NEWS & ADVICE : EDUCATION LOANS
Collateral and co-applicant requirements for education loans in India
By Vaibhav Aggarwal
Print    Email    RSS   

Students who seek education loans are ill equipped to finance their education. They are at very early stages of their career and don't have a regular job or a source of income. In order to finance the cost of their course, banks require someone to become a co-applicant and act as a guarantor for the educational loan. This article takes a look at all such requirements of an education loan.

How much financial assistance does an education loan provide?

Education loan can provide financial assistance of Rupees 7.5 lakhs for education in India. You can get up to 15 lakhs for studies abroad. This is definitely a huge amount. To secure their investments banks want something solid to bank upon. So, they ask for a collateral and co-applicant as guarantor.

If the educational loan requirements are less than 4 lakhs, banks in India waive the requirement of collateral. For loans above 4 lakhs the banks accept fixed deposits, LIC policies and real estate properties etc. as the collateral.

Every education loan offered by banks in India require a co-applicant. Listed below are the qualifications and documentation requirements of co-applicants for education loans. These facts though, fairly exhaustive can vary according to banks. They might increase or decrease the qualification criteria, or any documentation requirements.

Co-applicant requirements for salaried individuals:

The salaried individuals are interpreted by banks as those persons who are employees of selected public and private limited companies , employees of state governments, central governments, public sector undertakings, salaried doctors, salaried CA's etc.

Eligibility Criteria:

The age of the co-applicant must be greater than 21 years and his maximum age at the time of loan maturity should be less than 60 years. He should have a good employment record with minimum 2 years in employment and at least 1 year in current organization. He should also satisfy the minimum monthly income criteria of the bank ( the minimum monthly income can be anywhere between Rs. 5000 - Rs.7000 depending on location).

Documents required:

The co-applicant will be asked to provide documents verifying his identity, residence proof, bank statements, and letters supporting the income claims (generally the salary slip with latest Form 16).


Page  | 12 |  
(Comments Posted : 423) Post Your Comments
1. Generika Cialis Deutschland
In case you are playing a athletics video game, look at taking part in on dynasty function, which can help give you the most bang for your buck. Dynasty method will assist you to play a few years with a crew, as possible serve as the director. This will assist you to make moves much like the professionals do, emulating a real existence experience.
Viagra Für Männer Kaufen
Set up a property investment trust. Look at developing a genuine estate expense trust if you intend to purchase multiple residence and you are looking to save money on your income income taxes. There are specific conditions that should be fulfilled before the organization. For one thing, you need at the least 100 shareholders. Moreover, you should satisfy distinct requirements in relation to how cash flow is generated and exactly how profits are dispersed amid shareholders. This is a wonderful way to produce your money needed to buy qualities, in fact it is also a great way to reduce the funds that you simply pay out in income taxes.
Original Levitra 5mg
Jewellery can be a amazing way to add some shimmer to the two daily appearance and ensembles for special events. With suggestions which range from choosing and dress in jewelry, to how to neat and retail store it, these guidelines can aid you to create and maintain your own personal collection of sparkling jewels.
Fass Cialis
HerbertDum (Posted: Sep 21, 2017)
2. Nike Roshe Run Oreo Na Nodze
If you could require funding for your own home advancement project, you would like for the greatest bank loan. Nevertheless, you need to figure out the sum you need to have that will protected the correct money for virtually any costs you incur to find out what is the ideal personal loan to decide on. A mortgage or personalized loan might be best for many different spending budgets.

https://www.litetvaxthus.se/imagess/lit2/8313-stan-smith-adidas-37.jpg

Use e vitamin to battle dry skin. You are able to help deal with your dry skin from the inside out with Vitamin E Antioxidant. Dry skin will benefit from consuming 400 IU of vitamin E 1 or 2 times a day. It will help by making your skin balanced and healhty which will start to take a few of the dry skin out.

https://www.once-upon-a-time.se/imagess/onc2/6163-ny-kepsar-för-barn.jpg
ClintonMaw (Posted: Sep 21, 2017)
3. vzkopry

http://www.nbanation.fr/ceinture-louis-vuitton-inventeur-damier-162.html
http://www.gite-beausejour.fr/lunnettes-ray-ban-865.php
http://www.citesket.fr/adidas-gazelle-femme-turquoise-024.html
http://www.wiime.fr/under-armour-clutchfit-drive-1-151.html
http://www.net-services-59.fr/sac-louis-vuitton-speedy-25-499.html

Shox Bebe Garcon
Adidas 17 Ace
Ralph Lauren Veste Sans Manche
Baskets Jimmy Choo Femme
Huarache Noir Femme Foot Locker
GregoryGes (Posted: Sep 6, 2017)
Show All Comments
COMPARE QUICKLY
 Select a product:
 

CALCULATE QUICKLY
 Select a product:
 

EDITORS' PICKS
Claim tax deduction on education loan
Know your Education Loan better
An insight into education loan schemes for...
Interest servicing during moratorium...
Effect of employment on loan eligibility...


ROPAR: CaℒL Giℛℒ In Kurali 09855660911...
Why Pitampura Tutors (Ph:- 9911742311) & Private...
kala jadu in hindi 9636854282

NEWS THIS WEEK
Banks to look forward to hire students from IIT/IIM Feb 18, 2015
Union Bank of India hiring for the post of specialist officers Feb 16, 2015
Canara bank launched scholarship Scheme Feb 13, 2015
AXIS bank started ‘My idea of progress’ Campaign Feb 12, 2015
RBI inviting applications for the guard post Feb 11, 2015
News Archive