• what is needed to apply for a student loan
  Asked on 12 November 2007 at 10:20 PM.
  

  Answered by Studyplaces Counsellor Student Loan

  State Bank of India, Centurion Bank, PNB, Canara Bank and many other public and private sector banks have educational loan schemes for students which extend from schooling to research. These loans are subject to many terms and conditions: A term loan granted to Indian Nationals for pursuing higher education in India or abroad where admission has been secured to a full-time course in India or in abroad. For example STATE BANK OF INDIA offering Education Loan as per the following terms & conditions SECURITY: Amount Studies In India Studies Abroad Upto Rs. 4 lacs No Security No Security Above Rs. 4 lacs to Rs. 7.50 lacs Suitable third Party Guarantee Suitable third Party Guarantee Above Rs. 7.50 lacs to Rs. 10 lacs(India)/ Rs. 15 lacs(Abroad) Tangible Collateral security for full value of loan Tangible Collateral security of suitable value of loan or suitable third party guarantee. Rs 15 lacs to Rs. 20 lacs ___ Tangible Collateral security for full value of loan Margin: • For loans up to Rs.4.0 lacs : No Margin • For loans above Rs.4.0 lacs: o Studies in India: 5% o Studies Abroad: 15% Documentation RequireD: • Completed Education Loan Application Form. • Mark sheets of last qualifying examination • Proof of admission scholarship, studentship etc • Schedule of expenses for the specified course • 2 passport size photographs • Borrower's Bank account statement for the last six months • Income tax assessment order, of last 2 years • Brief statement of assets and liabilities, of the Co-borrower • Proof of Income (i.e. Salary slips/ Form 16 etc) For more details please check the following link of State Bank of India: http://www.statebankofindia.com/viewsection.jsp?id=0,1,20,118 or you may contact us at counsellor@studyplaces.com