Almost all banks give educational loans to students.
Generally, the repayment of the loan starts only after one year of the completion of the programme OR six months after getting a job, whichever is earlier and continues for a period of 5-7 years. Only the interest has to be paid during the tenure of the programme.
Documentation required for the Educational Loan:
- Completed loan application form
- Mark sheets of your last qualifying exam
- Proof of admission
- Schedule of expenses
- 2 passport size photographs
- Bank statement for the last 6 months
- Income tax assessment order of the last 2 years
- Brief statement of assets and liabilities of the co-borrower
- Proof of income (i.e., salary slips / form 16, etc)