Education is of prime importance in our lives. Although, Government of India has made education free and compulsory up to 14 years of age; it is getting extremely expensive to get quality education. The scholarships offered by esteemed universities are hardly any when compared with the countless hopeful and deserving applicants. Because of the expenses, eager minds of those students are left unbridled. But all’s not bleak and gloomy, in reality, now the problem is very 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 look at a number of the top features of student education loans.
Generally, education loans are provided to students of Indian nationality within the age bracket of 15-30 years. Another requisite of it’s that the กยศ student applying for the loan should have a functional parent or a guardian to function as 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 a great 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 as well as courses from foreign universities. The nature of the course and the trustworthiness of the university might 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 sent applications 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 higher 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 a student education loan is very flexible. Usually, you’ve got to begin paying the EMIs following the completion of the course but 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 then he has to begin the EMI payments. The time scale of repayment varies from bank to bank. It may be from ranging from 3-15 years.
Today nearly every bank offers student education loan, so you may 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, next time your son or daughter informs you of these dreams, you realize making them become a reality!