by V.A.Ponmelil (All rights reserved by the author)
The educational loans are provided by various banks based on certain criteria. These loan schemes aim at providing financial assistance on reasonable terms to the poor and needy to undertake basic education.
Expenses considered for loan
- Fee payable to college/school/ hostel.
- Examination/Library/Laboratory fee.
- Purchase of books/ equipment’s/instruments/uniforms.
- Caution deposit/building fund/refundable deposit supported by Institution bills/ receipt.
- Travel expenses/ passage money for studies abroad.
- Purchase of computers-essential for completion of the course.
- Any other expenses required to complete the course- like study tours, project work, thesis etc.
Courses for which the loans are offered
- Studies in India
- School education including plus 2 stage.
- Graduation courses: BA, B.Com., B.Sc., etc.
- Post Graduation courses: Masters & Ph.D.
- Professional courses: Engineering, Medical, Agriculture, Veterinary, Law, Dental, Management, Computer etc.
- Computer certificate courses of reputed institutes accredited to Dept. of Electronics or institutes affiliated to university.
- Courses like ICWA, CA, CFA, etc.
- Courses like IIM, IIT, IISc, XLRI, NIFT, etc.
- Courses offered in India by reputed foreign universities.
- Evening courses of approved institutes.
- Other courses leading to diploma/degree etc. conducted by colleges/universities approved by UGC/Govt./AICTE/AIBMS/ICMR etc.
- Courses offered by National Institutes and other reputed private institutions.
- Studies abroad
- Graduation: For job oriented professional/technical courses offered by reputed universities.
- Post Graduation: MCA, MBA, MS etc.
- Courses conducted by CIMA-London, CPA in USA etc.
- Should be an Indian National
- Secured admission to professional/technical courses through Entrance Test/ Selection process.
- Secured admission to foreign university/Institutions.
Illustrative List of Papers/Documents Required for Education Loan
- Admission letter giving details of year wise fee, boarding and lodging expenses. Letter confirming scholarship, if any.
- Attested copies of documents for proof of age/date of birth and proof of residential address.
- Passport size photo of the applicant and guarantors.
- Copy of marksheets/degree certificates of previous academic qualifications.
- Income proof/latest income tax return of parents/ guarantors.
- Details of collateral security
- Details/statements of Bank accounts for the last six months.
- Copy of Passport/Visa, cost of air fare (documentary detail) in case of studies abroad.
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