Utterly confused about education loan.... please help :(

@jaanoo-fEQYRP • Oct 22, 2024

Oct 22, 2024

1.6K

Has anyone taken education loan for engineering out here?
I'm really scared about this and literally I know nothing about the process.. My semester exams are just in the corner and I don't have so much of time to go and inquire in the bank.. So please help people 😔 😔
By the way I'm an engineering 1st year student.
Thank you 😔 :/

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Anoop Kumar

@anoop-kumar-GDGRCn • May 23, 2012

Few of my friends got loan.... I am also don't know the exact process but I think your father will take loan for you, and he can consult with his bank about exact process.
Its not a very tough precess, you need to present your college admission certificate/Fee reciept or whatever they ask, you can get from your college easily.
Generally, education loan interest started after 1 year of your graduation completed and you can pay off your education loan from your salary itself😀.
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Kaustubh Katdare

@thebigk • May 23, 2012

In India, you can get up-to 7.5 lakh rupees of loan, without any collateral. You will need a co-applicant; could be your parent, sibling, spouse etc. Your loan eligibility will be calculated on the basis of your co-applicant's income. If your parent's are your co-applicants, then their income will determine how much loan you can avail from the bank.

Engineering education in India, of course, is eligible for student loans. The fees, taxes and other details would be available from the Bank. The best and recommended way to get more information is to call the bank's representative to your home and enquire them about the loan facility. I'm sure they'll be able to guide you in more depth.

If you've other questions which we can answer, post them here. I'm sure this thread will benefit a lot of students who want to avail loans.
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jAaNoo

@jaanoo-fEQYRP • May 23, 2012

The thing is I need some 75k which is sufficient for the rest 3 years of my course.. my mom is telling that its too less so try for 1 lac.
okay... Let me keep it as 1 lac only. But will I get a loan for 1 lac??
and what should I give as collateral?
because we stay in the rented house. so....,😕
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jAaNoo

@jaanoo-fEQYRP • May 23, 2012

The_Big_K
In India, you can get up-to 7.5 lakh rupees of loan, without any collateral. You will need a co-applicant; could be your parent, sibling, spouse etc. Your loan eligibility will be calculated on the basis of your co-applicant's income. If your parent's are your co-applicants, then their income will determine how much loan you can avail from the bank.

Engineering education in India, of course, is eligible for student loans. The fees, taxes and other details would be available from the Bank. The best and recommended way to get more information is to call the bank's representative to your home and enquire them about the loan facility. I'm sure they'll be able to guide you in more depth.

If you've other questions which we can answer, post them here. I'm sure this thread will benefit a lot of students who want to avail loans.
could you please mention few banks which gives loans without collateral? I googled for the same. i came to know about the credila. but review has turned out to be really bad. any other suggestion? 😔
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Kaustubh Katdare

@thebigk • May 23, 2012

jAaNoo
could you please mention few banks which gives loans without collateral? I googled for the same. i came to know about the credila. but review has turned out to be really bad. any other suggestion? 😔
Credila folks were in touch with us in 2010, but we never worked with them. But you might just as well look at HDFC Student Loans: #-Link-Snipped-#

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jAaNoo

@jaanoo-fEQYRP • May 23, 2012

The_Big_K
Credila folks were in touch with us in 2010, but we never worked with them. But you might just as well look at HDFC Student Loans: #-Link-Snipped-#
#-Link-Snipped-#
which scheme is better and favorable.......?????? 😕

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vinci

@vinci-e4PtMU • May 29, 2012

Try for with SBI.
They will do verification of your current address,and certain other formalities like date since you are at the current address,you need to ready with xerox copy as well as original ration card copy,water/electricity bills or rent agreement .
take nearly requirements as follows:-
1 Fee receipt for past 1 for reimbursement
2 Property documents are mandatory...or some asset as per my experience
3 Person whose property documents (Xerox copy of original) is you are going needs to visit bank for some formalities.
4 ID proof,Address Proof,College Proof(bonafied certificate from your respective college for bank loan,so contact registrar in your college).
5 Your or any one in family's bank account in any bank in order to get reimbursement if you did paid any fee in last 365 days so that you will get cheque for its reimbursement
Good luck dear.
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