Wondering how to get a student loan in India? Students aspiring for higher studies do not have reasons to worry about financial problems anymore as most of the public and private sector banks seem interested in providing loans to the bright and deserving students.
Here are some important points related to how to get a student loan:
• For studying in India most of the public sector banks provide loans up to Rs 4 lakhs without any security. For loans ranging between Rs. 4 lakhs and Rs. 7.5 lakhs a third party guarantee is required.
• For studying abroad, loans amounting over Rs. 7 lakhs are sanctioned against fixed deposits and assets worth the amount of the loan and a margin of 15 percent is added.
• A time period of course duration plus 1 year or 6 months after the student gets a job is given for repayment.
• Though the documents required for getting a student loan vary from one bank to another, some of the most important ones are:
i. Mark sheet of last qualifying exam of the student.
ii. Proof of getting admitted to the course.
iii. 2 copies of passport size photograph of the student.
iv. Borrower’s last six months’ bank account statement.
v. Statement of borrower’s assets and liabilities.
• The student must be an Indian national and the admission to the course must have been secured through selection test.
So stop worrying about how to get a student loan and plan for higher studies.
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