Features and Benefits of Education Loans:
- Opt for education loans for graduate, postgraduate, professional, and doctoral courses.
- Parents or guardians must co-sign; the loan cannot be assigned to the student alone.
- Female students often enjoy discounts or lower interest rates.
- The loan amount depends on annual family income and the chosen course.
- Loans below Rs.4 lakhs typically don’t require security; for higher amounts, collateral is needed.
- The maximum limit for India: is Rs.10-15 lakhs; abroad: up to Rs.20 lakhs.
- The repayment period is 5–7 years, with flexible options of up to 15 years available.
Required Documents:Generally, the documents required to process your application are almost similar across all the banks; however, they may differ with various banks depending upon specific requirements, etc. The following documents are required for Education Loan in Delhi by financial institutions to process your application
- Age proof
- Address Proof
- Income proof of the co-applicant (could be father/mother)
- Last 6 months’ bank statement co-applicant
- Passport-size photograph of the applicant & co-applicant
In case of Co-applicant, Salaried:-
- Employment certificate from the employer
- Copies of payslips for the last few months and the TDS certificate
- Latest Form 16 issued by employer Bank statements
In case of Co-applicant, Self-employed:-
- Copy of audited financial statements for the last 3 years
- Copy of partnership deed if it is a partnership firm or copy of memorandum of association and articles of association if it is a company
- Profit and loss account for the last few years
- Income tax assessment order