Bank loans for higher education in India and abroad
Last Updated: 18-Apr, 2020
There are a lot of students who are dreaming about higher education, it includes students who need Education Loan and those who have a strong financial background and they don't need any. Maybe some of them want to get higher education from the best Institutes in India and some student wants to get higher education from foreign countries. There are a lot of students who are unable to get higher education or dream of many students getting higher education gets spoiled because of the reason "Money". Yes, when it comes to getting higher education from the best institutes or from foreign countries it really cost you big course fees.
There has been a huge increase of 29% in the number of students from India studying In USA In the year 2015.This shows that students In India are having the dream of getting highly educated. Lot of students just keep their dream aside and start working only because of the reason that they are not having enough money to spend for higher education. Loan for education is one of the main important thing that plays and important role in a student's life for achieving their dream. There are many private sector banks and public sector banks in India competing themselves by giving best offers in this.
Getting Loan for education is one of the huge opportunities for students to achieve higher education, where they no need to spoil their dream of getting higher education for the reason that they are not capable of paying such a huge amount of course fees. Giving loan does not mean that bank gives the entire amount incurred for completing course. There is amount limitation that May vary according to some banks and their promotional strategies. The bank will pay you either the full amount of course or the maximum limit of amount allowed by bank, whichever is less.
The amount of cost covered under the Education Loan includes Course fees, Library fees, Hostel fees, travelling fees, examination fees, any deposit needed in Institution for joining, Two wheeler for student(not available with all banks). etc.
Some Of the Main Education courses covered Under This Bank Loan are:
Courses covered to study in India:
Graduation, Post-Graduation , Diploma course, Studying IIT, to Study in IIMS, NIFT, ICWA, CA, CFA, Nurse Training , Teacher Training, These are some of the courses which loan for education will be granted to study in India. And you can go through the bank websites of the bank which you like to take a Student loan for more details and courses
Courses covered for getting bank loan to study abroad:
Professional Courses, Post-Graduation Degree courses like MBA, MCA, MS, MSC. Diploma courses, some certified courses in UK and USA etc.
Some banks are even providing bank loans for school education. And as per now the student will get loan from banks starting of education till the student completes his higher education.
Repayment Procedure for Educational Loans:
Most of the student will be worried about the repayment options of the bank loan, if you are planning for a best course and if you believe that it surely will give you a good future, and then no need of worrying as the loan for education has the easy way for repayment.
A) You can start repayment of your Education Loan after the completion of Course. (no need to worry - Feel relaxed and concentrate on studies)
B) You can repay the loan with the maximum of 15years of repayment tenure and it depends on the amount you have taken as loan.
Note: Even you get central government subsidy on Education Loan. (Kindly get more details about this from the bank before you apply)
Amount of Interest:
The percentage of interest varies in different banks. Kindly confirm the offers from as many banks possible before taking an bank loan so that you get the best offers in the market
You get more details of some best loans for education from various banks in India.