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Basics of Educational Loans

Basics of Educational Loans

There are three factors that you need to understand before applying for a Educational loan: Margin, Collateral and Repayments.


Margin is the minimum amount that you have to pay as fees.

Margins vary from 5% to 20% depending on the loan taken and whether the educational institution is in India or abroad.


Generally banks will ask for collateral security for all educational loans valued above Rs. 7.5 lakhs, however for the less than Rs. 7.5 Lakhs, banks obtains necessary personal guarantees from the parents or blood relatives or any collateral as per bank comfort.

Collateral will be inform of Residential or commercial upto 100% of the coverage of educational loans.


Repayment will generally starts from the six months from the completion of course, it can be vary from 6 months to 12 months as per the course discretion.

Simple interest is charged on the loan until the course ends. This interest (including holiday period interest) is added to the principal amount and the EMI is fixed.

After six months, interest is charged on a reducing rate.

The repayment duration is between 5-10 years.

Banks may provide a 1% concession if the interest is serviced (paid) during the study and holiday period. In case you can service the interest, ask for the concession.

Required documents/KYC documents to apply for education loan:


    1. Signed Application form
    2. Two Passport Size Photos - Applicant and Co-Applicant
    3. Photo ID - Applicant and Co-Applicant (Any one of the following)
            •   PAN educationd
            •   Passport
            •   Driving License
            •   Voters ID
            •   Employee ID
            •   Photo ID issued by the Central Govt. or State Govt.
            •   Bankers Verification/ Bank Passbook with photograph of account holder attested by bank
    4. Residence Proof - Applicant and Co-Applicant (Any one of the following)
            •   Passport With Address
            •   Bank Statement With Address
            •   Driver's License with Address
            •   Utility Bill (Not older than 3 months)
            •   Telephone Bill (Not older than 3 months)
            •   Ration educationd
            •   Latest LIC Premium Receipt (Not older than 3 months)
            •   Leave and License Agreement supported with an address proof / utility bill in the name of the
            •   Voter's ID educationd
    5. Academic Documents of Student
            •   Marksheet/Certificate of 12th Exam
            •   Marksheet/Certificate of Subsequent Years of Education e.g. BE, BCom, BSc, etc.
            •   Marksheet of Any Entrance Exam Taken e.g. CAT, CET, etc. (If applicable)
            •   GRE/GMAT/TOFEL/LETS, etc Marksheets For US Applicant
            •   Scholarship Documents (if applicable)
    6. Proof Of Admission (If available)
            •   Printed Admission Letter From the Institute on its Letterhead With Institute's Address
            •   I-20 Form for the USA Applicant (If any)
    7. Last 8 Months Bank Statements of Co-Applicant (If more than one bank account, provide copies of all)
         Make sure to include the bank statements of the Bank Account where Salary or Business or
        Professional receipts are credited every month.
    8. Income Proof of Co-Applicant


In case of Salaried Employee (All the following)
    •  Latest 3 Salary Slips or Salary Certificate on Employer's Letterhead
    •  Last 2 year's Form 16 from Employer or Last 2 Year's Income Tax Returns
    •  Any Other Income Proof That is Not Reflected in the Above Documents


In case of Self Employed or Professional (All the following)
    •  Last 2 Year's Income Tax Returns
    •  Last 2 Year's Certified Financial Statements or Provisional Financial Statements Duly Certified by CA
    •  Proof Of Office (any one of the following, Lease Deed, Utility Bill, Title Deed, etc.)
    •  Any Other Income Proof That is Not Reflected in the Above Documents