Education loan for India is available for students wanting to study in Indian colleges.

Loan criteria

You must keep in mind the following criteria:

A co-applicant is a must (could be parents, a sibling or a spouse)

For loans between Rs 4 – 7.5 lacs a third party guarantor is required

Collateral needs to be provided for student loans above Rs 7.5 lacs

Loan repayment commences 6 to 12 months after course completion

If a student goes abroad, lender recovers the remainder from co-applicant

Education loan for abroad usually cover

Tuition fees

Charges for examination, library, laboratory and hostel

Cost of purchasing books, equipment, instruments and uniform

Travel expenses for study abroad

Caution money, refundable deposit, etc.

Study tours, exchange programs and project work

Documents Required

Study Abroad

Mark sheet for last qualifying examination for school and graduate studies in India

Proof of admission to the course

Schedule of expenses for the course

Copy of letter confirming scholarship, if any

Copy of Foreign Exchange permit ( if available)

Two passport size photographs

Statement of borrower’s bank account for last six months

Income Tax assessment order not older than two years

Brief statement of Borrowers Assets and Liabilities

If not a customer of the lending bank provide proof of identity and residence