Every study centric students have a dream to make it big in the fields he opts for. However, the complexity of the situation nowadays, the cost of affording the education has become a rare phenomenon.
State Bank of India for an example provides Education Bank Loans to such students who have secured 55-60% marks in the final year of the last qualified exam for general category and 50 % for SC/ST/OBC classes.
However, the institutes the students are going to opt for must be affiliated with All India Council for Technical Education (AICTE).
If a student wants to pursue his further Education in India, the maximum amount of loan to be given for the same is in the range of 0-15 lakhs and if flying abroad the same gets exceed up to 25 lakhs.
An interest of 8-11% is levied for the same along with the total amount. The choice is for the loan taker to either submit the money for interest every month or start the same once he is ready to repay the said loan.
The repay of the same holds an important place in the life of a loan taker. It’s important for all the loan takers to start repaying the taken loan either after the course for which the said loan was undertaken gets completed or after 6 months time after the job gets started for the applicants, whichever is earlier.
Always remember that banks takes no guarantee when the loan amount is Rs 4,00,000 or less and when the amount is more than the given amount, students need to adhere to keep something as guarantee with the bank which can be taken back when the total amount taken is repaid back.
Let’s have a look
Banks need to give loans in order to run business: Yes, that’s the core fact. Banks are just sitting there to provide you help in terms of money. All you need to do is to seek out the bank branch which serves your kinds of people.
Make sure you are fully prepared as a deserving student: You need to show and convince your bankers that dealing with you in cash would be how a low risk proposition. Keep on hand a loan application, copies of numerous types’ cash flows, and In the case of education bank loans in India, make sure you have all your educational documents in order and they fulfill the bank criteria for the educational loan.
Cut on negativity: Please keep your negativity causing factors in check. Present to the loan officer that you are such a meritorious student who can and will be easily able to repay the sanctioned loan under the allotted period.
Dressing: Always remember to dress up in a decent manner as it’s always a professional meeting. This would give an impression to your bankers that you are a sensible person. Take your parents along too.
Do not rush over and never force loan officer to take an instant decision: Doing the same can lead you to a rejection. Remember that unless the loan officer does not do the loan documentation in full, you just can not take your loan as being passed.
Always look for option: While you are on your way to seek out loan form a bank, don’t sit back relaxed. There could be chances when your loan can get rejected too. Te best thing would be to be ready for all kinds of circumstances and to deal out even in these times, always and always apply for the loan in several banks or financial providers and keep tracking them.
State Bank of India for an example provides Education Bank Loans to such students who have secured 55-60% marks in the final year of the last qualified exam for general category and 50 % for SC/ST/OBC classes.
However, the institutes the students are going to opt for must be affiliated with All India Council for Technical Education (AICTE).
If a student wants to pursue his further Education in India, the maximum amount of loan to be given for the same is in the range of 0-15 lakhs and if flying abroad the same gets exceed up to 25 lakhs.
An interest of 8-11% is levied for the same along with the total amount. The choice is for the loan taker to either submit the money for interest every month or start the same once he is ready to repay the said loan.
The repay of the same holds an important place in the life of a loan taker. It’s important for all the loan takers to start repaying the taken loan either after the course for which the said loan was undertaken gets completed or after 6 months time after the job gets started for the applicants, whichever is earlier.
Always remember that banks takes no guarantee when the loan amount is Rs 4,00,000 or less and when the amount is more than the given amount, students need to adhere to keep something as guarantee with the bank which can be taken back when the total amount taken is repaid back.
Let’s have a look
Banks need to give loans in order to run business: Yes, that’s the core fact. Banks are just sitting there to provide you help in terms of money. All you need to do is to seek out the bank branch which serves your kinds of people.
Make sure you are fully prepared as a deserving student: You need to show and convince your bankers that dealing with you in cash would be how a low risk proposition. Keep on hand a loan application, copies of numerous types’ cash flows, and In the case of education bank loans in India, make sure you have all your educational documents in order and they fulfill the bank criteria for the educational loan.
Cut on negativity: Please keep your negativity causing factors in check. Present to the loan officer that you are such a meritorious student who can and will be easily able to repay the sanctioned loan under the allotted period.
Dressing: Always remember to dress up in a decent manner as it’s always a professional meeting. This would give an impression to your bankers that you are a sensible person. Take your parents along too.
Do not rush over and never force loan officer to take an instant decision: Doing the same can lead you to a rejection. Remember that unless the loan officer does not do the loan documentation in full, you just can not take your loan as being passed.
Always look for option: While you are on your way to seek out loan form a bank, don’t sit back relaxed. There could be chances when your loan can get rejected too. Te best thing would be to be ready for all kinds of circumstances and to deal out even in these times, always and always apply for the loan in several banks or financial providers and keep tracking them.
