The Bihar State Cooperative Bank provides an education loan for students pursuing higher education. The loan is provided to extend financial assistance to deserving and meritorious students and is available for studies in India and abroad. Many people avail this loan scheme due to favourable conditions and a convenient repayment process. In this blog, we will understand the purpose, eligibility criteria, and other such details about this scheme.
Table of contents
How To Apply?
It is simple to apply for this loan scheme. Students can visit the nearest bank branch of Bihar State Cooperative Bank and follow the below-mentioned steps-
- Step 1- Approach the loan department of the respective bank branch.
- Step 2- The department will assign you a nodal officer who will start your loan application process.
- Step 3- The bank will provide you with a loan application form. Fill out the application form carefully with all the necessary details.
- Step 4- Submit your application form along with the required documents.
- Step 5- The bank will approve your loan application after verifying your documentation part.
- Step 6- The bank will contact you after your verification process is done and inform you about the further steps.
Eligibility Criteria and Eligible Courses
The official website of the Bihar State Cooperative Bank mentions that to apply for a Bihar State Cooperative Bank Education Loan, the student should be an Indian citizen. This is the only eligibility criteria mentioned on the bank’s website. A list of eligible courses has also been provided and the courses for which the loan can be availed include:
- AICTE/UGC-approved courses
- Off-Campus/Off-Shore Campus/Study Centre/Distance Education/Foreign Universities
- Technical education courses in India.
To know more about the other details regarding eligibility, you’ll have to visit the bank’s nearest branch.
Also Read: If you are looking for a quick education loan then you must read this blog KBL Vidyanidhi Quick Education Loan
Major Features of Bihar State Cooperative Bank Education Loan
It is important to know the features of a loan scheme before you start applying for it. One thing that students must know is education loan interest rates while applying for a loan. The interest rate for this scheme starts from 11.5%. Below are some of the other major features of this scheme-
| Category | Details |
| Name of the Lender | Bihar State Cooperative Bank Ltd. |
| Interest rate | Starting from 11.5%* |
| Maximum Amount of Loan | Up to INR 10 Lakhs for studies in India. Up to INR 30 Lakhs for studies abroad. |
| Processing charges | NIL |
| Moratorium Period | Course period + 1 year or 6 months after getting a job, whichever is earlier |
Note:- The interest rate is subject to change as per the changing economic conditions. Please contact the bank to know about the latest interest rates.
Documents Required
Whenever you apply for a loan scheme, you must know the documents that need to be submitted. Keep these documents handy to make the education loan process quicker and smoother. Check the list of documents below-
- Aadhaar Card and PAN Card
- Copy of Passport and VISA
- Domicile and Income Certificate of applicant/co-applicant
- Marksheet of secondary and higher secondary exam
- Bank details such as passbook and bank statements
- Letter of Acceptance from the university
- Documents showing property valuation (collateral)
Also Read: If you want to apply for a Forex card then you must read Bank of Baroda Forex Card Benefits & Features.
FAQs on Bihar State Cooperative Bank Education Loan
The aim of this education loan scheme is to provide loans to students who want to study in India or abroad for higher education.
The official website of Bihar State Cooperative Bank does not mention the interest rate of this loan scheme. It only mentions that it is a fixed interest rate. Students should contact the bank to know about the latest interest rate before they start applying for the loan.
The courses covered under this loan scheme are mentioned below-
– AICTE/UGC-approved courses
– Off-Campus/Off-Shore Campus/Study Centre/Distance Education/Foreign Universities
– Technical education courses in India.
The bank provides a maximum of INR 10 Lakhs as an education loan for studies in India and INR 30 Lakhs for study abroad purposes.
The official website of the bank mentions that the repayment period is the course period + 1 year or 6 months after getting a job, whichever is earlier.
This blog was all about the details regarding the Bihar State Cooperative Bank Education Loan scheme to study abroad. To know more about such loan schemes, the best bank accounts for students, forex and banking experience for global students, or international money transfers, reach out to our experts at 1800572126 to help ease your study abroad experience.
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