Educational Loan .pdf
Original filename: Educational Loan.pdf
Title: Educational Loan
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What is Educational Loan??
• Money borrowed to finance education or school related
expenses. Payments are often deferred while in school and for
a six-month grace period after graduation. There are a variety
of federal and private student loans available
• A loan offered to students which is used to pay off educationrelated expenses, such as college tuition, room and board at
the university, or textbooks. Many of these loans are offered
to students at a lower interest rate, such as the Perkins
loan or Stafford loan.
You need to be a Indian resident
You should be aged between 16 - 35 years.
Collateral security may be required
Co-Applicant: Co-Applicant is required for all full time
– Co-Applicant: Parents, spouse and siblings, father
in-law, mother in-law, brother in-law,
Documentation required for a Educational loan
Proof of identity
Passport or Voter's ID card or driving license or PAN card or government
department ID cardPassport or Voter's ID card or driving license or PAN cardProof
Latest salary slip showing all deductions or Form 16 along with recent salary
certificateIT returns for the last 2 years and computation of income for the last 2
years certified by a CAProof of residence
Bank account statement or latest electricity bill or latest mobile or telephone bill
or latest credit card statement or existing house lease agreementBank account
statement or latest electricity bill or latest mobile or telephone bill or latest credit
card statement or existing house lease agreementBank statement or Pass Book
where salary or income is credited
Last 6 months Guarantor form
Copy of admission letter of the Institute along with Fees schedule, mark sheets /
pass certificates of S.S.C, H.S.C , Degree coursesCopy of admission letter of the
Institute along with Fees schedule, mark sheets / pass certificates of S.S.C, H.S.C ,
1) Are there any charges or processing fee?
Ans. There is no additional charge or processing fee.
2) What is EMI? How is it calculated?
Ans. EMI stands for Equated Monthly Installments. This installment comprises both
principal and interest components. Your EMI would be calculated depending on
the tenor you choose, to repay your loan. The EMI would be higher if you choose
to repay within a shorter period as against a longer-term loan. A shorter
repayment period, however, reduces your interest cost over the term of the loan.
3) What is the repayment schedule like?
Ans. The repayment would begin one year after the course period or six months after
you get a job, whichever is earlier. You are expected to pay a minimum amount
equivalent to the EMI on a monthly basis. However, you can choose to pay more
than the EMI, and we do not charge any prepayment penalty.