How to get an educational loan: Every student dreams of progressing in the field of education, especially when it comes to becoming a doctor or engineer. But high fees often become an obstacle to realizing this dream. If you also want financial help for education, then educational loan (Education Loan) can be a great option.
This loan helps students cover their study fees and other expenses, especially when the course fees are quite high, such as medical or engineering courses.
Why is an educational loan required?
Many students work hard to pass the entrance exam for universities and colleges, but then the problem of advising and deposit fees arises. in this situation educational loan It is advisable to resort to. This reduces the worries of students and their families about fees and other educational expenses.
Education Loan Eligibility (Kaise Milega Education Loan Eligibility)
- Indian Citizenship:
The applicant must be an Indian citizen. - Good educational record:
The applicant must have a good academic record and have been admitted to a reputed university or college. - Employment-oriented courses:
The course for which you want to apply for the loan must be employment-oriented, technical, professional, doctorate, PhD or diploma. - Co-applicant:
The loan applicant must have a co-applicant, such as a parent, guardian, spouse or in-laws (in the case of married candidates). The co-applicant’s source of income must be stable.
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Required Documents (Required Documents for Educational Loans)
- Proof of Identity (PAN/Passport/Driver’s License/Voter ID)
- proof of residence
- income certificate
- Educational Records (Trade sheets from previous educational institution)
- Entrance exam results
- admission certificate
- Details of the cost of the study.
- Passport size photograph (2)
Educational loan application process (steps to apply for an educational loan)
Step 1: Select Bank or Institution
Select banks and institutions that offer educational loans. Learn about the interest rate, loan terms and payment terms and select the most appropriate option.
Step 2: Fill out the application form
Visit the website of the selected bank or institution and complete the application form. You can visit the Vidya Lakshmi Portal of the Government of India (www.vidyalakshmi.co.in) can also be applied through.
Step 3: Show up for the interview
Many times banks or institutions may call the applicant for an interview. In this, the applicant can be asked questions related to their academic background, course and future plans.
Step 4: Send documents
During the loan process, the bank may ask for some necessary documents such as an admission offer letter and fee details.
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Step 5: Loan Approval and Guarantee
The bank approves the loan after all documents and information are confirmed. One of the applicant’s parents or guardians becomes a guarantor and their credit score is checked.
Conclusion
Educational loan is an important tool for students who want to realize their higher education dreams but are held back due to financial reasons. If you too dream of becoming a doctor or engineer, you can ease the path to your future by applying for an educational loan.
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