Education Loans in Jharkhand

When applying for a student education loan in Mumbai, lenders require specific documents, including:

Section 1: Application form & Photograph

• Submit the completed education loan application form. A hard copy of the loan application form filled out online on the WeMakeScholars website is also acceptable.
• Provide 2 passport-sized photographs of the applicant.

Section 2: Basic documents of applicant, co-applicant, and/or guarantor

• Identification proof
  • Aadhaar card
  • PAN Card
  • Passport, if the applicant is studying abroad
• Proof of residence (if the permanent and present addresses are the same, then the student must provide 2 different documents)
  • Electricity Bill
  • Aadhaar card
  • Telephone Bill
  • Bank passbook statement
  • Voter ID Card
  • Ration card
• Co-applicant documents
  • If salaried, provide a bank statement for the last 6 months
  • If self-employed, provide business transactions of the last 1 year
  • Asset and Liability statements approved by the bank employees

Section 3: Academic documents of the applicant

• Proof of admission in an eligible course
• Fees structure as provided by the university with payment deadlines
• Scorecard of GMAT/ IELTS/ GRE
• School and college mark sheets from class 10th along with certificates

Section 4: Financial co-applicant's income proof documents

• If salaried:
  • The last 2 years' details of Form 16
  • Salary slips of last 3 months
  • Applicant’s office ID card
  • Last 2 years ITRs
• If self-employed:
  • Last 3 years ITRs
  • Profit and loss statement in the balance sheet of the last 3 years
  • Business address proof

Section 5: Other Documents

• Co-applicants declaring that all other expenses will be taken care of by them
• Joint affidavit in the bank’s standard format from the student and co-applicants side

Section 6: Additional documents (if applicable)

• Payment receipts made in the name of the university
• Statement of any pending loans in the last 1 year
• Gap certificate on Rs 100 stamp paper explaining the reason for the break in academics

Additional Documents for Secured Loans for Jharkhand

• Allotment letter from a government authority such as JIADA (Jharkhand Industrial Area Development Authority) 
• Property’s title deed to be used as collateral for education loan
• Copy of plot layout for the property or municipality-approved building plan.  
• Registered will, sale agreement, or gift deed 
• Receipt of the above-mentioned agreement
• Latest electricity bill and property tax bill of the property
• Transfer of ownership of the property documents of the past 30 years or an earlier chain of ownership and sales deed, including controlled document (EC)

The lender banks in Jharkhand are particular about documents that are required to start the loan process. So to get the complete detailed documents checklist, request a callback from your financial officer at WeMakeScholars, who will analyze your loan profile and give you the checklist of documents.

Acceptable collaterals in Jharkhand for education loans

Acceptable collaterals for education loans in Jharkhand include:

• Properties: Residential houses and flats are acceptable as collateral to get education loans
• Non-Agricultural Lands: Non-agricultural land with proper boundary demarcation is acceptable as collateral
• Agricultural lands: They are allowed to be pledged as collateral in most cases. 
• Fixed Deposits, LIC Policies, and Government Bonds: These liquid securities are also acceptable as collaterals for education loans in Jharkhand.
• Note: Tribal properties are not accepted

This section provides details of an example of an education loan repayment schedule for a student who borrowed 40 Lakhs at an interest rate of 10.5% in Jharkhand, India, to study in Canada. If you are looking at the monthly installments and breaking them down into EMI, interest, and principal components, you can get a glimpse of how your loan works. It is advisable to use the above information to plan financially. You can also use the WeMakeScholars Education Loan EMI calculator, where you can find a repayment plan based on your loan details.

Your loan details may be different, still to check your repayment schedule use the WeMakeScholars Education Loan EMI calculator for quick and accurate results

Goa students who go for higher education can avail of various government subsidy-linked schemes that bring down the interest component of education loans. This section gives details of major schemes that are as follows: Dr. Ambedkar Central Sector Scheme of Interest Subsidy which assists students from specific socio-economic backgrounds pursuing postgraduate studies in foreign countries. The Padho Pardesh Scheme provides interest subvention to the minority students belonging to the economically weaker sections for foreign education. Further, the Central Government Interest Subsidy Scheme (CSIS) offers some kind of financial help to disadvantaged students. This knowledge is useful to a student as it assists him or her in making the right financial decisions about his or her education. KEep reading to know more.

Central Government Interest Subsidy Scheme

The Central Government Interest Subsidy Scheme (CSIS) is a program introduced and governed by the Indian government that offers eligible students an interest discount on education loans up to 7.5 lacs. However, the overall loan amount can exceed 7.5 lacs.

Eligibility criteria for CSIS include:

• Only Indian students are eligible
• Only for Indian study-abroad programs
• Students must come from a socioeconomically disadvantaged group with a family income of under 4.5 lacs.

Padho Pardesh Scheme

The Padho Pardesh Scheme is another program that offers qualifying students from India's designated minority communities who are members of the EWS an education loan interest subsidy for up to 7.5 lacs for their international studies. However, the loan amount might be greater than that.

Eligibility criteria for Padho Pardesh Scheme include:

• Only Indian students are eligible
• Only for international study programs
• The family's combined total income of the student cannot exceed Rs 6 LPA.

Note: Students will continue to receive subsidy benefits if they applied for interest subsidy benefits under this scheme before April 1, 2022. Due to the government's decision to end this program on March 31, 2022.

Dr. Ambedkar Central Sector Scheme of Interest Subsidy

The Dr. Ambedkar Central Sector Scheme of Interest Subsidy offers eligible students no interest to be paid on education loans up to 7.5 lacs.

Eligibility criteria for Dr. Ambedkar interest subsidy scheme include:

• A Cast certificate is mandatory
• The family income of the applicant should be less than Rs 8 lacs per annum
• An income certificate will be required
• Students must have taken admission abroad in Masters, MPhil or PhD