Once you pay the specified fee as per the offer letter, you can procure from ASB the documents to arrange an educational. Almost all banks provide educational loan for study in ASB and most of our students have been availing loan.
Some Input for Raising Educational Loan
The inputs in this section is meant to give you some guidance on taking an educational loan. You should find out the exact details from the bank from which you want to take the loan. Most, if not all, banks provide educational loans. If you are an MBA student, you should take a loan to study even if your parents can afford the fee. This would show your independence and ability to take risks. Such an attitude is required to succeed in a managerial career.
You can apply for an educational loan through the website https://www.vidyalakshmi.co.in/Students/ . But it is not necessary that you apply through this. The only advantage is that if you apply through this, the bank has to give a firm reply of granting it or not granting it. One of the best option is to contact the bankers of your parents and arrange for the loan.
Educational loans cover the tuition fees, hostel fee, cost of books, examination fee and can even cover the cost of purchasing a two wheeler for educational purpose. However, the discretion of the bank is crucial in educational loan, just as in the case of other loans.
Maximum educational loan available in the normal process for study in India is Rs. 10 Lakhs, but for study in some reputed institutions such as IIMs, you may be able to avail higher loans.
Loan upto Rs. 4 lakhs does not need any collateral or co-borrower. For loan amount of 4 lakhs to 7.5 lakhs, the student needs a co-borrower, who should normally be the parent of the student. It can be spouse in case of a married student. You don’t need a collateral for this amount. A collateral normally means giving your (or that of the co-borrower) property as a guarantee. If your loan is above 7.5 lakhs, you need a collateral.
In order to avail a loan, the student and the co-borrower should have PAN cards. So, if you don’t have a PAN card, make it immediately by going to any PAN center. In other words, both you and your parent/co-borrower should have PAN cards. It is preferable to avail loan from the bank in which your parents have transactions. You will get loan in two or three instalments as per the payment method in the institute. The interest rate of educational loan varies from time to time. However, it is usually in the range of 11 to 12 percent.