Running short on funds to support your education abroad? Well, worry not because banks in India have designed various schemes to benefit students who wish to pursue higher studies in India as well as abroad. The Government of India has made it mandatory for banks to pass loans for education purposes now. To help students pursue their dreams of higher studies, Standard Chartered Bank launched the Standard Chartered Education Loan scheme. Its purpose is to ensure that no student is left behind from pursuing their goals. The Standard Chartered Education Loan aims to provide loans to students at minimal interest rates and maximum benefits to help them get closer to their dreams. In this blog, you will get to know in detail about Standard Chartered Education Loan.
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Standard Chartered Education Loan: Key Features
Standard Chartered Education Loan offers exciting rewards for those available for the education loan. Listed below are the key features of the Standard Chartered Education loan
- It offers attractive & competitive interest rates depending upon the amount of loan.
- The moratorium period extends up to a maximum of 3 years or course duration whichever is earlier.
- Standard Chartered provides a loan amount of minimum NPR 1 million and a maximum of up to NPR 10 million.
- In addition, an amount of NPR 0.5 Mil is provided to cover miscellaneous expenses (conditions apply).
- The tenure of the loan is from 1-10 years, which is repayable on an EMI basis after the moratorium period.
Eligibility for Standard Chartered Education Loan
Students who wish to apply for Standard Chartered Education Loan must meet the eligibility criteria that have been specified by Standard Chartered. Let’s have a look at the eligibility criteria given by the bank –
- Applicants must be Indian citizens.
- Applicants must have secured at least 50% in the last appeared exam for, XIIth or graduation.
- The maximum age must be 62 years (or retirement age whichever is earlier) at loan maturity.
- Applicants must have secured admission in India or abroad through a proper entrance test. Or the selection should have been merit-based selection.
- The loan is sanctioned by Standard Chartered in the name of the parents.
- Parents must show a reliable source of income for repayment of EMI.
- Applicants can pursue one of the degrees – Undergraduate, Postgraduate, Professional.
- Applicants must possess documents that show regular income is mandatory for the co-applicant.
Standard Chartered Bank has also listed a number of documents that applicants must possess while availing for education in India or abroad. The document requirements vary depending upon the status of the applicant and the disbursement schemes, however, we have listed the basic documents that applicants must have for applying for the education loan scheme-
- Recent Passport size Photograph of parents and student
- Offer/Acceptance Letter from College/University
- Copies of letter conferring scholarship, if any.
- Schedule of expenses for the course from College/University
- “No Objection Letter” from the Ministry of Education which is required in case of abroad study and at the time of remittance
- Land ownership document copy
- Transfer deed copy
- Copy of Citizenship –parent and student
- Relationship Certificate
- Marriage Certificate (where applicable)
- BluePrint of Land and building completion certificate from Municipality/VDC
- Land revenue Tax Receipt
- Income certifying document (Salary letter, Audited balance sheet, rental agreement, etc.)
- Firm/company registration and PAN in case of income from a business source.
Must Read: Documents Required for Education Loan
The Standard Chartered Education Loan is available for the following purposes:
- Fees payable to College/Hostel – This includes admission fee, tuition fee, examination fee, laboratory fee, library fee, etc.
- The amount required for the purchase of books, equipment, instruments required for the course, cost of passage, for studies abroad.
- It also covers the boarding and lodging expenses only for hostels recognized by the institutions.
- The loan is directly disbursed to the colleges, universities, and institutions as per the fee structure specified.
- The drawdown of the loan amount is specified in tranches as per the fee schedule over the course duration.
Also read our top searches: Education Loan Scheme by Narendra Modi
How to Avail the Standard Chartered Education Loan?
- For availing of the Standard Chartered Education Loan, applicants must make sure they know they have all the documents required and they know all the requisites beforehand.
- Applicants may go to their nearest bank branches to collect the application form.
- The complete application form must be submitted along with all the documents asked for.
- Once the form has been submitted successfully with all the documents, applicants must patiently wait for the verification process.
So, this was all about the Standard Chartered Education Loan. We hope that you must have found this blog useful and answered all your questions. Still, have doubts? Get in touch with Leverage Edu experts today and get your queries related to study abroad loans and finances sorted.