Question: Who can apply for student loan in India?

The candidate applying for the loan must be a resident of India. He/she must have confirmed admission in recognised educational institutes in India or abroad. The age of the candidate must fall within the bracket of 18 to 35 years during loan application.

What are the requirements for student loan in India?

Documents required for an Educational Loan:

  • Duly-filled application form.
  • 2 passport size photographs.
  • Graduation, Secondary School Certificate, or High School Certificate or mark sheets.
  • KYC documents that include ID, address, and age proof.
  • Signature Proof.
  • Income Proof of parents or guardian.

Can I get a student loan in India?

To apply for the loan, one must be an Indian citizen, having secured an admission into a college/university recognised by a competent authority in India or abroad. The applicant must have completed his higher secondary level schooling. Some banks offer the loan even before one has secured admission into the university.

How do student loans work in India?

A student loan is a sum of money borrowed from the government or a private lender to finance graduation or post-graduation courses or other higher studies. Government loans tend to have lower interest rates and can be paid back until after a certain period of time or after the student starts earning a certain amount.

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Can I get a student loan without my parents in India?

The education loan policies of most lenders in India mention that only an individual who is a parent or a nearby relative can be named as an education loan co applicant. Very few of them even consider the possibility of providing an education loan without co applicant.

Can I get 1 crore education loan?

The private sector lender ICICI Bank today launched ‘Insta Education Loan‘ where customers will get an instant approval of education loans of up to ₹1 crore. This first-of-its-kind facility will enable thousands of customers to take education loans in a fully digital process against their fixed deposits with the bank.

Who is eligible for study loan?

Education Loan Eligibility Tabular representation

Particulars Eligibility
Age Minimum- 18 years Maximum- 35 years
Academic record Proven- good
Qualification Pursuing graduate/postgraduate degree or a PG diploma.
Income source Parents/Guardians

Can I get 50 lakhs education loan?

7.5 lakh, you will be required to have a third-party guarantor. Educational loans in India can vary between Rs. 1 lakh to upwards of Rs. 30-50 lakh.

Can I get 20 lakhs education loan?

The Credit Guarantee Fund for Education Loans (CGFEL) Scheme provides a guarantee for education loan dispersed by banks under the Model Education Loan Scheme of Indian Banks’ Association (IBA). … Under the CGFEL scheme you can get a loan up to Rs 10 lakh for study in India and up to Rs 20 lakh for studying abroad.

Can you go to jail for not paying student loans?

Not being able to meet payment obligations can make anyone feel anxious and worried, but in most cases, you won’t have to worry about serving jail time if you are unable to pay off your debts. You cannot be arrested or go to jail simply for being past-due on credit card debt or student loan debt, for instance.

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Is student loan a good idea in India?

You will save on a lot of interest. Tax Benefits: You can avail of tax benefits under Section 80E of the Income Tax Act on the interest you pay on your educational loan. To be eligible for this deduction, your loan should be taken from an Indian scheduled bank or a gazetted financial institution.

Is getting education loan easy?

Easily available: Education loans are widely and easily available. In fact, they are a priority product in all banks as per the RBI’s guidelines. Varied loan amounts: Banks can offer loans anywhere between Rs. 2 lakhs and Rs.

Is education loan interest free in India?

However, can education loans in India be actually interest-free? The answer is no. Or at least, technically so. Unless you have availed some economic benefits or academic subsidies from either the government or your institution.

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