How to Get a Study Loan From a Bank
For the successful life of a student, Quality of Education plays an important role in the life of a student. But there is one drawback that due to the huge fee structure of colleges, it is becoming difficult for the students to have Quality Education. If a student got selected in a well-reputed and high-level educational institution that charges a high amount, then it becomes unable for the student to take admission in that institution.
We all know that fees in Government colleges are low as compared to private colleges. So, In that situation where students didn’t get a quality education just because of financial constraints their is one solution for this problem that is students can apply for a Study Loan in India. There are so many banks that are offering study loans for students. Thus, you have to choose among the mentioned plans.
For getting the Study Loan from the bank, you have to:
- Visit the website.
- Then fill in the form with all the required details.
- Then you have to submit all the documents that are necessary.
- Our team will get in touch with you soon.
- For more details regarding Study Loan, you can visit the website of Dialabank.
Thus, this is the process of How to get a study loan from a bank. To know more about Study Loans, visit Dialabank and check the below-mentioned eligibility criteria and documents required while availing a Study Loan.
Student Eligibility
Students should check the eligibility criteria that are mentioned below:
- Should be an Indian citizen/national.
- Student Should have secured admission either in India or abroad for pursuing higher education by clearing the examination, if any.
- NRI students should hold an Indian Passport.
Documents Required to Apply for a Study Loan
- Students should have all the required KYC documents such as address proof, identity proof.
- Students should submit a college admission letter.
- Whole fee structure of the course.
- At last, You need to submit all the Income documents such as salary slips/ IT Returns/ Bank statements.
Benefits of Education Loans
- Applicable for all: Students can apply for an education loan without considering their identity, that is, whether they are from the economically backward section of the society or not. They can take education loans under the schemes sponsored by the government, such as ‘Central Scheme to provide Interest subsidies (CSIS)’.
- Applicable for all courses: Study Loans can be used to pursue various courses such as graduation/ post-graduation/ vocational courses/ diploma courses.
- Easy repayment: Another great advantage of Study Loan is that the amount of loan need not be repaid immediately. Tenure can extend from 5 to 7 years only after the completion of the course.
- Easily available: Study loans are easily available. Also, they are considered as a priority product in all banks according to the RBI’s guidelines.
- Varied loan amounts: Banks are now offering loans anywhere between Rs.2 lakhs – Rs.22 lakhs for studying in India. It changes according to the size of the loan and depends on the course that the student has applied for. For studying abroad, the amount of the loan goes up to Rs.20 lakhs.
Margin:
| Quantum of loan | Margin | |
| Up to Rs.4 Lakh | Nil | |
| Above Rs.4 Lakh | Studies in India | 5% |
| Studies abroad | 15% | |
| NRI students (It’s irrespective of the loan amount) | 15% | |
