Education is of prime importance within our lives. Although, Government of India has made education free and compulsory around 14 years of age; it gets extremely expensive to obtain quality education. The scholarships made available from esteemed universities are hardly any in comparison to the numerous hopeful and deserving applicants. As a result of expenses, eager minds of the students are left unbridled. But all’s not bleak and gloomy, in fact, now the situation 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 peek at a number of the options that come with student education loans.
Generally, education loans are offered 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 will need to have a working 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 must have secured admission by clearing the mandatory 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 along with courses from foreign universities. The type of the course and the trustworthiness of the university may be checked by the bank providing the student education loan. The student education loan covers tuition fees, library, hostel, along with other expenses of books, uniforms, travel, etc.
The utmost loan limit for studies in India is Rs. 10 Lac and the most 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 applied for 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 greater 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 extremely flexible. Usually, you’ve got to start paying the EMIs after the completion of the course however in case the student does not get work a 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 anywhere between 3-15 years.
Nowadays virtually every bank offers student education loan, which means you can have a wide variety of plans to choose from and get the best one in accordance with your requirements and requirements. This loan assists the youth of our nation in pursuing their aspirations. So, next time your son or daughter tells you of these dreams, you know steps to make them be realized!