As you consider pursuing higher education, do not let money stop you. Lack of financial assistance/resources should not stop you from achieving your dreams to take up higher education. To help you pursue higher education despite financial problems, ICoFP has tied-up with Central Bank of India from where you can avail education loans.
Loan Application Process
With the help of ICoFP career advisors, the process of obtaining the loan is quick and easy. To secure an education loan , you can refer to the followng step-by-step guide:
To avail student loan, satisfying the eligibility criteria of the bank is a prerequisite. You are eligible to obtain an education loan from Central Bank of India, if:
- You are an Indian National.
- You have secured admission to professional courses/program through entrance test/selection process.
- The age of joint applicant / co-borrower / guarantor should be minimum 21 years at the time of loan origination and maximum age at the time of loan maturity can be 70 years.
Checklist of documents required at time of loan application:-
- One Photo.
- Residence proof like Driving license, passport, Voter ID etc.
- PAN Card copy.
- Income Tax return of last two years (in case of self-employed/working professional)
OR INCOME PROOF CERTIFICATE from Tehsildar of the area (in case of Workers,Farmers etc.)
- Bank account statement of last one year.
- Candidate’s education qualification record, Xth, XIIth & Graduation marksheets.
- ICoFP Admission letter.
- Xerox of Loan approval letter for ICoFP Courses
Please note the following For loan cases above Rs.4 lacs till Rs.7.5 Lacs :- A Third party guarantee is required from the side of borrower (Which doesn’t include any collateral security) which means any friend/relative can give this guarantee by signing in borrower’s loan application form & providing photocopy of his/her property registry deed or copy of property tax receipt. Also if parents have any property in their name for which they could provide proof then bank can do it without third party guarantee.