First check whether your educational institute has a tie-up with any bank for educational loans. If it has, there could be more flexibility in collateral and documents required or interests rates offered to you. If not, it is preferable to approach the bank branch where one of the parents have an account. However, in certain cities, there may be branches designated for issuing education loans.
This loan is repayable from one year after the completion of the course or from 6 months from gainful employment whichever is earlier. The repayment period is typically 5-7 years. The interest until the beginning of repayment is borne by the Government of India for low income families. After repayment starts, the borrower can claim income deduction for the interest under section 80-E.
If the individual was working full time before the course, he/she should also submit
Please list down the office locations that can be approached for applying. External links can also be used for specifying office locations.
Explain the time until which the certificate/document is valid. e.g. Birth Certificate Valid Forever
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Please explain processing time taken in obtaining the document/certificate.
Videos explaining the procedure or to fill the applications. Attach videos using the following tag <&video type="website">video ID|width|height<&/video&> from external websites. Please remove the "&" inside the tags during implementation. Website = allocine, blip, dailymotion, facebook, gametrailers, googlevideo, html5, metacafe, myspace, revver, sevenload, viddler, vimeo, youku, youtube width = 560, height = 340, Video ID = Can be obtained from the URL of webpage where the video is displayed. e.g In the following url "http://www.youtube.com/watch?v=Y0US7oR_t3M" Video ID is "Y0US7oR_t3M".
Please provide other instructions related to the certificate/documents. e.g. The state office holds birth records since january 1908.
For amounts less than Rs 4.5 lakhs, there's no need for security. Any amount between Rs 4.5 lakhs and upto Rs 7 lakhs requires a parent to be a co-obligant. For loans beyond Rs 7.5 lakhs, tangbile collateral security (usually a house) must be hypothecated. All loans are secured by parent of the student borrower. In case of married person, co-obligator can be either spouse or the parents/parents-in-law
The loan is disbursed in stages as per requirement directly to the institutions and associated vendors of educational paraphenalia. The lending institution may also make a request with the educational institution for your progress reports and link disbursals to it.
Anyone who has secured an admission into an approved course in India or elsewhere is eligible for an Educational Loan. The bank manager has discretion in approving the loan based on the student's academic performance and the expected employment opportunities for the course.
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Please explain what are other uses of obtaining this document/certificate. e.g. Birth Certificate can be used as proof of identity.