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 gets extremely expensive to get quality education. The scholarships offered by esteemed universities are not many when compared with 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, in reality, now the specific situation is very the contrary. Education in India is thriving as a result of student education loans given by many government and private banks. Let’s take a look at a few of the features of student education loans.
Generally, education loans are supplied to students of Indian nationality within the age group of 15-30 years. Another requisite of it is that the กยศ student applying for the loan will need to have a working parent or a protector to be the guarantor. The loan approval will undoubtedly 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 should have secured admission by clearing the mandatory 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 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, as well as 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 higher 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 option for a student education loan is extremely flexible. Usually, you’ve got to begin paying the EMIs following the completion of the course but 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 begin the EMI payments. The time of repayment varies from bank to bank. It could be from anywhere between 3-15 years.
Today virtually every bank offers student education loan, so you will have a wide range of plans to choose from and get the most effective one according to your preferences and requirements. This loan assists the youth of our nation in pursuing their aspirations. So, the next time your son or daughter lets you know of these dreams, you realize how to make them be realized!