With emphasis on improving the education prospects of students, educational loans are extremely handy for enabling the students to achieve their aspirations. Banks in India are providing the necessary funding for pursuing quality higher education in India and abroad. Public sector banks are particularly active in promoting educational loans on customer friendly terms.
Graduation, post graduation and professional courses offered by educational institutes approved by the state and central government are eligible for educational loans from these banks. Courses pursued abroad in Universities recognized by the local governments are also considered for funding facility. Generally for study in India, the amount of educational loan available is Rs 7.50 lakhs while for studies abroad it could be upto a maximum of Rs 20 lakhs. Collateral security is not insisted upon for loans upto Rs 4 lakhs but third party guarantee is required for loans between Rs 4 lakhs and Rs 7.50 lakhs. In case of loan amount being higher than Rs 7.50 lakhs then collateral security becomes essential. The applicable interest rate is linked to the loan amount sanctioned and repayment starts after six months to one year from completion of the course study for which loan was granted. The repayment period is usually between 5 to 7 years. Girl students get benefit in interest rate between 0.5 to 1 percent.
The eligibility is a good academic track record with proof of admission obtained from the recognized University for the approved course. One of the parents who can provide stable income proof with Income tax returns has to be the co applicant with the eligible student. Expenses allowed for loan are tuition fees, books and study material, stay etc. Certain banks fund travel cost in case of study abroad.
Graduation, post graduation and professional courses offered by educational institutes approved by the state and central government are eligible for educational loans from these banks. Courses pursued abroad in Universities recognized by the local governments are also considered for funding facility. Generally for study in India, the amount of educational loan available is Rs 7.50 lakhs while for studies abroad it could be upto a maximum of Rs 20 lakhs. Collateral security is not insisted upon for loans upto Rs 4 lakhs but third party guarantee is required for loans between Rs 4 lakhs and Rs 7.50 lakhs. In case of loan amount being higher than Rs 7.50 lakhs then collateral security becomes essential. The applicable interest rate is linked to the loan amount sanctioned and repayment starts after six months to one year from completion of the course study for which loan was granted. The repayment period is usually between 5 to 7 years. Girl students get benefit in interest rate between 0.5 to 1 percent.
The eligibility is a good academic track record with proof of admission obtained from the recognized University for the approved course. One of the parents who can provide stable income proof with Income tax returns has to be the co applicant with the eligible student. Expenses allowed for loan are tuition fees, books and study material, stay etc. Certain banks fund travel cost in case of study abroad.
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