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 get quality education. The scholarships provided 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 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 peek at a number of the top 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 is that the กยศ student applying for the loan must have a working parent or a protector to be the guarantor. The loan approval is likely to be based on 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 necessary entrance examinations for that course.
You can benefit from the student education loan for courses in India which are approved by the state and central government as well as courses from foreign universities. The nature 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, as well as other expenses of books, uniforms, travel, etc.
The most 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 up to 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 selection for students education loan is very flexible. Usually, you have to begin paying the EMIs after the completion of the course in case the student does not get work then 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 time of repayment varies from bank to bank. It may be from anywhere between 3-15 years.
Nowadays nearly every bank offers student education loan, so you will have a wide variety of plans to select from and get the very best one based on your needs and requirements. This loan assists the youth of our nation in pursuing their aspirations. So, the very next time your son or daughter tells you of these dreams, you know making them come true!