India educational loans application and eligibility.

Banking and loans in India, this is specific to nationalized banks in India which include SBI group, Syndicate, Central Bank of India to name a few. Not very different for banks like icici and hdfc likes.

You are salaried, self employed, retired be it any thing as far as eligibility is concerned, all banks are very innovative in selling products in their own unique ways,

Apply for a loan be it educational they say no collateral needed but that is under conditions like,

You should be an account holder of the bank for past 20 yrs and your minimum average balance should have been at least 50,000 all through the time,

Else the student should be getting 99.9 % from standard 1 to standard 12 in all the subject.

The college that he or she, apply should issue a certificate telling that they are very impressed by this student,

The guarantor or the dean of the present college should sign 28 times in various papers.

Another 2 person know to the bank who has an account with the bank should show their asset and liability statement to the bank.

After completion of the course the student should get a job in 6 months with the specified salary and pay with 14% interest till the closure of loan.

The guarantor should not close the account or withdraw all the amounts from the bank till he/she (whom he has stood as guarantor) has cleared all the loans.

A conduct certificate from the school and the college where the student have completed her studies.

A relationship certificate.

Proof of fathers income. And tax returns. Proof of other sources of income if any, attested by an legal officer.

350 paper of photocopy.

The institute should be affiliated to UGC, AICTE, NCERT and approved by the government of India.

See how easy is it to get loans in India.

And wondering what is bank doing to make huge corporate with their unpaid balances. NPA. Etc,

Wait for my next article “ the banking tragedies in India” Hisham Kabir