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’s getting extremely expensive to urge quality education. The scholarships offered by esteemed universities are only a few as compared to the various hopeful and deserving applicants.
Thanks to the expenses, the eager minds of those students are left unbridled. But all’s not bleak and gloomy, in fact, now things are sort of the contrary. Education in India is flourishing because of student education loans provided by many government and personal banks. Let’s take a glance at a number of the 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 scholar applying for the loan must have a working parent or a guardian to be the guarantor. The authorization is going to be supported the potential of the borrower and therefore the guarantor’s assets, liabilities, income, etc. Also, the scholar must hold an honest academic record and he/ she should have secured admission by clearing the required entrance examinations for that course.
One can enjoy the scholar education loan for courses in India which are approved by the state and central government also as courses from foreign universities. the character of the course and therefore the reputation of the university could also be checked by the bank providing the scholar education loan. the scholar education loan covers tuition fees, library, hostel, also as other expenses of books, uniforms, travel, etc.
The maximum loan limit for studies in India is Rs. 10 Lac and therefore the maximum 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 up to Rs. 4 Lac, there are not any security requirements. However, if the loan amount is above that, then one has got 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, one has got to start paying the EMIs after the completion of the course but just in case the scholar doesn’t get employment then a grace period of 6-12 months is obtainable. within the due time, if the scholar gets employment then he has got to start the EMI payments. the amount of repayment varies from bank to bank. It is often from anywhere between 3-15 years.
These days almost every bank offers student education loans, so you’ll have a good range of plans to settle on from and obtain the simplest one consistent with your needs and requirements. This loan assists the youth of our nation in pursuing their aspirations. So, subsequent time your son or daughter tells you of their dreams, you recognize the way to make them come true!
Many banks provide education loans at an affordable rate of interest. Jesica Johnson provides information about student education loans also as student travel insurance through her articles.
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