Education is of prime importance within our lives. Although, Government of India has made education free and compulsory around 14 years; it gets extremely expensive to obtain quality education. The scholarships provided by esteemed universities are hardly any compared to the countless hopeful and deserving applicants. Because of the expenses, eager minds of these students are left unbridled. But all’s not bleak and gloomy, actually, now the specific situation is very the contrary. Education in India is thriving because of student education loans given by many government and private banks. Let’s have a look at a number of the options that come with student education loans.
Generally, education loans are provided to students of Indian nationality within the generation of 15-30 years. Another requisite of it’s that the กยศ student applying for the loan must have a working parent or a protector to function as the guarantor. The loan approval will soon be based on the capability of the borrower and the guarantor’s assets, liabilities, income, etc. Also, the student must hold a good academic record and he/ she must have secured admission by clearing the mandatory entrance examinations for that course.
One can benefit from the student education loan for courses in India which are approved by the state and central government in addition to courses from foreign universities. The type of the course and the reputation of the university might be checked by the financial institution providing the student education loan. The student education loan covers tuition fees, library, hostel, in addition to other expenses of books, uniforms, travel, etc.
The utmost loan limit for studies in India is Rs. 10 Lac and the utmost loan limit for studying abroad is Rs. 20 Lac. If the loan is for Rs. 4 Lac and above, then 5% of the margin is sent applications for studies in India and 15% for studies abroad. For loan around Rs. 4 Lac, you will find no security requirements. However, if the loan amount is greater than that, the other has to provide some like property, LIC policies and Government securities. Many institutes have tie-ups with banks thereby providing lower rates. Also, some banks offer lower rates to female students.
The repayment choice for students education loan is very flexible. Usually, you’ve got to begin paying the EMIs after the completion of the course but in case the student doesn’t get work a grace amount of 6-12 months is offered. In the due time, if the student gets employment then he has to begin the EMI payments. The time of repayment varies from bank to bank. It can be from anywhere between 3-15 years.
Today nearly every bank offers student education loan, so you will have a wide range of plans to select from and get the most effective one according to your requirements and requirements. This loan assists the youth of our nation in pursuing their aspirations. So, the very next time your son or daughter lets you know of their dreams, you know how to make them become a reality!