Well, the answer to the above question is – Yes, a student can be eligible for a second education loan. For this, they can either apply for a second education loan from the bank they already have taken their first loan from or they can apply to a different bank.
Is salary slip mandatory for education loan?
Banks generally ask for co-applicant details when you apply for a collateral free loan. Not only this, banks also ask for the income documents such as salary slips or income-tax returns (ITR) of the co-applicant before sanctioning the education loan.
What is the limit of education loan?
One of the most vital questions that you may wonder about is the amount of the educational loan. In general, you can get up to 4 lakhs of educational loan for higher studies without any collateral. Under education loan scheme, you can get a maximum of 15 lakhs for studies in India and more 25 lakhs for abroad studies.
Is there an upper limit for education loan?
At Avanse, there is no upper limit for education loan and it covers all education related expenditure including tuition fees, living cost and caution money (not exceeding 10 percent of the total tuition fees).
When do you have to pay back an education loan?
The loan is repaid by the student. Generally, the repayment starts when the course is completed. Some banks even provide a relaxation period of 6 months after securing a job or a year after the completion of studies for repayment. The repayment period is generally between 5 and 7 years, but can be extended beyond that as well.
Are there any good loans for higher education?
Today the dreams of pursuing higher education from renowned institutions both at home and abroad are catching up amongst the new-gen youth like wild fire. With every promising young mind aspiring for best quality schooling, which we know comes at a cost, loans are gaining vital connotations in the education sector.
How much margin money do you need for education loan in India?
Currently, for loan up to Rs 4 lakh, there is no margin money required. For studies in India, 5% of the required money has to be financed by the applicant. On the other hand, for studies overseas, the required margin money increases to 15%.
