Kalvimalar

Education loan has become handy to students as well as parents to ensure to fulfill the education dream of a family or an individual. But, many are not aware of the intricate process of education loans. Here it is for you ....!

61. Can a student be eligible to apply for education loan if he is facing financial difficulties in 2nd/3rd/4th year?

Definitely they can apply.

62. Is there any possibility of deferment of bank education loan if the applicant gets married or plans not to work after graduation?

No. He will have to repay the loan amount. 

63. Can the education loan be canceled after approval of education loan? 

Once the education loan has been approved and dispensed by the bank, the loan cannot be cancelled. 

64. Can the student get loan for the educational expenses made even before the loan has been dispensed? 

If you get the loan amount before the end of second semester, its is possible to get a refund of the expenses made for the first semester.

65. What are the types of education loans?

o Education Loans for Under Graduate programs . 

o Educational loans for Post graduate studies   

o Education loan for Career Development 

66. Can the student get education loan of PG studies after completing UG studies with the aid of educational loan? 

Yes. The student must approach the same bank where they had obtained  loan for UG studies..

67. How many children of the same family may apply for educational loan?   There are no restriction on that. 

68. How is EMI calculated for education loans?

EMI is calculated using the formula: EMI = (P x R x (1+R)^N) / ((1+R)^N-1), where P is the loan amount, R is Rate of Interest and N is the monthly installment. 

69. What is EMI?

EMI fixed monthly repayment amount to the bank .

70. Is Pan card mandatory to apply for education loan?

Yes. It is mandatory for educational loan. Generally, any Indian above 18 years of age can apply for PAN card. However, individuals below 18 years of age need to apply for PAN based on the parents / guardian PAN card. 

71. Can a student get an education loan if the applicant�s parent do not have CIBIL (Credit Information Bureau (India) Limited) and credit history? Yes. However, they shouldn�t have the history of non-repayment of loan. 

72. A student living in Chennai plans to get education loan of 7.5 lakhs. Parents property is in Tirunelveli. Where can he get the loan?

The student can apply in any bank close to their living place in Chennai. 

73. Can students pursing Arts & Science studies in premier institutes get education loan?

Yes.  Students pursuing Arts and Science courses in Premier Institutes  can get the  loan.

74. In case student doesn�t clear first year in MBBS, are they eligible to get the loan for thge next year. ? 

 No.

75. Are educational loans offered to NEET, IITJEE and other private coaching centers? 

No.