Education is of prime importance inside our lives. Although, Government of India has made education free and compulsory as much as 14 years old; it is getting extremely expensive to obtain quality education. The scholarships provided by esteemed universities are not many when compared with the numerous hopeful and deserving applicants. As a result of expenses, eager minds of those students are left unbridled. But all’s not bleak and gloomy, in reality, now the problem is fairly the contrary. Education in India is thriving as a result 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 given to students of Indian nationality within the age group of 15-30 years. Another requisite of it’s that the กยศ student applying for the loan should have a working parent or a guard to function as the guarantor. The loan approval will be on the basis of 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 needs to have secured admission by clearing the required entrance examinations for that course.
You can benefit from the student education loan for courses in India which are approved by their state and central government in addition to courses from foreign universities. The type of the course and the reputation 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 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 requested studies in India and 15% for studies abroad. For loan as much as 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 choice for students education loan is quite flexible. Usually, you’ve got to start paying the EMIs after the completion of the course however 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 start the EMI payments. The time scale of repayment varies from bank to bank. It may be from anywhere between 3-15 years.
Nowadays virtually every bank offers student education loan, which means you could have a wide variety of plans to choose 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, next time your son or daughter tells you of their dreams, you know how to make them come true!