You may not be able to afford a loan, but you can apply for one.
In a few weeks you can be in a position to apply for an equity loan, or equity grant, from the Reserve Bank of India.
Read moreWhat to doIf you’re a student, you’ll need to apply in person at your local bank branch, which will usually open on the day you apply for the loan.
To apply online, click on the Apply Now link on the left side bar of the application form.
If you’re applying for a loan from an existing account, you must first have an approved deposit.
The Reserve Bank will then contact you to make a deposit.
If you don’t have an account, your application will be forwarded to the RBI for approval.
The RBI has more information about how to apply.
Once you’ve approved a deposit, you should then make a payment of Rs.5,000 to your bank account.
(You can get a bank deposit online from your bank.
If the bank has an ATM, you can swipe your card on the card reader.)
If you need to make an immediate payment, the Reserve Board will give you a cash advance for Rs.1,000 or more.
The cash advance will expire after two months, and you’ll be asked to return it to your lender within six months.
If you’ve applied for an interim loan, you may be able get a temporary loan.
This means you may not have to repay your loan in full.
You’ll need a deposit of at least Rs.3,000.
An interim loan will be issued for six months at a rate of Rs 1,200 per month, with the loan to last until the end of the loan term.
You may apply for another loan through the Reserve board, if you’re in the loan period for a temporary reason, or if you’ve received an interim rate of interest.