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 get quality education. The scholarships made available from esteemed universities are hardly any compared to the many 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 reality, now the specific situation is quite 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 few of the options that come with student education loans.
Generally, education loans are offered 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 working parent or a parent to be the guarantor. The loan approval will soon be on the basis of the convenience 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 required entrance examinations for that course.
One 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 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, as well as 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 as much as Rs. 4 Lac, there are 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 option for students education loan is very flexible. Usually, you’ve got to start paying the EMIs after the completion of the course however in case the student doesn’t get a job then 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 of repayment varies from bank to bank. It could be from ranging from 3-15 years.
These days almost every bank offers student education loan, which means you could have a wide variety of plans to select from and get the most effective one in accordance with your needs and requirements. This loan assists the youth of our nation in pursuing their aspirations. So, the very next time your son or daughter informs you of the dreams, you realize making them come true!