NEWS & ADVICE : EDUCATION LOANS
Complete guide to education loans in India
By Vaibhav Aggarwal
Print    Email    RSS   

The rising cost of higher education has become a big cause of worry for students and parents alike. How will one be able to fund the huge expense required for professional courses is the prime concern for people seeking to increase their qualifications. If a student is seeking to go abroad for pursuing higher studies, the costs are far greater as compared to studying in India. An education loan to pay for the high tuition fees and other associated costs is fast becoming a need for an ambitious student.

What is an Education Loan?

Education loan is a special purpose loan given by banks and financial institutions to cover the cost of any higher degrees or specialized courses. The education loan provided by banks in India cover the fee Payable to the College, School or Hostel. It also covers the examination fee, library fee, lab fees, caution deposits, refundable deposit asked by the institution. Building fund supported by Institution bills or receipts, Purchase of Books, equipments, instruments, uniforms, Travel expenses/passage money for studies abroad, purchase of computers - essential for completion of the course and any other expense required to complete the course - like study tours, project work, thesis, etc are also covered.

Courses and institutes that can get education loans

Banks provide great financial help needed to cover almost all the expenses incurred for a successful completion of the desired course. Banks in India now cover a wide spectrum of courses in their education loan schemes. Catering both to under graduate and post graduate courses, banks readily provide education loans for management, engineering, medicine, MCA, fine arts, designing, architecture, hotel management, agriculture, pure sciences, arts and commerce courses. Banks do consider the reputation and affiliation of institute from where the course is being conducted, before giving any educational loan. Indian banks while providing education loans require that the applicant must be a resident Indian having secured admission in any of the bank's list of approved course or universities. Whether you get 100% of the cost of education as education loan or not, depends on individual banks.

Other qualifying criteria of education loans in India

Anyone between 16-30 years of age, who qualifies otherwise can get an education loan from banks in India. The amount of loan provided by banks depends on many factors. Professional courses like management, engineering, medicine etc. will be give higher loan amounts as compared to B.A. or M.A. This could be due to the higher employability and cost of education in the former case. Secondly, if you are pursuing a course abroad you are likely to get a bigger educational loan as compared to courses with Indian universities. Bank readily provide loans up to 15 lakhs for studies abroad, while they can lend up to 7.5 lakhs for courses within India. The third factor that decides the quantum of loan is the collateral offered with education loans. Yes, every education loan of a higher denomination is a secured loan. This means that the person taking loan must provide some guarantee, usually provided by a guarantor who can be a parent or guardian of the student.


Page  | 12 |  
(Comments Posted : 512) Post Your Comments
1. HOW I SUCCESSFULLY GOT MY XMAS LOAN.

Hello, my name is Janice Erwin from Walworth NY, and I am happily married with family. For some months now I have suffered financial setback and needed to refinance as my bills were long due for payment. I tried seeking loans from various loan firms both corporate and private but all without success, the banks I visited all declined my credit. But as God would favor me, I was introduced to Unamay Loan Finance Ltd for their Xmas loan program, with contact number +1(858)299-1101 a Private limited Company with Share Capital, and I was granted an Xmas loan sum of $68,000.00 on the 8th of November 2017. Today my financial status is restored and my business is now stabilized. Thanks Renee for introducing me to Unamay Loan Finance Ltd, and to you Mr Christopher Kennedy for helping me. He is a good man and I pray that God richly bless him for helping me. My advice to anyone out there in need of a loan of any kind is to quickly Contact them today via email: unamayloanfinance@outlook.com or unamayloanfinanceltd@financier.com.
Janice Erwin (Posted: Nov 16, 2017)
2. HOW I SUCCESSFULLY GOT MY XMAS LOAN.

Hello, my name is Janice Erwin from Walworth NY, and I am happily married with family. For some months now I have suffered financial setback and needed to refinance as my bills were long due for payment. I tried seeking loans from various loan firms both corporate and private but all without success, the banks I visited all declined my credit. But as God would favor me, I was introduced to Unamay Loan Finance Ltd for their Xmas loan program, with contact number +1(858)299-1101 a Private limited Company with Share Capital, and I was granted an Xmas loan sum of $68,000.00 on the 8th of November 2017. Today my financial status is restored and my business is now stabilized. Thanks Renee for introducing me to Unamay Loan Finance Ltd, and to you Mr Christopher Kennedy for helping me. He is a good man and I pray that God richly bless him for helping me. My advice to anyone out there in need of a loan of any kind is to quickly Contact them today via email: unamayloanfinance@outlook.com or unamayloanfinanceltd@financier.com.
Janice Erwin (Posted: Nov 16, 2017)
3. Dear Applicant,

Do you seek funds to pay off Credits and Debts? RMPCapitals@gmail.com ( RMPCapitals@usa.com ) is here to put a stop to your financial problems. We offer all kinds of Loan (Personal Loan, Commercial Loan, etc.) We give out loan with an Interest rate of 1.00%. Interested applicants should Contact us via email: RMPCapitals@gmail.com ( RMPCapitals@usa.com )

Please Fill the Application Form Below:
- Complete Name:
- Loan amount needed:
- Loan Duration:
- Purpose of loan:
- City / Country:
- Telephone:
- How Did You Hear About Us:

If you are interested to get a loan then kindly write us with the loan requirement. Please, contact us for more information: RMPCapitals@gmail.com ( RMPCapitals@usa.com )
RMPCapitals@gmail.com (Posted: Nov 15, 2017)
Show All Comments
COMPARE QUICKLY
 Select a product:
 

CALCULATE QUICKLY
 Select a product:
 

EDITORS' PICKS
An insight into education loan schemes for...
Manage your loans, avoid recovery agents
Carnival of Indian Personal Finance Blogs #6
Interest servicing during moratorium...
Complete Guide to NRI Education loan


ROPAR: CaℒL Giℛℒ In Kurali 09855660911...
Why Pitampura Tutors (Ph:- 9911742311) & Private...
kala jadu in hindi 9636854282

NEWS THIS WEEK
Banks to look forward to hire students from IIT/IIM Feb 18, 2015
Union Bank of India hiring for the post of specialist officers Feb 16, 2015
Canara bank launched scholarship Scheme Feb 13, 2015
AXIS bank started ‘My idea of progress’ Campaign Feb 12, 2015
RBI inviting applications for the guard post Feb 11, 2015
News Archive