How to Get Bandhan Bank Education Loan

How to Get Bandhan Bank Education Loan
How to Get Bandhan Bank Education Loan

Bandhan Bank is a private sector bank with its main office in Kolkata. Just like any other bank they also have a wide range of lending facilities that suits everyone. Anyone can choose loans according to their requirements and purpose.

The wide range of financial services and products offered by Bandhan Bank are tailored to the requirements of its customers. The bank has launched the Sushiksha Loan specifically for its current micro banking clients.  

Sometimes you do not have financial support from anyone in those times you can take these loans to pursue higher education. We will discuss the Bandhan Bank Education Loan in this article. The features, benefits, eligibility requirements, and other key details of the Sushiksha Loan are covered.

Sushiksha Microloan

Sushiksha Microloan helps pay for reduced costs and fees at places like government colleges and schools. This loan has a maximum limit of 10,000 rupees and a minimum limit of 1,000 rupees.

This Bandhan Bank education loan has been disbursed on time every month for the duration of its term. The longest loan period is one year. The company disburses the loan through the bank savings account you opened with them.

Sushiksha Loan Features and Benefits  

The advantages of the Bandhan Bank’s Sushiksha Loan are: 

  • Only current customers of microbanking are eligible for the Sushiksha Loan. 
  • Processing costs are not assessed.  
  • Rs. 1,000 to Rs. 10,000 is the range of the loans. 
  • Faster loan approval and disbursement are available to those who have savings accounts with Bandhan Bank.  
  • Biometric authentication is simple and convenient, and loans are disbursed right to your door. 
  • To simplify loan processing, documentation has been streamlined. 
  • Sushiksha Loan’s interest rate is 13.45% per annum.  

Eligibility For a Sushiksha Loan 

To be eligible to apply for a Sushiksha Loan, you must meet the following requirements: 

  • You must already be a Bandhan Bank micro banking client.  
  • You need to have a single active primary loan at the time of disbursement. 
  • You must be between the ages of 18 and 65.

Required Documents for a Sushiksha Loan 

The following list includes the documents you’ll need to apply for a Sushiksha Loan: 

  • Identity Proof
  • Address Proof
  • Passport-sized pictures 
  • Birth certificate to verify age on Pan Card
  • Academic documentation, including mark sheets, certificates, degrees, or any prior certification
  • Proof of enrollment, such as a letter of acceptance from the university; proof of income, such as pay stubs and bank statements
  • Property documents or fixed deposit receipts that serve as collateral security

How to Apply for a Sushiksha Loan?

The steps listed below must be followed if you want to apply for a Sushiksha Loan: 

1 Step: Visit the nearest Bandhan Bank location.  

2 Step: Request for the Sushiksha Loan. 

3 Step: After assessing your eligibility you have to submit your verification documents. 

4 Step: Your paperwork will be manually reviewed. 

5 Step: After the verification, the loan amount will be approved.  

Government-sponsored interest breaks for student loan debt

Students who receive government subsidies do not have to pay the interest while they are in school. Government takes care of the cost on the student’s behalf. 

Padho Pardesh

Under the Padho Pardesh, a person who is a member of a religious minority can take loans if they are- Zoroastrians, Jain, Christians, Sikhs, Buddhists, or Muslims, and their household income is less than 6 lakhs per year.

Dr. Ambedkar Central Sector Scheme

  • OBC category students with household incomes under 8 lakh rupees are eligible for this financial aid.
  • Students who fall under the Economically Backward Class (EBC) and whose annual household income is less than 8 lakhs are eligible for this assistance.
  • Programme to subsidise central interest payments for economically disadvantaged classes
  • Any person whose household’s annual income is under 4.5 lakhs.

Difficulties students face when contacting a lender directly

  • It’s a long and timely process.
  • Interest rates are not haggled over.
  • Unclear directions for submitting a loan application 
  • There is no list of crucial documents. 
  • No assistance is provided after the payment has been made
  • Poor explanations about the lending process.
  • Bad customer service.

Mode of Education Loan Repayment

Postdated Cheques (PDCs): The borrower presents PDCs to the bank beforehand. They will be for upcoming times. On the date indicated on the cheque, the bank will deposit it. When there were no options for online repayment, borrowers would choose this method. Only a small minority of borrowers still use this payment method.

Electronic Clearance System (ECS): The majority of borrowers chose this method of loan repayment because it is very popular. It is an electronic method of moving the EMI from the bank of the borrower to the bank of the lender.

National Payment Corporation of India (NPCI): National Payment Corporation of India provides the National Automated Clearing House (NACH) as a service for online fund transfers on due dates. Many people favour this system, which recently went into effect. This mode allows you to access real time transaction processes.

Standing Instruction (SI): A Standing Instruction (SI) is a request or directive that an account holder makes to their bank to make a regular transfer of a predetermined sum to another bank or account. Due to the fact that EMIs have a fixed amount, many borrowers also use it to pay them. For varying amounts, SI is not appropriate.

Also read: 5 Crore Life Insurance Policy

Conclusion

In this article we discussed Bandhan Bank Education Loan. It has been operating on the market since 2014, so it cannot be regarded as a new bank.  

Bandhan Bank has become one of the biggest private banks of India and is popular for providing best financial services like savings accounts, loans, insurance policies, etc. 

Chandra Sekhar Ghosh, founded Bandhan Bank with the primary goal of making banking simpler and more accessible to the general public. 

Bandhan Bank has more than 6,000 branches across India and is fighting for top position against big industry giants like HDFC Bank, SBI Bank, etc.

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