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Education Loan
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Education loan availability has increased the numbers of student going abroad for studies. Aliff Overseas offers complete
guidance on Education Loan. We have official tie ups with Nationalized (Public), Private & Cooperative banks to assist you in bank references, documentation and disbursement of loan amount to the respective college account. Below are some of the basic documents you have to submit with your loan application which may vary from bank to bank…..
  • Academic Documents
  • Admission Letter issued by foreign College /University.
  • Break up of total course fee and other expenses.
  • Passport-size photographs.
  • Bank Statement of the Sponsor/ Guarantor bank account for the past six months.
  • Income-tax Papers / Form 16 of last three years.
  • CA Report of the Sponsor OR details of liability & investments.
  • Sponsor proof of identity and residence etc.

Let’s get familiar with some of the basic terms of bank loan
Loan Amount
Student is eligible to avail loan of maximum Rs. 15 to Rs. 20 lakhs for overseas education. Up to Rs. 4 or even Rs. 7.5 lakhs may not …….. require any collateral security.
Collateral Security
Bank may ask for collateral security against the loan amount. Collateral security means retaining the original documents as a security in the form of property or shop documents, Fixed or Term deposit receipts, Jewellary, Insurance policy etc.
Interest Rate
It keeps on fluctuating depending upon the market lending rates. On an average it may varies between 9.5% & 13.5% p.a.
Repayment Tenure
Repayment usually commences 06 or 12 month after completion of course or 6 months after securing a job, whichever is earlier. Students can repay the loan in equal monthly Installments for a maximum period of 5 to 7 years excluding holiday period.
 
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