About Education Loan
Generally, loans below Rs.4 lakhs do not require a security or guarantor. For an education loan plan up to a specific amount, no collateral is necessary for a higher loan amount (usually above 7.5 Lakhs), security in the form of fixed deposit, property or other bank approved collateral is required.
Documents for Education Loan for salaried individuals
- Proof of identity (any one of the following):
- Passport
- Voter ID card
- Driving license
- PAN card
- Government department ID card
- Latest salary slip showing all deductions or Form 16 along with recent salary certificate
- Proof of residence (any one of the following):
- Bank account statement
- Latest electricity bill
- Latest mobile/telephone bill
- Existing house lease agreement
- Bank Statement/Pass Book of last 6 months
- Optional – Guarantor Form
- Copy of admission letter or the Institute along with Fees schedule
- Mark sheets/pass certificates of S.S.C., H.S.C, Degree courses
Documents for Education Loan for all other Individuals
Eligibility:
The education loan would be provided to those students who have obtained admission to career-oriented courses e.g. medicine, engineering, management etc., either at the graduate or post-graduate level.
- Secured at least 50% marks during HSC & Graduation
- Secured admission in India or Abroad through entrance test / Merit based selection process post completion of HSC (10+2)
