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Propety valuation, annual income and bank loan
Satrughan Gautam profile image Satrughan Gautam Member Join date: Apr, 2012 Posts: 2 Points: 0
I m Satrughan Gautam from Kathmandu Nepal I have searched for a course in Australia I am intending to enroll myself in bachelor in Information technology. The per semester cost is 10500 AUD and the course duration is 3 years. How much of bank loan, income statement and property valuation is required for me so that I can cover all the expenses of my studies in Australia. Kindly answer my question so that I can be clear that whether my family can afford my studies or not?
  • April 26, 2012
  • Preferred qualification: Undergraduate | Preferred study destination: Australia

Replies (1)

Ajay Sathyan Sathyan profile image Ajay Sathyan Sathyan Expert Join date: Feb, 2012 Posts: 414 Points: 6045 Trusted Advisor

Hi Satrughan , The Government of India in consultation with Reserve Bank of India (RBI) and Indian Banker’s Association (IBA) has framed a Comprehensive Educational Loan Scheme. You can avail up to INR 7.5 lacs for studies in India and INR 15 lacs approximately for studies abroad.
By satisfying prerequisite of the Bank you can avail loan for study abroad.
• You are an Indian national
• You have secured admission to professional/ technical courses through entrance test/ selection process.
• You have secured admission to foreign University/ institution.
You need to keep the following documents in place before applying for an educational loan:
• Mark sheets of the last qualifying examination for school and graduate studies in India.
• Proof of admission to the course.
• Scheduling of expenses to the course.
• Copies of letter confirming the scholarship.
• Copies of foreign exchange permit, if applicable.
• Two passport size photographs.
• Bank statement for the last six months of the borrower.
• Income tax assessment order not more than two years.
• Brief statements of assets and liabilities of the borrower.
• If you are not an existing bank customer you would need to establish your identity and give proof of residence.

Repayment of both principal and interest will start after one year after completion of the course or six months after getting employment, whichever is earlier. Interest will be charged on simple basis during the period of study / moratorium period.
1.Upto 4 Lacs -  no security is required.
2.Loan amount above 4 lacs to 7.5 lacs  - requires Security in the form of satisfactory third party guarantee.
3.Loan amount above 7.5 lacs requires -
a) Collateral security of suitable value
b) Co-obligation of parents/guardians/third Party along with assignment of future Income of the student for payment of Installments.

Hope this inforamtion will be helpful for you.

Ajay Sathyan Sathyan | Uniguru

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