In a bid to support higher education aspirations, Indian banks are rolling out attractive student loan programmes, offering financial aid to academically promising students. These loans, often referred to as education loans or student loans, serve as a lifeline for students aiming to pursue undergraduate, postgraduate, or diploma courses both within the country and abroad.
Under this initiative, high-achieving students are granted financial assistance to pursue their academic endeavours at esteemed institutions, domestically and internationally. The loans come with favourable terms, including low-interest rates and flexible repayment options, making them accessible to a broader spectrum of students.
To expedite the process and ease the burden on applicants, banks have streamlined the documentation requirements, ensuring that students can access the funds expeditiously. However, certain eligibility criteria must be met to qualify for these loans.
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- Applicants must be Indian residents.
- Confirmation of admission to recognised educational institutions within India or overseas is mandatory.
- Age criteria dictate that candidates must be between 18 and 35 years old at the time of application.
- Enrolment in a graduate/postgraduate program or PG diploma is necessary.
- Admission to institutions affiliated with regulatory bodies like the University Grants Commission (UGC), All India Council for Technical Education (AICTE), or government bodies is essential.
- Full-time course students are required to have a co-applicant with a stable income source, who can be a parent/guardian or spouse/parent-in-law for married candidates.
- A strong academic track record significantly enhances the chances of loan approval.
- Additionally, applicants need to furnish a set of mandatory documents during the application process.
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These documents include:
- Duly filled and signed application forms along with affixed photographs.
- Copies of exam mark sheets or the latest education certificate.
- Statement of course expenses/cost of study.
- Aadhaar and PAN cards of both the student and parent/guardian.
- Age proof, which could include copies of Aadhaar, voter ID, passport, or driving license.
- Identity proof, such as copies of voter ID, Aadhaar, driving license, or passport.
- Residence proof, including rental agreements or utility bills.
- Income proof, comprising recent salary slips, Form 16, bank statements, or income tax returns of the parent/guardian/co-borrower.
- Documents detailing assets and liabilities of the parent/guardian/co-borrower.
With these comprehensive offerings and simplified processes, Indian banks are facilitating the dreams of countless students to pursue quality education both at home and abroad.
