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 offered by esteemed universities are not many when compared with the numerous hopeful and deserving applicants. Due to the expenses, eager minds of these students are left unbridled. But all’s not bleak and gloomy, in fact, now the specific situation is very the contrary. Education in India is thriving because of student education loans provided by many government and private banks. Let’s have a look at a number of the features of 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 should have a functional parent or a guardian to function as the 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 a great academic record and he/ she should have secured admission by clearing the mandatory entrance examinations for that course.
One can take advantage of 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 character of the course and the trustworthiness of the university may be checked by the bank 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 most loan limit for studies in India is Rs. 10 Lac and the maximum 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 requested studies in India and 15% for studies abroad. For loan around Rs. 4 Lac, you can find no security requirements. However, if the loan amount is greater than that, the other has to supply 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 have to start paying the EMIs following the completion of the course in case the student doesn’t get employment a grace period of 6-12 months is offered. In the due time, if the student gets employment then he has to start the EMI payments. The time scale of repayment varies from bank to bank. It may be from anywhere between 3-15 years.
Today virtually every bank offers student education loan, which means you may have a wide range of plans to pick from and get the most effective one based on your needs and requirements. This loan assists the youth of our nation in pursuing their aspirations. So, the next time your son or daughter informs you of these dreams, you understand steps to make them become a reality!