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Usually, bank provides educational loans for students doing their study in professional and technical subjects.

The higher end limit for education loan for domestic study is Rs.7-8 lakhs. In case of study to recognized foreign countries the higher limit is upto Rs.15 lakh. The rate of interest varies from 12.50% to 17.50% as per applicant’s profile and among different banks. Banks gives special credits for customers as per his/her profile which mostly depends on parent’s income, students academic career and prospectus of area of studies in which student desire for further study.

The process of educational loan takes a quite time, as the bank verifies each and every detail of applicant before sanctioning the loan amount. Either it is a student’s career background, parents income and assets or students admission to particular university/institution. So it is advised to apply well before the actual time for requirement of educational loan.

The necessary documents for educational loan are letter of university/institution conforming applicant admission, identity and residence proof of applicant, proof of income in respect of parent’s income. In some cases bank may ask to mortgage some immovable property as a collateral security for Educational Loan Amount. In case of application is for educational loan to study abroad, the bank may also obtain copy and/or number of applicant’s passport.

The repayment of Loan amount begins after six months of completion of course of study or 1-2 months after joining the job. Almost all public and few private sector banks in India provide Educational Loans. State Bank of India, Andra Bank, Punjab National Bank (PNB) are the major Educational loan provider in India. So, why are you waiting for! Avail Educational Loan and - Make a Career of your dream!