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Procedure: How to Apply for Education Loan
February 06 , 2013
  1. Recognised courses and Universities are easier to get loans for
  2. You need to put up 5%-10% of the fee yourself. The rest will be paid by the Bank to the institute directly. Whether or not you need to provide collateral varies from one Bank to another, and also depends on your relationship with the Bank.
  1. Interest rates vary widely between Banks
  2. Look for other costs and benefits moratorium period, special rebate for female candidates or SC / ST candidates, waiver of processing fee, etc.
  1. The student will typically need to provide identity proof, address proof, marksheets and proof of admission to the institute, with its fee structure
  2. The guardian will often be a co-applicant in the loan and will need to provide proof of ability to repay income proof or collateral.
  1. Interest repayment of educational loans for a period of 8 years is tax-exempt. This is for full-time courses in most of the mainstream disciplines
  2. This applies to both the student repaying the loan herself, as well as for the parent repaying the loan taken for his children

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