An education loan can help you in fulfilling your dream of getting higher education in the college of your choice. With the ever-increasing cost of education, it is certainly important to get an education loan from the bank to meet these expenses.
The interest rate usually depends on the credit profile of the primary applicant and in addition to this, the best part about the education loan is that the student can start paying for the loan after completing his education. There is a cooling off period of 1 year after completion of the course before the student can start paying for the loan.
Apart from this, it should be noted that the education loan comes with a long tenure of 10 years since the day you start paying for it and hence it provides with ample of time to the person who has applied for the loan. It should be noted that if you are planning to apply for education loan then you must start in advance as this would help you in ensuring that the funds are available at disposal when required.
For the application of education loan, there are four ways that you can follow and we have listed the details below.
Alternative 1 – Via Phone Banking
You can apply for an education loan via phone banking. You need to just pick up your phone and get in touch with the phone banking executive. Let him know that you wish to apply for the education loan. After sharing some basic details, the phone banking officer will arrange a visit for you from the banking officials to help you with the application procedure
Alternative 2 – Via Bank’s Website
It is also possible to apply for an education loan with Bank’s website. You can visit the bank’s website and navigate to the product section. You can check the details of the education loan and once that is done, you can apply for the loan as well. For an application, you would need to fill in a simple and short form and from there, the bank will be contacting you to take the procedure to the next step.
Alternative 3 – Via Portals
There are many portals which let you compare the loans offered by the different banks. You can compare the loan amount offered, interest rates and many other criteria. You can check the details and apply for education loan with the bank that you feel is the best.
Alternative 4 – Via Application
This is the last alternative. If you wish to give a written application then you can refer to the sample below and replace the details in the application with the relevant details. It should be noted that the bank manager will arrange an appointment for you after you have shared the details with him.
The Branch Manager
25 April 2019
Subject : Application for Education Loan
I Abhay Sharma with account number 999111223999229 in your bank would like to apply for education loan for higher education. I would like to apply for a Loan of Rs 10 Lakhs as I am able to secure admission in IIM Rohtak.
Request you to please help me with the application procedure, eligibility criteria along with the other important details for the education loan and I will be highly grateful to you.
This was all about the application of the education loan. We would recommend you to apply online for the education loan after checking the interest details and all other necessary information. Post application, you will be contacted by the bank for more details. Also, it should be noted that the procedure will start once you apply for the loan. As a part of the application, you will be following the procedure listed below
Procedure after Application
- Contacted by the bank official so as to fill in the form. The bank official will arrange an appointment with you wherein you can meet him, clear your doubts and also get all the details about the education loan.
- The bank official will give you a list of documents that you would need to submit so go ahead and arrange all those documents which are required for the application. Once you have the documents, you can contact the officials again and fill in the application form and submit the documents.’
- The application will then be processed and you will be updated as and when possible. You can also track the status of your application with the help of the online portal.
- On approval, you will be informed and the bank will seek the details of disbursement from you. Once you need the funds, get in touch with the bank and the funds will be disbursed for you.
With this, the procedure will conclude and we will also take this opportunity to sign off since you have all the information you needed. Also, you can contact the bank for any other information that you need and well, all the best for your future endeavour.