A student loan is also commonly referred to as an educational loan. These are available for various stages of education and even finances studies abroad for deserving students. For a successful student who has a problem of cash resources these loans are very often a lease of new life for their career and higher education.
It is one of the most popular products available amongst banks. For those who have availed this financial facility, there has been a quick processing of formalities and access of funds within two working days.
There are variations among the offers of a Citibank student loan. There are professional loans with which students can pursue higher studies in spheres of law, management and medical science.
Citibank Student Loan Eligibility Criteria
The course of your study will determine the eligibility for a Citibank student loan. Financial assistance is always available for courses of study that has a definite professional aim and career path for the student. Thus studies of law, medicine, engineering and management studies at some of the premier institutions of the country will always fetch loan sanctions for an applicant.
The second criteria are the educational record and performance of an individual student. Performance of school exams, college and even competitive examinations are always considered seriously.
Citibank Student Loan Interest Rates
There is a variable rate of interest available in different countries since student loan is a product available all over the world. However for most countries and individual student applicants the rates of interest is calculated on the basis of the loan amount and the repayment tenure.
Interest rates are calculated on a daily basis where the outstanding principal loan amount is used to make the calculation.
Repayment Options
Citibank student loan understands that students come with different statures of financial situations that will affect their repayment capabilities. The bank offers two options before an applicant.
- There are EMI calculations made for a monthly installment amount that will be paid within a specified date immediately after the loan is sanctioned.
- The monthly installment scheme will commence after the successful completion of the course of study. In some cases students are also given a period of time by which they can join a job and start earning their salary.
Documents Required
Like any other loan application, student loan also has a few mandatory documents needed for paperwork and the processing work. These documents are as follows.
- The application form is available online that has to be downloaded and filled up for submission
- Proof of identity
- Proof of address
- Proof of telephone numbers
- Age proof
- Testimonials and documents for educational qualifications
- Proof of final selections to courses and streams of studies
It may be noted that the presence of Citibank is on an international basis and so are their loan products for customers in different countries. Thus some of the mandatory document names may differ between the same; for instance in the USA the social security number will be essential while in India applicants will have to furnish the details of their PAN or permanent account number.