STUDENT EDUCATION LOAN

Now, students have started discussing about Education Loan.
Fall 2011 MS – MBA page is too long to add Student Loan details. So, use this page to discuss about

• Education Loan process
• Documents Required by Banks
• Interest Rates
• Bank Name
• Problems Faced (or problem given by banks)
• Time take for loan approval process
• Student Loan amount
• Payment plan

I got my student loan in SBI several years back. They make you walk to the bank several times. Every time we’re asked to bring new set of documents.
There was something like you have to pay some percentage and they will provide loan for some percentage. Its like if you want $5000 in demand raft from approved loan, SBI would give $4000 and we have to give $1000.
I still don’t understand that logic. But, I realized that processing fee, approval process is not the same across the same bank.
Of course bank manager has his own set of rules, most of the times, it against the students requesting the loan.
First day, you walk to the bank with I-20 and Admission letter. They will be friendly and that response is based on bank balance you have with them.
After completing all the application, when you go next day, they will ask for new set of documents. Then comes property evaluation, collateral, etc. It took over 25 days and several visits to the bank to get the loan approved.