After all the hard work you have finally been offered admission to the university of your choice. You now need to tie up the finances so that you don't have to worry about money while you are studying hard. If you or your family members don't have the income to justify the loan and also cannot offer any security for the education loan you can still get a loan up to Rs. 4 lakhs. For loans larger than that you will have to provide security such as real estate and/or a guarantee from a person earning sufficient income. If your household income is certified as less than Rs. 4 lakhs per annum then the interest during the study period will be borne by the Government of India. Fill in the form on this page and we will send your details to the major lenders including lenders specializing in offering education loans. You can choose from among the lenders depending on
- Amount of Loan sanctioned
- Interest Rate
- Discounts available for girl students
- Processing Fees
- Type of Security accepted
Or any other point that matters to you.
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Date : 14 Jan, 2009 Question Respected Sir, I am Suraj Samal.I have completed my B.Tech in IT from BPUT,Orissa in the year 2007.I was waiting for the joining from one company which now delayed for next yaer2010.But I have waisted my years waiting for a long and due to the market conditions in IT field it is very hard to find a job.Now I have planned to go to Australia for higher studies.The course I have selected costs around Rs.7,00,000.But I need nearly Rs.4,00,000 for the other processing before going there.So due to some financial problems in my family I want this amount should be added up with that loan amount for course.My father expired in the year 2007 and my mother is drawing a pension from a Bank of Cuttack,Orissa.My father was a retired employee of BSNL.She is drawing around Rs.8,000 per month.We stay in different district after the job of my father that is in Jajpur.I am the only son of my family.We are having the property and land assests in Jajpur over which we are not having any loan before.My brother-in-law and sister are doctors in Rajahmundry.Their earnings are good.So I want to take the loan over this situation and if allowed I can show the income of my brother-in-law.Please suggest me what to do and what documents I have to collect before applying for the loan amount of Rs.11,00,000.Also suggest where I can aply that loan amount.Please Sir I am in urgent need. Thanks Sir Yours faithfully, Suraj Samal Answer
You need to have a guarantor for the education loan to be sanctioned. If you fail or are incapable of repaying the student loan, the guarantor will have to clear the debt. Usually, most banks require the guarantor to have a net worth and/ or annual income equivalent or more than the education loan amount. Kindly visit our Education Loan comparator which is a comprehensive guide. For more.. |
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