The times are changing, and changing fast. The few years have witnessed a high increase in students aspiring for MBA and MAM. The students are queuing for educational loans from banks. Gone are the days when one had to run from pillar to post to borrow money to study. Now a variety of Instruments are available for pursuing higher studies.
Almost all nationalized banks offer educational loans to students for studies in India. The terms and conditions of which vary from bank to bank
Following are the minimum documentation to be provided to the bank while applying for education loans from Banks:
» Mark sheet of last qualifying examination
» Proof of admission to the course
» Fee Structure of the course
» Statement of Bank account for the last six months of borrower
» Income tax assessment order not more than 2 years old
» Brief statement of assets and liabilities of borrower
» Identity and proof of residence.
» Copies of letter confirming scholarship, etc.
HOW DO ONE PAY BACK THE EDUCATION LOAN
Usually repayment of will commence one year after completion of course or 6 months after securing a job, whichever is earlier. Also usually if the student is not able to complete the course within the scheduled time, extension of time for completion of course may be permitted for a maximum period of 2 years.