Education is of prime importance inside our lives. Although, Government of India has made education free and compulsory up to 14 years; it is getting extremely expensive to get quality education. The scholarships provided by esteemed universities are not many in comparison to the numerous hopeful and deserving applicants. Because of the expenses, eager minds of those students are left unbridled. But all’s not bleak and gloomy, actually, now the problem is quite the contrary. Education in India is thriving as a result of student education loans supplied by many government and private banks. Let’s have a look at some of the features of student education loans.
Generally, education loans are offered 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 will need to have a working parent or a parent to be the guarantor. The loan approval is going to be based on the convenience of the borrower and the guarantor’s assets, liabilities, income, etc. Also, the student must hold an excellent academic record and he/ she needs to have secured admission by clearing the required entrance examinations for that course.
One 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 nature 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 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 up to Rs. 4 Lac, you can find no security requirements. However, if the loan amount is higher than that, then one has to provide 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’ve got to begin paying the EMIs following the completion of the course however in case the student does not get employment then the grace amount of 6-12 months is offered. In the due time, if the student gets employment then he has to begin the EMI payments. The period of repayment varies from bank to bank. It could be from between 3-15 years.
These days virtually every bank offers student education loan, which means you could have a wide range of plans to choose 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 next time your son or daughter lets you know of these dreams, you know making them be realized!