1 800 103 2581
- April 26, 2012
- Preferred qualification: Undergraduate | Preferred study destination: Australia
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.