GIFT Design Academy | Student Education Loan

A student loan is a type of loan designed to help students pay for post-secondary education and the associated fees, such as tuition, books and supplies, and living expenses. It may differ from other types of loans in the fact that the interest rate may be substantially lower and the repayment schedule may be deferred while the student is still in school. It also differs in many countries in the strict laws regulating renegotiating and bankruptcy. This article highlights the differences of the student loan system in several major countries.

Procedure:

First check whether your educational institute has a tie-up with any bank for educational loans. If it has, there could be more flexibility in collateral and documents required or interests rates offered to you. If not, it is preferable to approach the bank branch where one of the parents have an account. However, in certain cities, there may be branches designated for issuing education loans.

This loan is repayable from one year after the completion of the course or from 6 months from gainful employment whichever is earlier. The repayment period is typically 5-7 years. The interest until the beginning of repayment is borne by the Government of India for low income families. After repayment starts, the borrower can claim income deduction for the interest under section 80-E.

Required Documents :

Completed Loan Application Form (see below)
2 Passport Size Photographs
Proof of residence (passport, voter's ID card, etc)
Proof of admission
Parent's proof of income (salary slip, form 16)
Parent's bank account statement (last 6 months)
Parent's Income Tax Assessments of last 3 years
10th/12th/Graduation/Post Graduation marks statements (all applicable)
A detailed statement from the institute giving the breakup of expected expenses
Proof of satisfactory academic performance after loan approval for every semester
If the individual was working full time before the course, he/she should also submit

Details of Present Employment.

Proof of income (salary slip, form 16) and Income Tax Returns for the last 3 years.

The student of GIFT has been provided educational loan from the following banks as follows :

UCO BANK
ORIENTAL BANK OF COMMERCE
UNION BANK

Attach Photos from the folder LOAN DETAILS-BANK DOCS FOR WEB SITE UPDATION
To know more … Please Contact our counselor @ 09830497111

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