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Monday, August 30, 2010
Education Loan Process
Direction to use
· Payment of Registration Amount at IIBS
· Issuance of Bank Loan Manual from the Admission Department.
· Collection of required document for the procedure of education Loan [Call letter, Selection Letter, Loan Document etc.,] Refer th column below-'Documents to be finished'.
· Screening of the Sanctioned Education Loan from the Manual for analog our Banks and Stats.
· Visit your respective Bank for the information and applying for the Education Loan.
· After getting the Loan Sanctioned, deposit the original Loan Approval letter and Fee Demand Draft in the admission Department of IIBS.
· Receive the original Fee Receipt with loan Acknowledgment Letter from the College.
Document to be furnished
· Passport size photograph
· Proof of Address [Permanent]/ID proof/Voter ID card/ PAN Card.
· Proof of Age/Passing Certificate of 10th Standard.
· Proof of having secured passed mark in last qualifying examination [Mark sheet].
· Admission Letter of professional or technical courses.
· Prospectus of the course wherein charges like Admission Fee, Examination Fee, Hostel Charges etc, are mentioned.
· Detail of assets & Liabilities of parents.
· Loan up to ₹4.00Lacs- No security is required. In case loan amount is above ₹4.00 Lacs:
o Particulars of Guarantors and detail of their assets & Liabilities.
o If immovable property offered as Collateral Security- Copy of title Deed, Valuation Certificate and Non-encumbrance Certificate from approved Lawyer of the bank.
o Collateral in the form of a suitable 3rd party guarantee. The bank may, at its discretion waive 3rd party guarantee if satisfied with the net-worth/means of parent who would be executing the document as ‘Joint borrower’
· Any other document/Information, depending upon the case and purpose of the loan.
NOTE: All these details may vary according to the bank and amount of loan requirement. Students are requested to attain the appropriate information from the respective bank.
Student Loans - Understanding the Types of Student Loans
Are you looking for a way to finance your college education? You may want to consider student loans. There are many types of student loans out there. The key to finding the loan for you is knowing about these loans.
For example, did you know that the types of graduate student loans are different than those for undergraduates? If not, then keep reading!
Types of Student Loans
The first place to start when looking for education loans is to understand the types of student loans. They fall into three main categories, federal loans, private loans, and consolidation loans
Federal Loans
Federal loans are usually the first type of loans that students think of. These are the Stafford Loans, Perkins Loans, and PLUS loans. Each of these loans are subsidized by the government, but actually taken out through financial institutions that are not related to the government.
Stafford and Perkins loans are the most commonly applied for loans for undergraduates. They are usually considered to give applicants fairly low interest rates on student loans. The interest on student loans is set by the government and is controlled by the current economy. The Stafford loan currently has a 6.9% interest rate, and the Perkins loan is lower, at 5%. The Perkins loan is one of the types of graduate student loans that are out there, but you must be able to show that you have significant financial need to qualify.
PLUS loans for students are designed for graduate students who cannot apply for any other type of financial aid because they have used their options completely.
Private Loans
Private student loans are those offered by private institutions, such as a company or a school. Often students who do not qualify for federal aid can get a loan through a private program. A common type of private loan is a work study program for students, especially grad students. This gives the student a low interest rate on the loan in return for working for the college, university, or company.
Since private loans are offered by many different institutions, it is hard to say what the interest rate is on each loan. The best tip to finding a fair loan rate on a private loan is to advise you to shop around for the lowest interest rate on private student loans that you qualify for. This is probably going to be the best loan for you!
For example, did you know that the types of graduate student loans are different than those for undergraduates? If not, then keep reading!
Types of Student Loans
The first place to start when looking for education loans is to understand the types of student loans. They fall into three main categories, federal loans, private loans, and consolidation loans
Federal Loans
Federal loans are usually the first type of loans that students think of. These are the Stafford Loans, Perkins Loans, and PLUS loans. Each of these loans are subsidized by the government, but actually taken out through financial institutions that are not related to the government.
Stafford and Perkins loans are the most commonly applied for loans for undergraduates. They are usually considered to give applicants fairly low interest rates on student loans. The interest on student loans is set by the government and is controlled by the current economy. The Stafford loan currently has a 6.9% interest rate, and the Perkins loan is lower, at 5%. The Perkins loan is one of the types of graduate student loans that are out there, but you must be able to show that you have significant financial need to qualify.
PLUS loans for students are designed for graduate students who cannot apply for any other type of financial aid because they have used their options completely.
Private Loans
Private student loans are those offered by private institutions, such as a company or a school. Often students who do not qualify for federal aid can get a loan through a private program. A common type of private loan is a work study program for students, especially grad students. This gives the student a low interest rate on the loan in return for working for the college, university, or company.
Since private loans are offered by many different institutions, it is hard to say what the interest rate is on each loan. The best tip to finding a fair loan rate on a private loan is to advise you to shop around for the lowest interest rate on private student loans that you qualify for. This is probably going to be the best loan for you!
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