Education is of prime importance in our lives. Although, Government of India has made education free and compulsory around 14 years; it gets extremely expensive to have quality education. The scholarships offered by esteemed universities are very few in comparison to the numerous hopeful and deserving applicants. As a result of expenses, eager minds of these students are left unbridled. But all’s not bleak and gloomy, in fact, now the problem is very the contrary. Education in India is thriving as a result of student education loans supplied by many government and private banks. Let’s take a look at some of the options that come with 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 functional parent or a parent to function as the guarantor. The loan approval will soon 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 required entrance examinations for that course.
One 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 standing of the university may be checked by the lender 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 around Rs. 4 Lac, there are no security requirements. However, if the loan amount is more than that, then one 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 a student education loan is very flexible. Usually, you have to start paying the EMIs following the completion of the course but in case the student does not get a job then the grace amount of 6-12 months is offered. In the due time, if the student gets employment he then has to start the EMI payments. The time of repayment varies from bank to bank. It could be from anywhere between 3-15 years.
These days almost every bank offers student education loan, which means you can have a wide selection of plans to select from and get the very best one according to your preferences 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 realize how to make them come true!