How to Get Education Loan for B.Tech?

How to Get Education Loan for B.Tech?: If you are one among those wondering just like how to apply for an education loan to study b.tech then this is the place. We have compiled all about engineering education loans like how to get one for your studies and what are the documents needed, eligibility criteria to obtain the loan. Without any further delay let’s get started and clear all your ambiguities regarding the Engineering Education Loans.

Engineering Education Loans

Education Loans are quite common among students to pay their expenses for the degree. Engineering Education Loan is also a kind of loan where students use it to pay for their B.tech degree. Banks provide these loans to students to fullfill their dreams at affordable interest rates.

Types of Education Loan for B.Tech Students

In general, Education Loans are of two types one is secured education loan and the other is unsecured education loan. Each of their characteristics or features are explained below. They are as beneath

• • Secured Education Loan: These loans are granted depending on the collateral security. Some of the acceptable collaterals include house, flat, fixed deposits, non-agricultural land with defined boundaries, Government bonds, term insurance policies, etc.

• Unsecured Education Loan: Unsecured Education Loans are offered to students on basis of their academic background, financial profile of the co-applicant. 

To know more about Non Collateral Education Loan for Abroad refer to our quick guides and learn how to apply for one.

Eligibility for Education Loan of Engineering Students

Applicant must meet the following eligibility criteria inorder to obtain education loan for B.Tech. All of the conditions are explained clearly for your idea and they are

• Applicant needs to fall within the age limit of 16-35 years and must be a resident of India.
• Candidate needs to get admission for the degree from the college/university that is approved by the UGC.
• Collateral security is insisted on the loan amount.
• A co-applicant is needed while you apply for a student loan. If you are married the co-applicant can be anyone be it your spouse, parent or legal guardian.

Documents Required for B.Tech Education Loan Facility

Below is the list of mandatory documents one needs to sumit inorder to obtain the Engineering Education Loan. We have jotted down the documents lists so that you can keep them handy with you. They are as follows

• Admission Letter
• Application form filled with photographs
• Detailed cost break-up of the engineering program
• Bank account statement of guarantor for the last six months
• IT Return of the Guarantor for the past six months
• PAN card and Aadhaar card
• Income proof from the parent or other co-borrower
• Assets and liabilities statement to be presented by the co-borrower
• KYC documents
• Academic documents including mark sheets and pass certificates

Features of B.Tech Education Loan

Engineerig is a popular course in India and getting education loan for it is quite easy. Some of the common features of engineering education loan is listed below.

• As Engineering is the most opted course getting education loan for it is pretty straightforward.
• Nationals with in India who come under age limit of 16-35 years can obtain the loan from any bank easily.
• Female students who obtain admission in college/university can avail interest rate benefits.
• You need to repay the loan after completing the course or after getting a job.
• Education loan covers expenses like exam fees, library fees, tuition charges, accommodation charges, admission costs, and other reasonable charges.

Expenses Covered in Education Loan

Financial institutions lend money to students to fulfill their dreams of pursuing higher education. Usually, these loans cover all the expenses students might need during their study period. Some of the common expenses the education loan for B.tech covers are listed below for your reference.

• Tuition fees
• Book expenses
• Living expenses
• Study aid like laptop
• Travel tickets
• Food expenses and many more

Top Education Loan Providers for B.Tech Admission

Some of the top bankers or financial institutions that offer education loan for B.Tech Admission are given below for your knowledge. They are along the lines

• Avanse
• InCred
• Axis Bank
• ICICI Bank
• IDBI Bank
• Bank of Baroda
• HDFC Credila

How to Apply for B.Tech Education Loan?

Applying B.Tech Education Loan is no longer tedious. We have listed very single step you need to know right from applying to loan disbursement here. They are as beneath

• Firstly, refer to the eligibility criteria requirements of the loan and make sure if you meet it or not.
• Later, decide on the bank you want to apply the loan for and fillup the application form.
• Submit the required documents after filling the application form.
• Banks will assess the documents, application form and decide on whether to disburse the loan amount or not. It might take some time for the banks to verify the application form.

Benefits of Education Loan for B.Tech

Some of the key benefits of availing an education loan is given as under. They are along the lines

• Applicable for all: Education loans can be taken by anyone irrespective of the classes. Economically backward classes students can also take these loans and can even get subsidy in the interest rates they pay.

• Easily Applicable: You can take these education loans to studypost-graduation, vocational, diploma courses anywhere in India.

• Varied Loan Amounts: Loan amount depends on the course you have applied and it can differ somewhere between 2- 22 Lakhs.

• Easy Repayments: As the loan repayment begins after course completion or 6 months after joining after getting the job it is easy for both parents and students.

FAQs on Engineering Education Loan for Students

1. Can I apply Education Loan to study in Private Colleges?

Yes, you can apply education loan to study in private colleges/universities.

2. Can I get interest free education loans?

No, you can’t avail interest free education loans.

3. Do I need to maintain good credit score inorder to avail Education Loan?

Yes, you need to maintain a good credit score inorder to avail Education Loan.

4. What is the repayment period in B.Tech Education Loan?

The repayment period in B.Tech Education Loan begins once after your course completes or you get a job.

5. What expenses are covered in Engineering Education Loan?

Engineering Education Loan covers the expenses like expenses like exam fees, library fees, tuition charges, accommodation charges, admission costs, and other reasonable charges.

Wrapping Up

We hope e have shed some knowledge on the concept of how to get education loan for b.tech. If you still have any questions unanswered feel free to write us via comment section and our team will guide you. Stay connected with us to know more about applying education loans for abroad studies, and a lot more all in one place here.

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