Education Loan – An Introduction & Details of Sources – Mode of access:
- Importance of Education
- Opportunity in availing financial assistance for higher education
- Criteria/Eligibility:
- Both Management Quota & Counselling
- Marks – General Category : 60%, OBC – 55%, SC/ST – 50%
- Upto 4 lakhs : Parent Gurantee alone; 4 lakh to 7.5 lakh : Third Party Gurantee, Above 7.5 lakhs – Security/Collateral
- No arrears in the upcoming semesters but for 2 n beyond no arrears
- Advantages:
- If income less than 4.5 lakh & student admitted through counselling, then interest subsidy during the education period
- First time graduation for counselling students comes with 20,000 incentive on tution fee – For this we need First Time Graduation Certificate.
- Moratorium period 1 year after course completion
- If EMI payment starts after loan disbursement then 0.5% interest subsidy. Girls students have 0.5% interest subsidy.
- What do you need to apply for Education Loan:
- Required Doc: +2 Marksheets, PAN Card, Joint Bank Account, Bonafide, Fee structure, Community Certificate (SC/ST)
- Optional Doc: Income Certificate, First time Graduation Certificate
- If loan amt is more than 4.5 lakhs then provide 3rd party gurantee – bring Bank, Personal Details with Aadhar.
- If loan amt is more than 7.5 lakhs then provide security, collateral
- Pre-requieste documents missing for students are applied in all your college – eSevai camps to b scheduled for issuing income certificate, PAN card & First Time Graduate Certificate
“John Samrath” – is a Single Unified Portal of the Union Government that gives details of loans/schemes and Application process for all types of Loans
Vidyalakshmi Portal Application Form
Note:
At Present, State Bank of India alone emphasize applications through this portal for Educational Loans.