Education is of prime importance in our lives. Although, Government of India has made education free and compulsory up to 14 years; it gets extremely expensive to obtain quality education. The scholarships offered by esteemed universities are not many in comparison to the many hopeful and deserving applicants. As a result of expenses, eager minds of these students are left unbridled. But all’s not bleak and gloomy, actually, now the specific situation is fairly the contrary. Education in India is thriving thanks to student education loans supplied by many government and private banks. Let’s have a look at a number of the top features of student education loans.
Generally, education loans are supplied to students of Indian nationality within the age bracket of 15-30 years. Another requisite of it’s that the กยศ student applying for the loan will need to have a functional parent or a protector to be the guarantor. The loan approval will undoubtedly be based on the convenience of the borrower and the guarantor’s assets, liabilities, income, etc. Also, the student must hold a good 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 along with courses from foreign universities. The nature of the course and the reputation of the university might be checked by the bank providing the student education loan. The student education loan covers tuition fees, library, hostel, along with 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 up to Rs. 4 Lac, you can 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 students education loan is very flexible. Usually, one has to begin paying the EMIs following the completion of the course but 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 he then has to begin the EMI payments. The period of repayment varies from bank to bank. It could be from between 3-15 years.
Nowadays nearly every bank offers student education loan, so you could have a wide range of plans to pick from and get the very best one according to your requirements and requirements. This loan assists the youth of our nation in pursuing their aspirations. So, the next time your son or daughter tells you of the dreams, you realize steps to make them come true!