Plz discuss it about preparation loan process


Kris March 23, 2014 at 2:06 pm

Generally Banks have their own criteria of sanctioning a loan to the student.
The loan amount depends on the course…the place of study..in India/abroad.
Generally the Bank loan covers the tuition fees,books cost,and other expenses.
Obviously the loan for a course in India will be less than that for in foreign soil.

General Steps to obtain a loan:

>Rarely bank asks for security(surety) for the loan amount if it is less than 4Lacs(based on the bank rules-varies from bank to bank).

>Go to the nearest bank and contact the manage abt the loan…orally to know the rules of their bank

>get admission letter from the college
.get a letter from the college stating the all the expenses to complete the course including the tuition fee,hostel fee, caution deposit,books cost etc..u can include cost of a personal computer

>in general,if u apply for more the 4lacs then bank will ask for security /surety for the same.
u need to show property/assets of same worth.

>bank considers the job opportunity for the course u enroll,ability of the candidate to repay the loan…and rarely the academics of the candidate too.

>if everything is fair then bank releases the loan amount direct to the principal of the college and not to u-deducting the personal expenses u claim.

>u need to repay the loan 6 months after the completion of the course or immediately after getting job..whichever is earlier.

Few more points 2 add:
Checkout for the interest rate with all the banks nearby.
Its good to go the bank where u have account and operate it.

Good Luck

Patrica New March 23, 2014 at 2:52 pm

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mossesingersal March 23, 2014 at 3:20 pm

HDFC Credila has a student friendly education loan application process:

1.Student: To complete Credila’s online Education Loan Application Form
2.Credila: To follow-up with the student & parents to answer questions
3.Credila: Representative visits your house & collects signed application form with the supporting documents
4.Student: To provide a completed Education Loan Application form with all the required supporting documents
5.Note: Students can apply to Credila for Education Loan even before confirmed admission or Form I-20 or before Visa
6.Credila: Credit team to review & underwrite the Education Loan application
7.Credila: To approve the education loan or ask for any additional information required
8.Student: To complete the education loan disbursment formalities by signing the education loan agreement
9.Credila: The education loan amount is deposited in the required bank account electronically

MOSES – 98428 08606

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