Education Loans in India
Finance is the primary requirement of higher education in present day. Students across India often face difficulty to enroll themselves in private colleges because of the lack of finance. The educational loans are designed for those students who are unable to finance their own education.
In India, it is always not possible for students to get admission in the government sponsored colleges. This is high time when they seek admission in the private colleges, where education is self sponsored.
At times students also seek finance education when they are planning further higher education from foreign universities. Besides awarded scholarship, students often come across shortage of money. This is when they go for education loan. Most of the nationalized, private and foreign banks in India offer education finance to students.
The banks of India are pioneer in offering finance to those students, who are looking for easy education loans. SBI education loan, HDFC education loan and many more are the preferred financing services available for students.
Eligibility Criteria to Get Education Loan
- The applicant must be an Indian citizen.
- Proper proof of citizenship and other important official documents are required from the students.
- Offer letter of the college, where the student is taking admission, is required to be produced.
- The students should have taken admission in colleges and universities through proper entrance examination.
- Proper academic history and qualification certificates are required while applying for the education loan.
Educational Loan Information
Indian students can get loan up to 4 lacs from the commercial banks. The repayment period is 5 to 7 years. The rate of interest is 11.25% p.a. SBI education loan offers concession of 0.50% to girl students to encourage woman education. Education loans of Bank of India, United Bank of India, Punjab National Bank and many more are also helping the students of India to get education loan at easier terms.
Students, applying for education loan to study abroad also have to repay the loan amount within the same time period. There are chances of getting education loan up to twenty lacs. These loans are meant for the students who are going to pursue education abroad. They can get loan without having to give any collateral. Today, thousands of students are fulfilling their dream with the help of the financial assistance they are receiving from the banks in the form of education loan.