Student Loans

Acquiring Student Loans
With economies around the world focused on rebuilding, student loan programs are a big part of the banks’ intentions to boost the economies of their nations.

Student loans are now more easily obtainable from banks in India and the banks encourage high school graduates and indeed, post-graduates and older citizens who want to improve their employment opportunities.
Banks have different education loan profiles that allow you to take advantage of and tailor your needs to the specific loan categories that the banks provide specifically for you to look for post-graduate work and study.

Different colleges and universities have different opportunities, so it is in the best interests of the banks and its student customers to find the right fit for their needs.
Nationalized banks have some of the best options, but are not the only choice. Terms and conditions will most likely vary from one bank to another.
Terms and conditions from each bank are based on the following:

  • Loan eligibility: Based on course purpose like job-oriented courses that have different requirements. Different courses and indeed, different colleges and universities have different reputations that banks take into consideration.
  • Loan Amount: Maximum Rs.15 Lakhs. Margin: 15%.
  • Security: For Loans up to Rs.4 Lakhs, no collateral security is required.
    For Loans above Rs.4 Lakhs, collateral security is required.
  • Loan Repayment: Course period + one year or 6 months after getting a job, whichever is earlier.
    The loan is to be repaid in 5-7 years after commencement of repayment.
  • Loan Rate of Interest: Up to Rs. 4 Lakhs-PLR. Above Rs. 4 Lakhs-PLR + 1%.
  • Documents Required (Depends on the bank)

For more information on loan applications, read more.

Student Loans Abroad
If you are going abroad, you will need copies of your student visa, passport and/or any other proof.
Applying for a student loan usually requires most or all of the following:

  • Profile photo
  • Proof of residency of the borrower and a guarantor (if one is needed)
  • Letter of proof for source payback
  • Receipts showing payback of loans
  • Title deeds showing ownership of property to be mortgaged as security

Copies of any documents needed for the type of study being done and location the student is travelling to.

Bank Loan Assistance
We assist and guide you in order to obtain an education loan from one of various banks. If the budget is tight, student loans and financial aid are great ways to obtain a college education. Students today have the best circumstances they will ever have for obtaining a loan due to the many public and private loan programs designed specifically for tuition loans, books, supplies, lodging, meals and any other expenses. School loans are possibly the most important loans a person can acquire. With an education, young people have the opportunity to increase their knowledge and experience so they will be successful and productive citizens, proving student loans to be a great investment.

That is quite a return on investment, regardless of interest. Like personal loan programs, educational loans operate under similar terms. The interest rate is determined by the current prime interest rate along with individual credit history. If there are any credit issues, a very small percentage will be added to the prime rate. The interest is usually adjusted monthly according to shifting rates. Most young students have little or no credit history, so the interest rates of school loans are usually basic prime rates. When it comes to paying the loan off, the great thing about student loan payments is that they are often on a sliding time scale or are deferred for a number of years.

This allows you to launch your career without the hassle of making loan payments immediately, or at least until you graduate. It can be really difficult to make loan payments while trying to study and take care of classes. Almost any further educational programs can be covered by student financial aid. Some common student loans include funding for junior college, technical school, public and private undergraduate programs, career training, graduate school, medical school, and law school. Anyone in India, other parts of Asia, New Zealand or Australia should never feel limited by money to get an education on some level.

Though loans may seem like a financial burden, the education you will receive in return is priceless. Because many younger students do not yet have a credit history, a student loan is a great way to start one. A student loan is considered a responsible credit endeavor and any delinquencies affect credit scores minimally. This is the perfect scenario for developing a responsible credit history. A shortage of money should never be a barrier to education. Getting a solid education can change the entire course of an individual’s life, paving the way to a life of success and financial freedom. If you are considering further education, find out what kinds of student loans you qualify for.