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This forum is to help India understand their education loan better with expert advice.

  • Confused which bank is good for education loan?
  • Confused whether to get education loan at all or not?
  • Confused whether collateral and co-applicant is important?

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Can I get an education loan to continue my MBBS in the Philippines at Visayas University (UV Gullas)? I have already completed one and a half years.
Asked By
Hadiba Almas S

Yes, you can apply for an education loan to continue your MBBS at Visayas University in the Philippines. Most banks offer loans for continuing education as long as you are enrolled in a recognized institution. You will need to provide updated admission records, fee structures, and co-applicant financial details. Some banks may require collateral if the loan amount exceeds 7.5 lakhs. Check with your bank to confirm loan eligibility and the specific documentation needed for continuing studies.

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शिक्षा के लिए लोन कितने दिनों में मिल सकता है, और प्रक्रिया क्या है? क्या इसमें कोई विशेष शर्तें होती हैं?
Asked By
Ps mehta

शिक्षा लोन मिलने की प्रक्रिया बैंक के आधार पर अलग-अलग हो सकती है, लेकिन सामान्यतः 15 से 30 दिनों का समय लग सकता है। इसके लिए आपको पहले आवेदन पत्र भरना होगा जिसमें आपकी व्यक्तिगत और शैक्षिक जानकारी होगी। दस्तावेज़ जैसे कि प्रवेश पत्र, फीस संरचना, सह-अर्जक की वित्तीय जानकारी, और आपके पिछले शैक्षिक प्रमाणपत्रों की आवश्यकता होती है। 7.5 लाख तक के लोन के लिए संपत्ति की आवश्यकता नहीं होती, लेकिन इससे अधिक के लिए संपत्ति गिरवी रखनी पड़ सकती है। ब्याज दर और सब्सिडी के विकल्प बैंक के अनुसार भिन्न हो सकते हैं।

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I received an offer letter from France, but most banks have rejected my education loan application and haven't provided a proper response. What should I do?
Asked By
Rahul Jangir

If most banks have rejected your education loan application after receiving an offer letter from France, you can try the following options:Reach out to smaller banks or non-banking financial companies (NBFCs), which might have more flexible policies.Apply for a government-backed loan scheme, such as the Vidya Lakshmi Portal.If your loan application was rejected due to a low credit score, work on improving your score by clearing any existing debts or finding a co-applicant with a strong financial background.Reapply after addressing any issues highlighted in the rejection.

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Do I need an offer letter to apply for a loan to study abroad? I am planning to pursue a diploma course in Germany.
Asked By
Nuhaim Manhabrakam Mohamed

Yes, you will need an offer letter to apply for an education loan for a diploma course in Germany. Banks typically require proof of admission from a recognized institution before they approve the loan. Along with the offer letter, you will need to provide a detailed fee structure, co-applicant financial documents, and any collateral if the loan amount exceeds 7.5 lakhs. Once you have secured admission, you can compare loan offers from various banks to find the best interest rates and repayment terms.

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