You may need student loan for higher education in India when you do not have enough money to fund the need for fees and other charges.
To get the student loan you have to go through a process. This process may take few days and it may also take few months. The time duration and procedure for application will be different depending on the bank which is providing you the loan. It will vary according to the policy of the bank. The bank that offer student loans are
- State Bank of India
- Bank of Baroda
- Canara BanK
- Central Bank of India
- Dena Bank
- Indian Overseas Bank and so on.
First go the bank officers and talk to them. Find out about the procedure and the eligibility criteria. You will need some documents to fill up. The bank officials will be able to tell you about the document needed and will be able to guide you through the process.
In general the eligibility criteria for a student loan for higher education in India for most of the banks may be
- The applicant should be an Indian National.
- His academic record should be strong and good. Generally a first class throughout the academic years is good.
- He can apply for a loan for admissions in Professional / Technical / Other Courses of various studies.
- Secured admission to the institution or university.
- Any Student who has attained the age of 18 years
- If the student has not attained the age of 18 years, then the parents can avail the loan.
There are some eligibility criteria are also there regarding the eligible course of study. The following are the course of study that are generally accepted as eligible by most of the banks-
- School education / Graduation / Post Graduation Courses
- Professional courses: Engineering, Medical, Agriculture, Veterinary, Law, Dental, Management, Computer etc
- Courses like ICWA, CA, CFA etc
- Courses conducted by IIM, IIT, IISc, XLR1, NIFT etc.
- Courses offered in India by Reputed Foreign universities.
You have to fill in the necessary papers and submit the documents necessary along with other materials asked by the bank. Then the bank will verify all documents and after checking all these will decide whether to offer you a student loan or not. The decision I depends on the bank officials who decide whether to offer a student loan to you or not. The loan is disbursed in stages. The loan is disbursed to the institution, equipment, book, and instrument vendor according to the demand or requirement.
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