Every student of our country wants to get a good education and wants to make his future bright by studying. But due to financial constraints, some people have to leave their studies midway and turn away from their dreams.
This is a big problem for the students. But as a solution to this problem, we can get Student Loan from the bank and complete our studies. In today's post, you will know how we can get education or student loan from the bank. To get complete information about student loan, read this post carefully till the end.
What is Student Loan?
First of all you have to understand what is Education Loan? If we understand in simple language, the financial assistance taken by the student from the bank to get higher education is called student loan. Later this loan has to be repaid by the student. The student can complete his higher education through student loan. We can get student loan from any bank or private institution.
Who can get an Education Loan?
When we go to any bank to take a loan, the bank definitely pays attention to the repayment of the loan because no bank wants to take risk in these matters. Therefore, the bank provides Education Loan only to those who have the ability to repay this loan. To get an education loan, you need a guarantor and this guarantor can be anyone such as your friend, relative and sibling etc.
Scopes of Education Loan
If you want to get an education loan, then before that this doubt must have arisen in your mind that what are the scope of education loan. So for your information, let us tell you that we can get Education Loan for higher education from class 12 school education to graduation, post graduation, medical, agriculture management, computer course, PhD, engineering, CA. Apart from this, if you want to complete your studies by going abroad, then you can also get an Education Loan for that.
Documents required to get an Education Loan
Whenever we go to get a loan from a bank, we need some documents there. Similarly, we will also need some documents to take an Education Loan. We have provided the following about these documents:-
- Age ID proof
- Latest passport size photo
- Course details
- PAN card of parent and student
- Aadhaar card of parent and student
- School mark sheet
- Bank passbook
- Proof of parent's income
- ID proof
- Address proof
Using these documents, you can get an Education Loan. But let us tell you that any of these different documents may also be required because the terms and conditions of every bank are different.
Eligibility Criteria for Taking Education Loan
Education loan is given by the bank only to those who follow their eligibility criteria. Therefore, if you want to get an Education Loan, then you have to follow the following eligibility criteria:-
You should be a citizen of India.
Your admission should be confirmed in a recognized university in the country or abroad.
Your age should be between 18 to 35 years.
You should have a mark sheet or certificate of the last education degree.
While applying for an Education Loan, it is necessary to have a co-applicant with you, who can be any one of your parents, guardian or any other relative.
How to take an Education Loan from a Bank
We have divided the entire process of getting an education loan from the bank into some steps and mentioned below. You can get an education loan by following these steps.
Get Confirmation Letter from University
To get an education loan, first of all you have to get a confirmation letter from your university that you want to get a loan. For this, you can contact the principal of your university. In this, you are provided a letter in writing by the university in which it is confirmed that you are a student of that university and you want to get a loan.
Apply for Student Loan
After this, you have to go to the bank and apply for a student loan. For this, you should get information about the education loan of all the banks near you because almost all banks in India provide education loan and the interest rates of all banks are different. Only after this you should apply for a loan as per your convenience.
Verification of documents
Now the bank will verify all your important documents for the loan. You may need all the documents that we have mentioned above. Here let us tell you that if you have a scholarship letter, then you should also attach it, which increases your chances for a loan.
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