Due to some reasons sometimes we need money for our higher education but this becomes impossible for us because of some reasons and their are lots of reasons why students need education loans :
- You are not Financially able for this.
- There is very tough competition in GOVT sectors sometimes students lose their seats from 1 Marks or 1 Percentage, GOVT sectors has low Fee’s but Good Private Colleges has lots of Fee.
- Your Dream is to study at Abroad ; All students has their own dreams some wants to study on UK, United States ,Germany ,Japan etc. but Financially you are not able for this so you can take education loan to do study at abroad.
- Living in Abroad ; If you are studying in Abroad it means you are living in abroad so you also have to spend money on your own self if you are not financially strong so you can’t spend your own money in education as well as in living so education loan is the best choice then you just have to care about your own self.
In india there are numbers of BANKS but most popular banks in india which provides education loan for students are :
Bank of Baroda
State Bank of India
These banks not just provides education loan to study in India but they also offer education loan for abroad studies each bank provides their own loan amount with Rate of Interest per Annum and each bank has different policy and conditions.
AXIS Bank provides loan from 50,000 to 75,00,000 (75 Lakh) according to the Bank this amount also covers tuition fees, hostel charges (if any), cost of books, etc. (for india and also for abroad education)
Attractive Rates of Interest
Marginal Cost Based Lending Rate (MCLR) – 8.15%
Avail Loans for a variety of courses
Loans are given to worthy students who have obtained admission to career-oriented courses like medicine, engineering, management, etc. either at a graduate or post-graduate level
BANK OF BARODA
Are you planning school education (nursery to standard XII) of your child, pursuing a graduate or postgraduate degree, the Bank of Baroda Education Loans, can help finance your ambitions and goals.
Bank of baroda provides 60 Lakh Loan for abroad education.
If student want to study in india and want to take loan for indian education you can take 4 Lakh to 10 Lakh educational loan.
Purpose – Payment of course fees, purchase of books, equipments, instruments, uniform, payment of hostel fees, examination fees, study tools, passage expenses, (for study abroad)
Eligible courses – Graduation, post graduation, including technical/professional courses with employment potentials conducted by colleges/universities approved by UGC/Government, AICTE/Department of Electronics/IMC, autonomous institutions like IIM, IIT, etc.
Studies abroad – Job oriented technical/professional courses-(graduation/post graduation.)
Quantum of finance -Need-based finance
For studies in India: maximum Rs 10.00 lakhs
For studies abroad maximum Rs 20.00 lakhs
Margin – Upto Rs.4.00 Lakhs – Nil
Above Rs.4.00 Lakhs – for studies in India – 5%
Studies abroad – 15%
Loan is given jointly to the student and parent/guardian
Assignment of future income of the student
Upto Rs.4.00 Lakhs – No Security
Above Rs.4.00 Lakhs upto Rs.7.50 Lakhs
HDFC Bank provides loan upto 10 Lakh for education in india.
Easy Loan Repayment
Maximum tenure up to 10 years for loans up to Rs. 7.50 lakhs
Maximum tenure up to 15 years for loans above Rs. 7.50 lakhs
STATE BANK of INDIA
Education loan for Courses at select leading Institutions in India like IITs, IIMs, NITs, AIIMS and other premier Institutions. Loan amount upto Rs. 30 lacs.
Education loan exclusively for full-time regular courses at foreign Colleges/Universities. Loan amount from Rs 20 lacs upto Rs 1.5 Crores.
Education loan for pursuing higher education in India or abroad. Loan amount upto Rs. 10 lacs for studies in India & Rs. 20 lacs for studies abroad.
Before applying for Loan over all these Banks Make sure of all these things :
- You are Taking loan for educational purpose so don’t spend it for personal use.
- Read all the terms and conditions of bank before applying for it.
- You can take help from Bank employer you can ask them any question personally related to Loan.
- Check the Interest rate of banks.
- Take a perfect amount which you want don’t take extra money if you take extra money then in future you have to return extra money also with interest so make sure choose right amount.
Last Modified Date [14-08-2017]
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