Education is of prime importance in our lives. Although, Government of India has made education free and compulsory up to 14 years old; it gets extremely expensive to obtain quality education. The scholarships made available from esteemed universities are not many compared to the many hopeful and deserving applicants. Because of the expenses, eager minds of the students are left unbridled. But all’s not bleak and gloomy, actually, now the specific situation is very the contrary. Education in India is thriving thanks to student education loans given 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 supplied 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 must have a functional parent or a guard to be the guarantor. The loan approval will be based on 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 must have secured admission by clearing the necessary entrance examinations for that course.
You can take advantage of the student education loan for courses in India which are approved by the state and central government in addition to courses from foreign universities. The type of the course and the trustworthiness of the university might be checked by the lender 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 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 sent applications for studies in India and 15% for studies abroad. For loan up to Rs. 4 Lac, there are no security requirements. However, if the loan amount is more than that, the other 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 choice for a student education loan is quite flexible. Usually, you have to start paying the EMIs after the completion of the course however in case the student doesn’t get employment 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 scale of repayment varies from bank to bank. It could be from between 3-15 years.
Today 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 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!