Easy and ample education loans are welcome and great advantage to meritorious and ambitious students, for pursuing their dreamt educational or professional courses in their native country or abroad. Feeling this lavish convenience, today most of the major banks in countries worldwide offer quick and convenient higher educational loans to diligent students in almost all fields of career and profession. Moreover, the student education loans are available at quite reasonable rate of interests, with some generous concessions to girl students.
In this particular article, we are offering highly beneficial information regarding the educational loans in India (education loans india), available to students and professionals for higher education in India and abroad. As in most of the developed and fast progressing countries of the world, the education loans in India too, are well-facilitated by a large number of nationalized and private banks, to support proper growth of highly qualified and talented professionals belonging to poor financial backgrounds.
The most prominent among these banks are State Bank of India, Punjab National Bank, Axis Bank, HDFC Bank, Bank of Baroda, etc. These higher educational loans india, are provided for pursuing professional courses in the accredited and reputed educational institutes situated in India or abroad, at graduate and post-graduate levels. Generally these professional courses pertain to the fields of engineering, medical, business management, agriculture, information technology, accounts and commerce, sciences, veterinary, law, aviation, computer hardware and software, banking and finance, and many other professional and highly prolific fields.
In general, the amount of student education loans india, varies from Rs.50,000/- to 10.00 Lacs for higher studies in India. For studies abroad in the globally recognized and acclaimed educational institutes and universities, this amount of loan goes up to the level of Rs. 20.00 Lacs. The repayment period of education loans in India ranges from 5 to 7 years. To encourage woman students most of the banks provide a concession of 0.50% in the rate of interest.
Eligibility Criteria to Get Education Loan
For receiving education loans in India, the recipient must be a citizen of India, and has acquired secured admission to prestigious and nationwide reputed educational institute for higher studies at graduate or post-graduate level. Highly career-oriented courses in the above-mentioned fields are preferred. Here, it may be noted that most of such institutes and universities take admissions to their professional and technical courses through rigorous entrance exams or merit-based selection processes.
Patents or guardian of the student desirous of acquiring education loan are considered as co-applicant, willing to carry out the responsibility of repaying the said loan securely and punctually. Wholesome security and collateral securities amounting to the desired value, are to be submitted to the bank, along with recognizable third party guarantee acceptable to the financing bank. All detailed information and certificates in connection with the academic records of the student are verified and submitted in duplicate copies. Plans regarding the repayment of education loan in certain agreed installments are also necessary to be submitted to the bank.