Is co applicant necessary for education loan?
Financial co-applicant: A financial co-applicant is required in the secured education loan process only if students are unable to name individuals having a permanent income as their primary co-applicants. The financial co-applicant can be anyone who is related to the loan applicants by blood.
Can I apply for education loan before admission?
You can apply for education loan before getting admission confirmation from University / College. If your case is approved, you’ll get a conditional loan sanction letter. Students and parents feel confident to apply for better colleges, without worrying about how to fund the education cost.
Can I get loan for IIM Rohtak?
Yes, all major banks in India provide Education Loan for this course from IIM Rohtak. Loans are at the discretion of banks as they have their own documentation and due-diligence process.
Can I get an education loan for IIM?
So quite a few banks offer special loan facilities for students qualified for admission at IIMs….Comparison between various Bank Loans.
| Bank/Loan | OBC’s Customized Education Loan Scheme IIMs, IITs & XLRIs |
|---|---|
| Max Amount | Rs.15 lakh |
| Rate of Interest | Up to 10.50\% |
| Security | Parents/Guardians as co-borrower |
| Margin | Nil |
Does parents cibil affect education loan?
In such cases, when they apply for an education loan, the lender checks the credit history of the guarantors who usually are, their parents. Thus, if the parents have a poor CIBIL score, there are high chances that the loan can be denied.
How can we take education loan from Bank?
Documents required for Education Loan
- KYC documents.
- Bank Statement / Pass Book of last 6 months.
- Optional – Guarantor Form.
- Copy of admission letter of the Institute along with fees schedule.
- Mark sheets / passing certificates of S.S.C., H.S.C, Degree courses.