SA_Scholarships & Loans

Applicants with good academic scores and a family income of less than INR 8 Lacs per year are eligible to apply for government education loan schemes. Additionally, admission to a recognised institution, age limit, and Indian citizenship are crucial eligibility factors.

In order to qualify for a secured education loan, the borrower must pledge collateral as security for the loan. An asset, such as real estate or other valuable belongings, may serve as the collateral. By putting up collateral, the borrower lowers the risk for the lender, which could lead to better loan terms like longer repayment terms or cheaper interest rates. In the event that the borrower defaults on the loan, the lender has the right to seize and sell the collateral in order to recoup the unpaid balance.

Here is the list of financial documents required to apply for the loan:

For Salaried Applicants or Co-applicants

• Salary slips (last 3–6 months)
• Bank statements (last 6–12 months)
• Income Tax Returns (ITR) or Form 16 (last 2–3 years)
• Employment verification letter

For Self Employed Applicants or Co-applicants

• Business financial statements (Profit & Loss statement, Balance Sheet)
• Bank statements (last 6–12 months)
• ITR filings (last 2–3 years)
• GST returns or business registration documents

Yes, you can easily apply for a student loan from the official websites of banks. Also, you can use Vidyalakshmi portal to apply to multiple banks at the same time. 

Another option is to visit the nearest branch of your preferred bank and apply directly.

Here is the list of all the documents required for an Education loan application in India to study abroad:

• Application form for education loan
• Address or ID proof such as  Passport, Aadhaar card, driving license
• Passport-size photographs
• Admission letter from a foreign university
• English proficiency test score (Banks may ask)
• Income Proof: Income tax returns, salary slips, or other income proof of the student or co-applicant

To apply for a student loan to finance your higher education dream, follow this step-by-step process:

• Research and compare different education loan offers from various banks.
• Check eligibility criteria and ensure you meet the lender's requirements.
• Gather required documents such as academic records, ID proof, and address proof.
• Submit your loan application and wait for the bank's response.
• Understand the repayment schedule and plan your finances accordingly

Yes, an eligible student can apply for a maximum of three education loan schemes offered by listed banks on the Vidya Lakshmi Portal. The primary objective of this portal is to streamline and expedite the education loan process.