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Education Loan in West Bengal: Eligibility, Interest Rates and How to Apply?
West Bengal, a state known for its intellectual brilliance, is home to several famous educational institutions. Together, these have always promoted aspirants and students to pursue higher education in premier institutes. However, the rising cost of expenses related to education recently has encouraged many students to seek support in an education loan in West Bengal.
If you are wondering whether you can get an education loan in West Bengal, the answer is yes. Students and aspirants from West Bengal can obtain education loans of up to ₹10 lakhs at 4% simple interest per year. Today, we will explore the eligibility, interest rates, features, and process of how to apply for an education loan in West Bengal, along with West Bengal student credit card scheme details.
Features of Education Loan in West Bengal
There are numerous banks in West Bengal that provide students and aspirants with education loans. You can get a student loan from State Cooperative Bank, as well as from other affiliated Central and District Cooperative Banks, Public and Private Sector Banks, and cooperative banks. The student loans granted by these banks have the following features:
Best Banks for Education Loan in West Bengal
From private banks to government loans, students from West Bengal have numerous options when it comes to taking an education loan. All these banks, institutes, and lenders offer their own sets of benefits and follow specific criteria. However, the question of 'which bank is best for education loan in West Bengal?' can only be answered based on their features and benefits.
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Education Loan Interest Rate in West Bengal
Depending on the loan amount, different banks and lenders offer varying interest rates on education loans in West Bengal. Students and aspirants must comprehend these interest rates before applying for a student loan. Here are the interest rates different banks in West Bengal offer:
Get an Instant Education Loan in West Bengal with Propelld
At Propelld, we understand the fear and frustration of loan application failure. That's why we offer unique financing solutions tailored to take that struggle away and offer you a successful access loan to fund your education. Propelld also offers you access to:
- Extensive Lending Partners: We have tied up with numerous lending and banking partners who offer numerous loan benefits.
- Income Share Agreement: You repay the loan only when you get a job after completing your course or education.
- Digital Process: We follow a super easy education loan process for swift application and approval.
The ability to obtain an education loan in West Bengal can significantly impact the academic careers of those who aspire to pursue quality education. Before applying, compare the interest rates and terms of multiple lenders to determine the option that most closely matches your future objectives and current financial circumstances. If you want to improve your chances of getting a loan, let Propelld help you. We not only help you get an education loan successfully but also negotiate the terms on your behalf.
What is the West Bengal Student Credit Card (WBSCC) Scheme?
In order to provide West Bengal students with financial freedom to complete their education, the administration of that state launched the Student Credit Card Scheme. With the help of this program, students can pursue secondary, upper secondary, undergraduate, postgraduate, professional, and other degrees at any school, college, or university in India or abroad.
One of the scheme's advantages is that a student from West Bengal can borrow up to ₹10 lakhs at a basic interest rate of 4% annually from the State Cooperative Bank, as well as from other associated Central and District Cooperative Banks, Public and Private Sector Banks, and cooperative banks.
Features of West Bengal Student Credit Card
It is a collateral security-free loan that comes with the following features:
Government of West Bengal Education Loan Scheme
Besides private and public banks, the West Bengal government itself offers an education loan scheme to help students pursue their dreams.
Eligibility Criteria for Education Loan in West Bengal
In West Bengal, students seeking educational loans are obligated to fulfill predetermined academic criteria that financial institutions and banks have established, which include:
- Admission Letter: Applicants are generally admitted to a recognized educational institution in India or abroad that offers full-time courses approved by the appropriate authorities.
- Income and Credit Score: Although income requirements may differ among lenders, a reliable source of income and an excellent credit score are anticipated.
- Age Restrictions: Both petitioners and co-applicants must be at least 18 years old and not older than 60.
- Nationality and Residence: Certain lenders may grant preferential treatment or supplementary benefits to individuals who are citizens of India or residents of West Bengal.
Approval Based on Your 12th Marks. No Co Applicant Required. Check Your Eligibility.
Documents to Apply for an Education Loan in West Bengal
To apply for and avail an education loan in West Bengal, you must submit the following details and documents:
- Application form & Photograph: The first document that you need is a duly completed application form along with a photograph.
- Applicant and Co-applicant Documentssome text
- Identity proof: PAN card, applicant’s passport, and Aadhar card.
- Residence Proof: Telephone bill, Aadhaar card, electricity bill, voter ID card, ration card, and bank passbook statement.
- Documents of Co-applicant: Bank statement (latest 6 months) if salaried and business transactions (last 1 year) if self-employed.
- Academic Documents: 10th marksheet, 12th marksheet, graduation certificate, entrance exam scorecard, proof of admission, and college fees breakdown.
- Co-applicants documents of income proofsome text
- If Salaried: Form 16, office’s ID card, income tax returns, and 3 month’s salary slips.
- If Self-employed: Proof of business address, 3 year’s statement of profit and loss, and income tax returns (3 years).
- Academic Documents: 10th marksheet, 12th marksheet, graduation certificate, entrance exam scorecard, proof of admission, and college fees breakdown.
- Declaration Form: A statement from the co-applicant stating that they would be responsible for paying any additional costs not covered by the education loan.
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