Repayment of education loans

The good thing with education loans is that you don't have to start repaying them immediately like most other loans. The general criteria adopted by banks for repayment is that it starts 1 year after course completion or 6 months after obtaining employment (whichever is earlier). The education loans are available for decently long tenures of up to 7 years, and even more in some cases. This repayment tenure includes the moratorium period. Good banks provide hassle free services and speedy loan approval process.

Depending on the fee schedule of your educational institute at the time of loan approval process, the banks can decide to disburse the loan directly to your educational institute.

Documents required for education loans

To get an education loan from a bank one has to submit certain documents to the bank. These include, income proof of the co-applicant, proof of age which is usually the birth certificate, residence proof, latest marksheet of the student, letter of admission from an institute, a document detailing the cost breakup of course. If a student wants to go abroad for studies, the banks will ask for recommendation letter from the related University's head of department, approved visa documents, travel documents, GRE/GMAT/SAT scores. In addition to all the documents mentioned above, the applicant will have to satisfy the bank with a declaration or affidavit that he isn't seeking a similar loan from other banks or financial institutions and will have to submit any other document required by the bank.

Finding finances for your dream course has been made extremely simple by the educational loans.