Cango Consultants

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EDUCATION LOAN

Most banks aim to provide the much needed financial support to deserving students for pursuing higher professional or technical education in India and abroad. The education loan would be provided to those students who have obtained admission to career-oriented courses The Education Loams to students will ensure that worthy students are empowered to take their destiny in to their own hands.

The quantum of finance can vary from Rs 50,000 to Rs 20.00 lacs for studies abroad, which would cover tuition fees, hostel charges (if any), cost of books, etc.

No margin for education loans up to Rs 4 lacs. For loans above Rs 4 lacs, 15% margin for higher studies overseas.

The parent(s) or guardian of the student would be treated as a co-applicant of the student loan. His or her role would be, necessarily, like the primary debtor.

Third party guarantee and/or collateral security may be asked for in appropriate cases. In some cases Additional security may also be taken from the student.

The student loan will be disbursed in full or in suitable installments taking into account the requirement of funds and/or fee schedule as assessed by the Bank directly to the educational institution.

PurposeSalariedOthers
Proof of identityPassport or Voter’s ID card or driving license or PAN card or government department ID cardPassport or Voter’s ID card or driving license or PAN card
Proof of incomeLatest salary slip showing all deductions or Form 16 along with recent salary certificateIT returns for the last 2 years and computation of income for the last 2 years certified by a CA
Proof of residenceBank account statement or latest electricity bill or latest mobile or telephone bill or latest credit card statement or existing house lease agreementBank account statement or latest electricity bill or latest mobile or telephone bill or latest credit card statement or existing house lease agreement
Bank statement or Pass Book where salary or income is creditedLast 6 monthsLast 6 months
Guarantor formOptionalOptional
Other DocumentsCopy of admission letter of the Institute along with Fees schedule, mark sheets / pass certificates of S.S.C, H.S.C , Degree coursesCopy of admission letter of the Institute along with Fees schedule, mark sheets / pass certificates of S.S.C, H.S.C , Degree courses