Education Loan for MBA

Education Loan Education Loan @ 9.33%*

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Why Education Loan

  • Education loan for Meritorious and Deserving students.
  • For students in India: Loan amount from 4 Lakhs to 10 Lakhs.
  • For students who wish to study abroad: Loan amount from 4 Lakhs to 20 Lakhs.
  • Best in class Interest Rate.
  • Education Loan for Degree/ Diploma courses.
  • Minimal documentation and Quick Approval.
  • Door Step Services.

Education Loan Eligibility

Graduation, Post-graduation including technical / professional courses with employment potential conducted by colleges / Universities approved by UGC / Govt./AICTE/Department of Electronics / IMC, autonomous institutions like IIT,IIM etc. are the eligible courses in India and Job oriented, technical / professional courses- (graduation / post graduation) are the eligible courses to study abroad in Education Loan.

  • Need based finance is permitted within a maximum of Rs.7.50 lakhs for inland study and Rs.15 lakhs for study abroad.
  • Institutions offering courses should have approval of Central Govt. & State Govt./University affiliation/Autonomous Institutes/AICTE/DOEACC.

Education Loan Documents


Documentation

 Documents Required

Following are the supporting documents needed to apply for education loan:

1. Fully Completed and Signed Application Form

To Download Loan Application Form in PDF Format.

2. Two Passport Size Photos - Applicant and Co-Applicant

One set to be pasted on the Application Form and second set to be affixed (stapled) to the Application Form

3. Photo ID - Applicant and Co-Applicant (Any one of the following)

PAN Card
Passport
Driving License
Voters ID
Employee ID
Photo ID issued by the Central Govt. or State Govt.
Bankers Verification/ Bank Passbook with the photograph of account holder attested by bank

4. Residence Proof - Applicant and Co-Applicant (Any one of the following)

Passport With Address
Bank Statement With Address
Driver's License with Address
Utility Bill (Not older than 3 months)
Telephone Bill (Not older than 3 months)
Ration card
Latest LIC Premium Receipt (Not older than 3 months
Leave and License Agreement supported with an address proof/utility bill in the name of the landlord
Voter's ID card

5. Academic Documents of Student

Mark sheet/Certificate of 12th Exam
Mark sheet/Certificate of Subsequent Years of Education e.g. BE, BCom, BSc, etc.
Marksheet of Any Entrance Exam Taken e.g. CAT, CET, etc. (If applicable)
GRE/GMAT/TOFEL/LETS, etc Marksheets For US Applicant
Scholarship Documents (if applicable)

6. Proof Of Admission (If available)

Printed Admission Letter From the Institute on its Letterhead With Institute's Address
I-20 Form for the USA Applicant

7. Last 8 Months Bank Statements of Co-Applicant (If more than one bank account, provide copies of all) Make sure to include the bank statements of the Bank Account where Salary or Business/ Professional receipts are credited every month.

8. Income Proof of Co-Applicant

In case of Salaried Employee (All the following)
Latest 3 Salary Slips or Salary Certificate on Employer's Letterhead
Last 2 year's Form 16 from Employer or Last 2 Year's Income Tax Returns
Any Other Income Proof That is Not Reflected in the Above Documents
In case of Self Employed or Professional (All the following)
Last 2 Year's Income Tax Returns
Last 2 Year's Certified Financial Statements or Provisional Financial Statements Duly Certified by CA
Proof Of Office (any one of the following, Lease Deed, Utility Bill, Title Deed, etc.)
Any Other Income Proof That is Not Reflected in the Above Documents

9. If, Collateral - Immovable Property (Flat, House, Non-Agriculture Land) (All the Relevant Documents from the Following List)

Registered Sale Agreement Along With Society Share Certificate
Original Registration receipt for the above agreement
Allotment Letter By Municipal Corporation / Authorized Govt. Authority Like MHADA, CIDCO, etc.
Commencement Certificate from Municipal Corporation/Council
Previous Chain of Sale Deed establishing title
Any other document as prescribed by our impaneled lawyers or chartered engineers from time to time

10. All the copies of the above provided documents should be self-attested

Note: Other than original completed application form, Please DO NOT provide any original supporting documents to us at the time of applying for a loan.

 

Education Loan Eligibility

Eligibility Criteria

Check Your Eligibility Criteria Here:

  • Borrower must be an Indian citizen
  • Co-borrower(s) must be an Indian citizen
  • Borrower must be 18 years of age or older
  • Co-borrower(s) must have a bank account in any bank in India with cheque writing facilities
  • Confirmed admission in the colleges before disbursement
  • Borrower and Co-borrower(s) to meet Credila's credit and underwriting norms as applicable from time to time

 

Co-Borrower Requirements

  • It is mandatory to bring in an earning co-borrower(s) based in India to support the Education Loan application.
  • Co-borrower(s) may be any of the following relatives, viz Father / Mother / Brother / Sister (married) /Spouse, where such co-borrower's income would be considered in determining the loan eligibility per Credila's credit and underwriting norms;
  • Co-borrower's liability is co extensive with the Student;
  • Co-borrower(s) to provide documentary proof to establish their relationship with the student, to the satisfaction of Credila;

In case the collateral to be provided is not provided by one of the above relatives, then the collateral could be provided by one of the following relatives provided they are brought into the arrangement as Co-borrower(s) viz: Father-in-law; Mother-in-law; Sister-in-law; Brother-in-law; Maternal or Paternal Uncle or Aunt, Grandparents & First Cousins

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