Education loan

The Educational Loan Scheme aims at providing financial support from the banking system to deserving/meritorious students for pursuing higher education in India and abroad. The scheme was announced in the Union Budget for 2001-2002 and discussed in the meeting the Finance Minister had with the Chief Executives of banks on 7 April 2001. The Government of India, Ministry of Finance, Department of Economic Affairs [Banking Division] has considered and decided to accept the Model Scheme prepared by Indian Banks Associatioin for implementation, subject to the following modifications :

  • The condition of minimum qualifying marks in the last examination may be dropped.
  • No margin may be insisted upon for loans upto Rs. 4 lakh. However, for loans of higher amounts, the margin requirement may be 5% for inland studies and 15% for studies abroad.
  • No security may be insisted upon for loans upto Rs. 4 lakh. However, for loans above this amount, collateral security of suitable value or co-obligation of parents/guardians/third party alongwith the assignment of future income of the student for payment of instalments may be obtained.
  • Loans upto Rs. 4 lakh may be advanced at interest rate not exceeding Prime Lending Rate of the bank. Above Rs. 4 lakh, the interest rate may be Prime Lending Rate + 1%.

Assistance of financing your Education:

At Alpha 9 Marine Services, we value your dreams and aspirations. We understand the importance of education in fulfilling your dreams and that is why we give 100 % Education Loan Support to each and every candidate. As your training will be conducted at the most prestigious academies & institutes in India and courses are approved by Govt. of India.

Almost all the private sector banks & public sector banks provide education loans to candidates for pursuing general courses or technical courses in India & abroad. The sanctioned loan can be used by candidates to cover training fees to be paid to the academy. Candidates are advised to take loans preferably taken from a Nationalised banks because the rate of interest & processing charges are low compared to private banks. The terms & conditions for educational loans may vary from bank to bank.

Eligibility Criteria:

  • The candidate has to be a Indian National with good academic records
  • A secured admission to the University/Institution for the courses


For security details, kindly refer the above link of RBI circular.


  • Students are given a repayment holiday or moratorium during the study period plus one year, or six months after getting a job
  • Repayment period – average 6 years

Documents required for Bank Loan Application:

  1. completed study loan application form.
  2. Proof of Residence – Photocopy of Ration Card/Voters Id. Card/Passport/ Electricity Bill/Telephone Bill/ any such document acceptable to the Bank.
  3. Copy of academic Records
    • X standard mark sheet
    • XII standard mark sheet
    • Mark List for under graduate.
    • Degree Mark List / Provisional Certificate for post graduates.
  4. Age proof – Date of Birth / Age: Birth Certificate, SSLC / TC / Mark List
  5. Proof of having secured admission in UK Universities – Offer letter from the University
  6. Proof of Family Income Salary Certificate / pension Certificate / Auditor’s Certificate in case of business category / IT Return / Any other proof for the income stated.
  7. Valid Passport
  8. Nature of Collateral (wherever applicable)
    • Property registration or Valuation papers
    • In the form of land/building (Valuation by Bank’s approved valuer& Legal Opinion by Bank’s panel advocate), bank deposits in the name of student/parent/guardian or any other third party.
    • Bonds/Share certificates/ Mutual funds / Provident Funds / Post office savings may also be considered
    • Savings / Deposits
    • Details of Assets & Liabilities of the student / parent(s)/ guardian/guarantor to be furnished.
  9. Proof of Margin Details regarding source of funds for meeting the margin requirement to be furnished, with documentary evidence.
  10. Others – Declaration/Affidavit stating that no Educational Loan is availed from any other bank by the applicant and his parent(s).

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