About Education Loan

Generally, loans below Rs.4 lakhs do not require a security or guarantor. For an education loan plan up to a specific amount, no collateral is necessary for a higher loan amount (usually above 7.5 Lakhs), security in the form of fixed deposit, property or other bank approved collateral is required.

Documents for Education Loan for salaried individuals

• Proof of identity (any one of the following):
• Passport
• Voter ID card
• Driving license
• PAN card
• Government department ID card
• Latest salary slip showing all deductions or Form 16 along with recent salary certificate
• Proof of residence (any one of the following):
• Bank account statement
• Latest electricity bill
• Latest mobile/telephone bill
• Existing house lease agreement
• Bank Statement/Pass Book of last 6 months
• Optional – Guarantor Form
• Copy of admission letter or the Institute along with Fees schedule
• Mark sheets/pass certificates of S.S.C., H.S.C, Degree courses

Documents for Education Loan for all other Individuals

Eligibility:

The education loan would be provided to those students who have obtained admission to career-oriented courses e.g. medicine, engineering, management etc., either at the graduate or post-graduate level.

• Secured at least 50% marks during HSC & Graduation

• Secured admission in India or Abroad through entrance test / Merit based selection process post completion of HSC (10+2)