GS Mahanagar Bank Education Loan

Documents Required for GS Mahanagar Bank Education Loan

To apply for education loan from GS Mahanagar Bank, you need to have the following documents: 

1. Application of loan 

1. Residential proof, Aadhar card, and PAN card of applicant. 

1. Income proof applicant or co-applicant and sureties. 

1. Proof of admission in recognised institution. 

1. Other documents required by the bank. 

Key Loan Details

There are few important details every applicant should be mindful of.  

1. There are 84 monthly instalments that include the moratorium period. 

1. The maximum amount of loan you can get is Rs.30 lakhs. 

1. The security provided should be an immovable property. 

1. Two sureties are needed and one of them must be an income taxpayer. 

1. The sureties and borrower should be a regular member of the bank. 

Education Loan Interest Rate  for GS Mahanagar Bank Education Loan

1. On loan amount up to Rs.20 lakhs, the interest rates charged is 10.50% for priority sector. 

1. On loan amounts above Rs.20 lakhs, the interest rate is 11% for non-priority sector. 

Conclusion

In essence, the GS Mahanagar Bank Education Loan serves as stepping-stone for students who have secured a seat at renowned institutions through their hard work but who face a financial crunch. This loan will help students realise their academic goals and contribute meaningfully to their life and overall economy. 

A good credit score can help you secure lower interest rates on loans and credit cards.

Get Free Credit Score