Friday, January 7, 2011

Student Loans in India. FAQ on Education Loan India

Getting a student loan in India and US

Do banks have the right to comment on the academic performance of students seeking loans?

As per a supreme court judgment, banks don't have any right to comment on the merit (academic performance) of the students. If a student has secured admission from a recognized university, that is the eligibility to get the loan (not the history of his academic performance). Banks should not say something like "You have only 55% in your UG - We will not sanction the loan"

Facts About Student Loans in India

What amount do they quote in sanction letter?
This varies from bank-to-bank. At some places, they would give a detailed letter stating everything in a tabulated form, the amount applied for, the margin, etc. etc. You can talk to the bank officer directly about this.

Step By Step Student Loan Process For Pursuing Higher Education

How much amount do I have to show for getting a loan?
If the university has asked for the proof of funding, then you would have to show it for the total duration of your course.

Will they wait for me till that time?
If they have accepted you already, then they will, but then again, only for a reasonable period of time. Whatever be it, they will inform you as and when they take any decision regarding your application.

A Complete Guide to Student Loans in India

I think Bank wound not accept the EMAIL copy of Acceptance letter?
They would, if that is the only copy you've received. Talk to the bank officer regarding this.

From which forum or website it would be better to present acceptance letter to the bank?
Ask the university to provide this on their official letterhead.

Problems Associated With Getting Student Loans In India

Will this certificate work for securing the admissions?
Yes.

Should it be safe to show the account statements to bank?
See sudden jumps in account balance is not appreciated. In such cases, it becomes apparent that the amount is only there for showing during visa application and it might put strong doubts in the visa officer's mind that the amount may not be available for the whole duration of your study program. So, you should apply for a loan of higher amount to be on the safer side.

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