Education loan for NIT

With the increasing cost of education, it has become imperative for students to seek financial assistance. National Institute of Technology (NIT) offers top-quality education to students aspiring to make a career in the field of engineering and technology.

However, the high cost of education often poses a challenge for many students. To make education accessible to all, education loans have become a popular option. In this article, we will delve into the concept of education loans and how they can help students of NIT in funding their education. We will discuss the different types of education loans available, eligibility criteria, and the process of applying for an education loan.

Education loans have become a crucial aspect for students who aspire to pursue higher education. National Institute of Technology (NIT) is one of the top engineering colleges in India and attracts students from all over the country.Let’s take a look at the top education loan schemes for NIT students: 

SBI Scholar Education Loan Scheme for NITs

National Institute of Technology (NIT) is one of the leading engineering colleges in India, and many students aspire to study here. State Bank of India (SBI) offers the SBI Scholar Education Loan Scheme, a scheme specially designed for students of top institutes such as  NITs.

Baroda Education Loan for Premier Institutions

Baroda Education Loan for premier institutions is a loan scheme specially designed for students seeking education in National Institutes of Technology (NITs) across India.The loan amount ranges from INR 50,000 to INR 80 lacs, depending on the course and education institution. The interest rate on the loan is 8.85% per annum, which is subject to change based on the bank's policy.  

Union Bank of India Education Loan for NITs

Union Bank of India offers an education loan for students enrolled in National Institutes of Technology (NITs). The loan amount ranges from INR 50,000 to INR 1 Cr, depending on the course and education institution. The interest rate on the loan is 9.55% per annum, which is subject to change based on the bank's policy.  

HDFC Bank Education Loan for NITs

HDFC Bank provides education loans to students who are enrolled in National Institutes of Technology (NITs). The loan amount offered by HDFC Bank ranges from INR 50,000 to INR 1.5 Cr, depending on the course and educational institution. The interest rate on the loan is in the range of 9% to 14% per annum.

Canara Bank Vidya Turant Education Loan Scheme for NITs

Canara Bank offers an education loan scheme called "Vidya Turant" for students enrolled in the National Institutes of Technology (NITs). The loan amount offered under this scheme ranges from INR 50,000 to INR 1 Cr, depending on the course and educational institution. The interest rate on the loan is in the range of 9.15% to 9.75% per annum, which is subject to change based on the bank's policy.

National Institutes of Technology (NITs) are among the premier technical institutes in India, offering undergraduate, postgraduate, and PhD programs in various branches of engineering and science. Some of the top courses offered by NITs are:

B.Tech: This course is one of the most popular and in-demand courses in NITs. The course fee ranges from INR 70,000 to INR 2 Lakhs per annum. 

M.Tech: This course is a postgraduate level program in computer science and engineering. The course fee ranges from INR 1.5 Lakhs to INR 3 Lakhs per annum.

MBA: Master of Business Administration is a postgraduate level program in management. The course fee ranges from INR 1 Lakh to INR 4 Lakhs per annum.

M.Sc.(Tech):  This is a postgraduate level program in physics,chemistry, and other technical subjects course fee ranges from INR 50,000 to INR 1 Lakh per annum.

MCA: Master of Computer Applications is a postgraduate level program in computer applications. The course fee ranges from INR 70,000 to INR 2 Lakhs per annum. 

Eligibility:  Students should’ve passed the JEE MAINS cutt-off and  must have passed 10+2 with Physics, Chemistry, and Mathematics as mandatory subjects with a minimum of 60% marks.

Section 1: Application and Photographs

• It is required to submit an education loan application form that is fully completed, along with two passport-sized photos. Forms filled out online via the WeMakeScholars website can also be submitted in hard copy form.

Section 2: Applicant and Guarantor Information

• Identification Proof:
  • PAN card
  • Aadhar card
• Address Proof (If the current and permanent address are the same, two different proofs of residency are required.):
  • Ration card
  • Electricity bill
  • Voter ID card
  • Telephone bill
  • Aadhaar card
  • Bank passbook statement
• Co-Applicant Documents:
  • For a salaried co-applicant, the last 6 months of bank statements must be submitted.
  • For a self-employed co-applicant, the business transactions from the past year must be provided.

Asset and Liabilities Statement approved by bank employees.

Section 3: Student's Academic Documents

• Proof of admission to an eligible university or course
• Written total course fee with payment deadlines
• Proof of passing IELTS/GRE/GMAT or relevant examination
• Academic transcripts of class 10th, 12th and bachelor's degree

Section 4: Co-Applicant's Income Proof

• If Salaried:
  • Last 3 months' salary slips
  • The last 2 years' ITRs
  • Last 2 years' Form 16 details
  • Applicant's office ID card
• If Self-employed:
  • The last 3 years Income Tax Returns
  • Last 3 years' balance sheet with profit and loss statements
  • Proof of business address 

Section 5: Other Documents

• A co-borrower must submit a declaration regarding their responsibility for expenses not covered by the education loan.
• A joint affidavit in the prescribed format from both the student and co-applicant must also be submitted to the bank.

Section 6: Additional Documents (if applicable)

• Receipts for payments made to the university must be submitted.
• A statement of a pending loan from the past year is required.
• A student gap certificate on a 100 Rupee stamp paper, explaining the reason for any academic gap, must also be submitted

To apply for an education loan through WeMakeScholars using digital means, follow these steps:

Step 1: You can request a call back on the website or fill out the loan form to register your loan application request.

Step 2: Once you receive the call back, provide your loan details. Your financial officer will assess your profile and log your loan file.

Step 3: Obtain the document checklist from your financial officer and organize your documents according to the checklist.

Step 4: Upload your documents on the WeMakeScholars Document Portal or submit them to the bank to initiate the loan processing from the bank's side.

Step 5: Go to the bank to complete the document formalities and pick up your loan approval letter after 2-4 days of submitting the documents if you are using private banks or NBFCs, and within 15-20 days if you are using public banks.

WeMakeScholars offers multiple benefits when the loan application is processed through us, such benefits are: 

• Free of Charges - The services offered by WeMakeScholars are free of cost and WeMakeScholars is funded by the government of India, Ministry of IT, under the Digital India Campaign.
• Reduced Rate of Interest - WeMakeScholars partners with multiple public and private banks in India, allowing students to receive reduced interest rates (a 0.5-2% discount) when obtaining an education loan through us.
• Professional Guidance -  A financial officer from our organization  will provide expert guidance and match the student with the best lender, and provide support throughout the loan process.
• Less Processing time - Compared to the typical 1-2 month processing time at banks, WeMakeScholars can speed up loan processing time to 15-20 days with public banks and 5-7 days with private banks or non-banking financial companies (NBFCs).
• Digitized loan processing - Applying for an education loan can be done easily and online from any location through WeMakeScholars
• End-to-end assistance-  A financial officer will offer ongoing support for post-approval issues and guarantee a seamless loan disbursement.
• Cashback - Upon loan disbursement, learners have the potential to receive a cash rebate of a maximum of Rs 3000.