Education is of prime importance within our lives. Although, Government of India has made education free and compulsory around 14 years old; it is getting extremely expensive to get quality education. The scholarships made available from esteemed universities are not many in comparison to the countless hopeful and deserving applicants. Because of the expenses, eager minds of those students are left unbridled. But all’s not bleak and gloomy, in fact, now the situation is quite the contrary. Education in India is thriving as a result of student education loans provided by many government and private banks. Let’s take a look at a few of the options that come with student education loans.
Generally, education loans are given to students of Indian nationality within the generation of 15-30 years. Another requisite of it is that the กยศ student applying for the loan must have a working parent or a protector to function as guarantor. The loan approval will undoubtedly be on the basis of the capability of the borrower and the guarantor’s assets, liabilities, income, etc. Also, the student must hold an excellent academic record and he/ she must have secured admission by clearing the required entrance examinations for that course.
You can take advantage of the student education loan for courses in India which are approved by their state and central government as well as courses from foreign universities. The character of the course and the trustworthiness of the university may be checked by the financial institution providing the student education loan. The student education loan covers tuition fees, library, hostel, as well as 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 applied 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, then one has to offer 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 option for a student education loan is quite flexible. Usually, you have to start paying the EMIs following the completion of the course in case the student does not get work then the grace period of 6-12 months is offered. In the due time, if the student gets employment he then has to start the EMI payments. The period of repayment varies from bank to bank. It may be from anywhere between 3-15 years.
Today nearly every bank offers student education loan, which means you may have a wide variety of plans to choose from and get the very best one in accordance with your preferences and requirements. This loan assists the youth of our nation in pursuing their aspirations. So, next time your son or daughter tells you of the dreams, you know steps to make them become a reality!