Scholar Loans

Banks are are coming out with innovative loans products to cater emerging segment of customers. One such loans product is 'Scholar Loans'. This loan is provided by banks to students on the basis of their academic performance/merit. Students enrolled in top engineering/ medical/B schools are eligible to apply for such loans.

Maximum Loan offered by Banks for Scholar Loans:

The amount of loans provided varies in different banks. It can range from Rs. 2 lakh to Rs.15 lakhs. The loan can be repaid by Equated Monthly Instalments or EMI.

Interest Charged by Bank on Scholar Loans:

The interest on scholar loan varies from bank to bank and also the prevailing market rate. The rate of interest can increase or decrease with respect to the amount of loans required.

Process of Scholar Loans Application:

Scholar loans forms are available at bank premises. Online forms are also available for ease of the clients. Generally no processing fee is charged. A deposit can however required sometimes, which is adjusted later on.

Documents Required for Scholar Loans:

• - Completed Education Loans Application Form
• - Original mark sheets of last qualifying examination
• - Proof of admission scholarship, studentship etc
• - Prospectus of the institute containing schedule of expenses for the specified course
• - Passport size photographs
• - Borrower's Bank account statement for the last six months
• - In case the borrower in an income tax payee, Income tax assessment order, of last 2 years
• - Brief statement of assets and liabilities, of the Co-borrower , if any
• - Proof of Income (i.e. Salary slips/ Form 16 etc) , if any

List of Some of Banks Offering Scholar Loans:

Bank of Baroda - Baroda Scholar

*Terms and conditions may vary from bank to bank.