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Education loans are mostly granted to the parents of the students, unless or until the students are eligible, above 18 years of age. Student loans are loans offered to students to help pay the costs of academic or professional education. These education loans generally have a lower interest rate than other loans and are usually issued by the government. It is often supplemented by student grants which do not have to be repaid. Most nationalized and private banks providing education loans in india, take the authorization of the college or university into consideration. They do not grant student loans who are not from approved educational institutions. Education loans cover cost of the school/college fee, hostel expenses, and cost of books and stationery. Apart from this, any other expense required to complete the course can also be considered.
An education loan / student loan means financial institute or any bank gives financial support which facilitates student for taking the high education. If the education loan is available at the correct time then it will help to the number of deserving candidates of India to achieve their dreams. The eligible candidates for the loan are all graduates, post graduates and all the professional courses approved by state government, central government and the foreign universities. For the benefits to the students, many colleges and institutes have tied up with the banks.
Education loans / Student Loans in india cover cost of the school/college fee, hostel expenses, and cost of books and stationery. Apart from this, any other expense required to complete the course can also be considered. The maximum amount of education loan is up to Rs. 7.50 lakh in case of study in India and Rs 15 lakhs for study abroad. The sum of money offered is against a third-party guarantee. The third-party guarantee can come from an uncle, neighbor or friend standing guarantee for the full amount of the loan. Till some years back higher education in india and quality education was not affordable to some illustrious students because of the financial constraints. There was no any alternative but to jump in the job market prematurely.
India is a developing country and is forging ahead to create a definite niche in the global economy. Education is an important factor for the development of any country. India is not far behind in an attempt to provide education to every child by granting education loans to students. All banks in India provide education loans and student loans for studies in India, as well as abroad. Apart from banks, there are a number of charitable institutions and other private funding associations in India that provide education loans to students.
And this led to untimely end of budding talents and their forceful transformation into to the mediocrity. Scholarships were there, but those were so less in numbers that only luckier few could avail them. But now the scene has changed drastically. The boom in the banking sector has led to release of large amount of funds for education loans. Now, education and study loans are easily available from various banks in India and this change is encouraging more and more students to take up higher education despite their financial shortcomings. Many nationalized banks have come up with various educational loan schemes that students can benefit from.Even private banks are not lagging far behind. The wave of change could be well gauged from the amusing situation that immediately after the results announcements of CAT or PMT/ IIT JEE, the representatives of the banks queue up for giving education loans to the successful candidate even with very flexible conditions. This scenario is certainly helping the illustrious students to pursue higher education and realize their dreams. Here, we have tried to list the name of banks and the details about various educational loans provided by them.
Banks checks the capability of the borrower related to personal discussion with student, annual income, asset of the family, course's nature and status of the institute before giving the loan. No any contract is required for the loans up to Rs. 4 lakh and interest rate also not exceed beyond the Prime Lending Rates (PLR).
Education Loans, Student Loans from Banks in India
Most private banks in India offer flexible options related to student loans and education loans. Certain private banks offer very low interest rates and give various allied benefits to the borrowers, by opening a savings account for them or providing them with debit cards. Some banks also provide customized education loans, created for specific requirements. Please click on the name of the banks below to access the details of the education loans and student loans provided by them:- |
