Success The Turning Point

Author(s): Rajendra Rakhecha
Publisher: Rajendra Rakhecha

Page 55

44 http://www.indiaeducation.net
higher education portal 45 https://www.univariety.com/app/scholarshipprof Search for scholarships
ile/scholarshipsearch/search 46 http://www.superscholar.org/scholarships/25- 25 Great Scholarships For Students
popular-college-scholarships/ Various loans Loans in India How much loan can I take? - Most of the banks provide loans upto Rs. 20 lakhs for studying abroad. Which banks in India provide Educational Loan?- SBI, Bank of Maharashtra, IDBI, Allahabad Bank, OBC, UBI, Bank of Baroda are some of the banks that provide educational loan. What are the interest rates?- Interest Rate of various banks differs. Which documents have to be furnished to avail the loan?
Completely filled Application Form with Photographs. • Letter of admission from the Institute.
Letter from the Institute stating expenses of the program (term-wise, year-wise) Documents for the Applicant & Co-applicant (Residence Proof , ID Proof, Signature Verification Proof, Age proof) Mark sheets from SSC onwards till the latest examination passed. Income Documents of the Co-applicant (Pay Slips / ITR copy etc) Visa approval papers Travel documents GRE/GMAT/SAT score 1-20 in case of applicant going to the USA
Declaration/Affidavit confirming that no loan has been availed from other Bank/Institution What are the criteria for a good Educational loan?
• Lowest Interest Rate • No prepayment penalty • Minimum or no collateral required
Flexible repayment options • Student Loan deferment options Indian banks allow you to repay within 5-7 years after the commencement of repayment. Repayment will commence one year after completion of course or 6 months after securing a job, whichever is earlier. Repayment of an international student loan can be deferred while you are enrolled full-time, and for six months after you finish. After that, you will have up to 20 years to repay the loan, with a payment due every month. Overseas Loans Education loans aren't one size fits all. You should consider the following things while evaluating the best loan option for yourself: Interest Rate: Some banks offer fixed rate and some offer variable rate option. A fixed rate stays the same for the life of the loan, while variable rates change quarterly, and may go up or down. Be sure to compare different options.