Maximum Loan offered by Banks for Scholar Loans:
The amount of loans provided varies in different banks. It can range from Rs. 2 lakh to Rs.15 lakhs. The loan can be repaid by Equated Monthly Instalments or EMI.
Interest Charged by Bank on Scholar Loans:
The interest on scholar loan varies from bank to bank and also the prevailing market rate. The rate of interest can increase or decrease with respect to the amount of loans required.
Process of Scholar Loans Application:
Scholar loans forms are available at bank premises. Online forms are also available for ease of the clients. Generally no processing fee is charged. A deposit can however required sometimes, which is adjusted later on.
Documents Required for Scholar Loans:
Completed Education Loans Application Form
Original mark sheets of last qualifying examination
Proof of admission scholarship, studentship etc
Prospectus of the institute containing schedule of expenses for the specified course
Passport size photographs
Borrower's Bank account statement for the last six months
In case the borrower in an income tax payee, Income tax assessment order, of last 2 years
Brief statement of assets and liabilities, of the Co-borrower , if any
Proof of Income (i.e. Salary slips/ Form 16 etc) , if any
