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All about Education Loans in MumbaiArticle Summary: Educations loans are loans extended by banks for students for the fulfillment of their studies in India or abroad.
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Dev Kumar is a financial adviser and an expert author, has 8 years of experience in writing finance related topics. He has written articles about Personal loans, Business loans,Home loans.
Educations loans are loans extended by banks for students for the fulfillment of their studies in India or abroad. Apart from the fact that this provision acts as a catalyst to promote literacy in India, I believe it does relieve the dependency of students on their parents / guardians financially and prepares them to accept financial responsibility. Lack of funds also does not become an obstacle for [url=http://www.mengbai.cn/?dt_portfolio=portfolio-post-with-no-featured-image-inside#comment-60629]Satin Nickel Cabinet Pulls - Make Your Kitchen Or Bathroom Look Modern! - written by Al Hardy[/url] students aspiring to study, to dream big and make their dreams a reality with the power of education.
What is the eligibility for availing an education/student loan?
The loan applicant needs to fulfill these criteria for getting an education loan:
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-Age range is usually between 18 - 40 years [url=http://www.fibmilano.it]woolrich[/url] though certain banks may specify their own age range.
-Should have academic records of having [url=http://www.tagverts.com/barbour.php]barbour online shop[/url] consistently scored 50% or more.
-Parents / guardians should have a stable inflow of income and are considered as the primary applicant while the student would be the co-applicant.
-The parent / guardian should have assets [url=http://221.2.159.215:90/xljk/plus/view.php?aid=69048]woolrich sito ufficiale Gluten Free Vampire Eyebal[/url] to show for as guarantee for a loan of Rs4,00,000/- and above to be sanctioned.
-The course duration should be of minimum 1 year. Banks do have their own lists of approved courses / institutions, so you need to check that with the banks you are considering for the loan.
Documents required for education loans are:
-Filled out loan application with passport size photographs of both the primary and co-applicants.
-A receipt of enrollment from the educational institution.
-A letter or confirmation from the [url=http://www.shewyne.com/woolrichoutlet.html]woolrich sito ufficiale[/url] educational institution listing out the various expenses involved such as tuition fees, institution fees, hostel charges, conveyance, course material expenses, project expenses, etc
-Collateral documents are required for loans above Rs4, 00,000/-. Also for loans above Rs7, 50,000/- the bank will want to see satisfactory and conventional types of security such as house, bonds, jewellery, etc
- Identity proof (photocopies of passport / driving license / voter's ID card / ration card / college or school ID card, etc)
-Residence proof (photocopies of telephone bill / electricity bill / driving license / voter's ID / ration card / letter from employer confirming address, etc)
-Age proof (photocopies of birth certificate / Secondary school leaving Certificate / Passport / Voter's ID card, etc)
-Proof of Income
oFor salaried primary applicants (photocopies of latest salary slip showing deductions / IT returns [url=http://www.par5club.com/louboutin.php]louboutin[/url] / bank passbook of last 3 months form 16 / appointment letter from employer, etc)
oFor self-employed primary applicants (photocopies [url=http://www.teatrodeoro.com/hollisterde.php]hollister[/url] of income computation statement for last 2 years / bank passbook of last 6 months, certified balance sheet of last 2 years, acknowledged IT returns of last 2 years)
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