When a student is not economically stable and his condition is not enough to pay or bear the expenses for his or her academic fees, he or she can easily avail for the educational loan with a promise to pay back the entire sum after he or she gets a job in installments that does not even puts a burden on him and even lets him bear the expenses of his or studies in a carefree way. There are some educational loan schemes that impose a negligible kind of interest on such students and thus it proves to be a better way for the students that are determined for their upliftment. The procedure of an educational loan is as simple as we are explaining it here.
What Is The Procedure For Education Loan
1. The Conditions May Depend From Service Provider to Service Provider:-
The conditions and requirements for getting an educational loan may be more or less depending on the service provider that you choose to go for. If the educational loan scheme is backed up by government based agency, the level of interest might be low or in case it is from some private loan lending firm, you might even have to pay a huge amount as an interest.
2. The Documents and Proofs Required:-
There is a guarantor as well as some documents and proofs required as an assurance that you are capable of returning back the loan taken in the desired time limit and these include the Proof of identity, Passport or Voter’s ID card or driving license or PAN card, Proof of income, Passport or Voter’s ID card or driving license or PAN card or government department ID card, latest salary slip that shows all the deductions made and even your IT returns certified by a chartered accountant might also be asked.
3. Above All the Proof Of Residence Or A Bank Statement:-
Above all this, a proof that you are the resident of the same area would also be asked for. In case you don’t have the proof of residence, you may also choose to go for having a copy of Bank account statement or latest electricity bill or latest mobile or telephone bill etc be bought in use as a proof of residence. This is to assure that you belong to the same area and comes amongst the other similar formalities that we mentioned earlier for you to be fulfilled.
4. The Other Documents Required:-
There might also be some other Documents including the copy of admission letter of the Institute along with scheduled fees that is proposed to be taken by the institute and the mark sheets of Degree courses that you have passed, along with a copy of admission letter of the Institute is what you need to bring at the time of having a meet with the loan provider.
5. A Friendly Expert Advice:-
At last I would like to give you a friendly advice that you should read the conditions and terms that the service provider bounds you with. Try having a meet with various education loan providers at the same time and calculate the value that you will have to return as an interest if you join hands with them. Making all these desired calculations, you will be able to choose the best education loan plan for yourself.