Education loans in Goa

It would help if the students intending to finance their higher studies through education loans comprehend the existing education loan market, especially in Goa where some of the banks/ NBFCs are offering relatively lower interest rates. In this section, we will give you an insight into the current interest rates for the financial products and the special privileges offered to the students when applying for the government-sponsored program. It is from the above-discussed options that students can make better choices depending on their financial capabilities and academic needs.

For studies in India:

For Foreign studies:

To apply for an education loan in Goa, lenders typically require a specific set of documents which include:

• A completed application form and passport-sized photographs of the student
• Identification and residence proof of the applicant, co-applicant, or guarantor, such as a PAN card, passport, Aadhaar card, and utility bills
• Financial documents of the co-applicant, such as bank statements of the last 6 months if the co-applicant is salaried, business transactions of the last 1 year if the co-applicant is self-employed, and income tax returns
• Academic documents of the student, including mark sheets, entrance exam scores, and proof of admission
• Proof of income for the financial co-applicant, such as Form 16, salary slips, and profit and loss statements
• Other documents such as a declaration of expenses, an affidavit, and receipts for payments made to the university
• Additional documents, if applicable, such as pending loan statements and a certificate explaining a gap in studies.
• NA Certificate for non-agricultural land is required
• Completion Certificate for residential or commercial properties is mandatory

It is important to note that the documents required may vary depending on the lender, so it's a good idea to check with the financial officer at WeMakeScholars to confirm the specific documents needed to apply for an education loan in Goa. Also, you can check for other education loan facilities provided in Goa

Acceptable collaterals in Goa for education loans

The types of collaterals that are acceptable for education loans in Goa may vary depending on the lender. Some common types of collaterals that are accepted by banks for education loans include:

• Property: Banks may accept a mortgage of a residential or commercial property as collateral for an education loan, except for pradhikaran properties.
• Plot and lands: Banks also accept land as collaterals if the documents are complete
• Fixed Deposits: Banks may accept fixed deposits as collateral for an education loan.
• Life Insurance Policy: Banks may accept a life insurance policy as collateral for an education loan.
• Government Securities: Banks may accept government securities such as bonds and debentures as collateral for an education loan.
• Any other liquid assets

It is important to note that the collateral requirements may vary depending on the bank and loan amount. Some banks may require collateral for loans above a certain amount, and others like private banks and NBFCs may not require collateral at all. It's advisable to check with financial officers at WeMakeScholars to know possible education loan lender options and their specific collateral requirements before applying for a higher education loan in Goa.

There are several common reasons why an education loan application may be rejected in Goa, some of them include:

Insufficient income: If the applicant or co-applicant does not have a stable income or does not meet the minimum income requirements set by the lender, the loan application may be rejected.

Poor credit history: Banks generally check the credit score of the applicant and co-applicant before approving a loan. If the credit score is low, the loan application may be rejected.

Lack of collateral: Some banks may require collateral for an education loan. If the applicant does not have acceptable collateral, the loan application may be rejected.

Incomplete or incorrect documentation: If the applicant does not submit all the required documents or if the documents submitted are incorrect or incomplete, the loan application may be rejected.

Unforeseen changes in personal circumstances: If the applicant or co-applicant experiences unforeseen changes in personal circumstances, such as loss of job, and they are unable to repay the loan, the loan application may be rejected.

Unanticipated academic circumstances: If the applicant or co-applicant experiences unforeseen changes in academic circumstances, such as not getting admitted to the college, the loan application may be rejected.

It's important to keep in mind that loan approval and rejection decisions are made on a case-by-case basis and will depend on the specific circumstances of each applicant. However, to minimize the chances of your loan rejection, start your loan process with WeMakeScholars, which is India’s largest education loan partner. 

Before deciding on taking an education loan, it is very important to pay attention to the aspects of repaying the borrowed amount. For instance, if a student in Goa gets a loan of Rs 75 lakhs for higher studies in Canada on an interest rate of 10.5% from a public bank, with the repayment to start after the moratorium period of 12 years, the repayment plan would be on a structured equal monthly instalment basis. The following sections give a schedule of EMI, interest portion, principal repayment, and the remaining loan amount that will be useful for the students to plan their future expenses.

The information provided in the above table is based on the latest calculation method used by banks to determine the EMI amount. Students can use WeMakeScholars' Education Loan EMI Calculator to calculate their own loan repayment schedule. For additional information or clarification on loan repayment, students can contact their financial officer at WeMakeScholars.

Cities in Goa like Panaji, Ponda, Vasco da Gama, Mapusa, and Mormugao have always been known for their beaches and tourism, but, in recent years, Goa has also emerged as one of the most popular destinations in India.  because of the following prestigious colleges and universities in Goa:

Goa University: Established in 1985, Goa University is the premier higher education institute in the state, offering undergraduate and postgraduate programs in various disciplines including engineering, medicine, law, and management.

National Institute of Technology (NIT) Goa: NIT Goa is a technical institute that offers undergraduate, postgraduate, and doctoral programs in engineering and technology.

Birla Institute of Technology and Science (BITS) Pilani: BITS Pilani is a private institute offering undergraduate, postgraduate and doctoral programs in engineering, technology, sciences, and management.

Goa Medical College: Goa Medical College is the state's premier medical institute, offering undergraduate and postgraduate programs in medicine, dentistry, and nursing.

Goa College of Engineering: Goa College of Engineering is a government-aided engineering college that offers undergraduate and postgraduate programs in engineering and technology.

Goa Institute of Management: Goa Institute of Management is a business school that offers postgraduate programs in management and other business-related disciplines.

Goa Institute of Hotel Management: Goa Institute of Hotel Management is a premier institute that offers undergraduate and postgraduate programs in hotel management and tourism.

Goa Institute of Law: Goa Institute of Law is a private law school that offers undergraduate and postgraduate programs in law.

Goa Institute of Rural Development: Goa Institute of Rural Development is a government-funded institute that offers undergraduate and postgraduate programs in rural development and other related disciplines.

Goa Institute of Architecture: Goa Institute of Architecture is a government-funded institute that offers undergraduate