Introduction
There is no hidden fact that India has a huge number of students pursuing engineering as a career option as well as has the largest number of educational and infrastructural facilities for engineering students in the world. Few such institutes include IIT’s, NIT’s and many more where engineering students are provided with invaluable study experience and technical education infrastructure. Admissions to any of these institutes required a high level of dedication as well as sufficient funds in order to be eligible for one.
Most of the students self-fund their education by liquidating all their valuable assets. Instead of that, they can avail the option of funding their studies by taking an education loan for engineering.
This article aims to educate students on the types of education loan for engineering students in India and how you can apply for the same.
Let’s start with the types of education loans for engineering students.
Types of Education Loan for BTech students
There are generally two types of education loan for BTech students in India which includes:
- Secured education loan: Secured education loans are granted on the basis of collateral security where a student is required to pledge a collateral with the respective lender. Few such acceptable collateral includes house, flat, non-agricultural land with defined boundaries, fixed deposits, term insurance policies, Government bonds etc.
- Unsecured education loan: Unsecured education loans are granted on a student's past educational records and their co-applicant’s financial profile where students are not required to pledge any collateral. The prime factor depends on the eligibility parameters set by the financial institutions.
These are the two types of education loans in India. If you happen to look for engineering student loans in India, then connect with our team at Vidyaloans. We help students to bag in unsecured education loans upto 7.5 lakhs from Governemnt banks to fund their higher studies.
Eligibility criteria for BTech education loan
Eligibility criteria set for BTech education loan is one of the prime requirements that a student is required to fulfill in order to be eligible for an education loan.
- The applicant must be a resident of India
- The applicant must have a deemed admission letter from a recognized university which is associated by UGC/AICTE/Government etc.
- The age of the applicant must be in the range of 18-35 years
- The applicant for an education loan is willing to pursue a full-time course.
These are a few criteria set by the banks. This may differ from bank to bank. Therefore to know the latest eligibility set by the banks, connect with our team at Vidyaloans as they will be able to help you out. We guide you through the entire education loan process as well as will help you fill in all the required details on Vidyalakshmi Portal. So, connect with our team today.
To know further, read this article - Education Loan Eligibility Criteria
Documents required for BTech education loan
There are a few documents required for BTech education loan which is mandatory in order to avail an education loan. Few such documents which are required by the students are:
- Duly filled and signed loan application form with affixed photographs
- 2 colored passport size photographs
- Identity proof like Voter ID card, Driving License,PAN Card etc (Any one)
- Residence proof
- Academic Records
- Proof of admission i.e. copy of offer letter or admission letter of the Institute along with the statement of cost of study
Few documents which are required by the co-applicant are:
- 2 colored passport size photographs
- Identity proof
- Residence proof
- Salary Slip of last 3 months or Salary Certificate (if salaried)
- Copy of Form 16 and Last 2 year’s IT returns acknowledged by IT Dept (if salaried)
- Last 6 months of bank account statement of their salary account (if salaried)
- Business proof (if Self-employed)
- Last 2 year’s IT returns, acknowledged by IT Dept (if Self-employed)
- TDS Certificate (Form 16A, if applicable)
- Certificate of qualification (for professionals like C.A./ Doctor, etc)
- Last 6 months of bank account statement
These are some of the mandatory documents which are required to be produced by the applicant and the co-applicant in order to avail an education loan for engineering studies.
As mentioned, getting the right document is a significant aspect of an education loan process, but there are other documents like state specific documents which are asked by the bank managers at the last minute. This may delay your application process and may also lead to rejection of the same. To avoid such a situation, get in touch with our team today at Vidyaloans. Our processing officers will provide you with the latest checklist of documents where you will sufficient time to collect all the documents and submit accordingly. We ensure a hassle-free process throughout your education loan procedure. So, get in touch with our team to know further details.
What expenses are covered under engineering student loans?
Education loan is a support system for students where financial institutions lend money to the student to finish his/her higher education. So, an education loan will cover all the expenses that a student is likely to incur during his/her study period. The expenses covered under engineering student loans include:
- Tuition fees
- Living expenses
- Book expenses
- Living expenses
- Travel tickets
- Study aid like laptop
- Food expenses and many more
Few times bank managers fail to include this while providing an education loan. This creates a lot of trouble for the students as well as the parents. Therefore to avoid such a situation, connect with our team at Vidyaloans as they will guide you through the entire education loan process. Get in touch to start your education loan process today.
How Vidyaloans help students to get an education loan for engineering?
VidyaLoans is an organization which helps Indian students secure a non-collateral loan from Government banks of up to 7.5 Lakhs. We have a dedicated team of professionals who assist students with queries and guide them throughout the loan process. Our Team at Vidyaloans is committed to sanction the best loan option suiting the applicant's profile and needs, in a stipulated time frame.
Reasons to process via Vidyaloans are:
- Close check on your application status: Our team at Vidyaloans shares a professional affinity with sanctioning officers and manages to keep a close check on your loan application status. Not all banks can promise you to update with the latest information, but Vidyaloans do. So choose wisely.
- Faster processing of loans: There is no hidden fact that Government banks are known for the slow processing of loans. They take almost 1-2 months to process the loans whereas through VidyaLoans we make it possible in 12 to 15 days.
- Professional assistance throughout the loan process: When students directly apply to Government banks, most of them are not guided properly but our team at VidyaLoans will help you throughout the loan process and will clear all the doubts a student may have during their education loan process. Your processing officer will also fill in all the required details in the Vidyalakshmi portal accurately.
About the organization: VidyaLoans is an organization which helps Indian students in India to secure a non-collateral loan from Government banks up to 7.5 Lakhs. We have a dedicated team of professionals who assist students with queries and guide them throughout the loan process. Our Team at Vidyaloans is committed to sanction the best loan option suiting the applicant's profile and needs, in a stipulated time frame.