NEWS & ADVICE : EDUCATION LOANS
Know your Education Loan better
By Neelima Shankar
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Pre-payment penalty

Normally a pre-payment is charged if the borrower plans to prepay his loan but in case of education loan, most banks allow a pre-payment with no extra charges or penalty. However this is only applicable as long as the borrower is repaying the loan from his own resources and if the prepayment is sourced through a different medium such as loan from another bank then pre-payment is charged by the lender.

Collateral

The Reserve Bank of India and the Indian Banker's Association have outlined the nation's Comprehensive Educational Loan Scheme whereby a loan amount up to Rs. 7.5 lakh can be sought by students for pursing their education in India and for those who are looking to study abroad a loan of Rs. 15 lakh can be availed. Following this most banks are demanding collateral or a security of comparable value if the loan amount exceeds Rs 7.5 lakh. Banks also ask for a Co-obligation of parents/guardians/ a related third-party along with an assignment of the expected future income of the student in order to calculate the repayment period. For loans that range between Rs 4 lakh and Rs 7.5 lakh, security only in the form of satisfactory third party guarantee is required.

Expenses covered by education loan

An education loan generally covers most expenses incurred during the period of study. However these expenses again differ from bank to bank. Under most cases the expenses that are included in an education loan are:
1.  Fees payable to College or School and Hostel including the tuition fee.
2.  Examination, library and laboratory fees.
3.  Purchase of Books, Equipments, Instruments and Uniforms.
4.  Caution deposit, building fund, refundable deposit supported by the institution's bills or receipts.
5.  Any other expenses required to complete the course like study tours, project work, thesis, etc.

Today almost all the banks are ready to support your pursuit for excellence through the medium of education loans but an applicant should be alert while finalizing the deal.

 


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