. A deposit can however required sometimes, which is adjusted later on.
Documents Required for Education Loans:
1. Completed Education Loans Application Form
2. Original mark sheets of last qualifying examination
3. Proof of admission scholarship, studentship etc
4. Prospectus of the institute containing schedule of expenses for the specified course
5. Passport size photographs
6. Borrower's Bank account statement for the last six months
7. In case the borrower in an income tax payee, Income tax assessment order, of last 2 years
8. Brief statement of assets and liabilities, of the Co-borrower , if any
9. Proof of Income (i.e. Salary slips/ Form 16 etc) , if any
List of Some of Public/Private Sector Banks Providing Education Loans:
Allahabad Bank - Allahabad Educational Scheme
Bank of Baroda - Baroda Gyan
State Bank of India - Expenses For Education
United Bank of India - Education Expenses Covered
Bank of India - Star Education Scheme
Oriental Bank of Commerce - Education in India
Indian Bank - Convenient Study
UCO Bank - Pursuing Higher Education
Dena Bank - Dena Vidya Laxmi Loan Scheme
HSBC Bank - Comprehensive Education Coverage
State Bank of Bikaner & Jaipur - IBA Model Scheme For Education
PNB Bank - Vidyalakshyapurti
Maharashtra Bank - Loan Amount For Study
* Terms and conditions may vary from bank to bank.
Disclaimer : This is an information based website, meant for providing assistance to it's readers. The information has been gathered from a number of secondary sources, we do not hold any responsibility for mis-information or mis-communication.
Scholar Loans
Banks are are coming out with innovative loans products to cater emerging segment of customers. One such loans product is 'Scholar Loans'. This loan is provided by banks to students on the basis of their academic performance/merit. student consolidation loans enrolled in top engineering/ medical/B schools are eligible to apply for such loans.
Maximum Loan offered by Banks for Scholar Loans:
The amount of loans provided varies in different banks. It can range from Rs. 2 lakh to Rs.15 lakhs. The loan can be repaid by Equated Monthly Instalments or EMI.
Interest Charged by Bank on Scholar Loans:
The interest on scholar loan varies from bank to bank and also the prevailing market rate. The rate of interest can increase or decrease with respect to the amount of loans required.
Process of Scholar Loans Application:
Scholar loans forms are available at bank premises. Online forms are also available for ease of the clients. Generally no processing fee is charged. A deposit can however required sometimes, which is adjusted later on.
Documents Required for Scholar Loans:
1. Completed Education Loans Application Form
2. Original mark sheets of last qualifying examination
3. Proof of admission scholarship, studentship etc
4. Prospectus of the institute containing schedule of expenses for the specified course
5. Passport size photographs
6. Borrower's Bank account statement for the last six months
7. In case the borrower in an income tax payee, Income tax assessment order, of last 2 years
8. Brief statement of assets and liabilities, of the Co-borrower , if any
9. Proof of Income (i.e. Salary slips/ Form 16 etc) , if any
List of Some of Banks Offering Scholar Loans:
State Bank of India - SBI Scholar Loan
Bank Of Baroda - Baroda Scholar
* Terms and conditions may vary from bank to bank.
Disclaimer : This is an information based website, meant for providing assistance to it's readers. The information has been gathered from a number of secondary sources, we do not hold any responsibility for mis-information or mis-communication.
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