Education Loans

If a student wishes to pursue higher education and wants to take a loan for their education then they can take education loans. All banks in India offer education loans not just for the studying in India but also for studying abroad. Most banks offer up to Rs. 15 lakhs for education in Indian education institutes while up to Rs. 20 Lakhs is on offer for education in foreign education institutes. However, it must be remembered that the amount varies from one person to another, dependant on the guarantor's financial capability. The maximum amount could also change from one bank to another.

Various Features

As somebody who has got a professional education, you would want to be the one who pays back the loan. Also, if as a son or daughter you don't want to burden your parents with the repayment of the loan, you can undertake to payback the loan amount. Most banks have an option wherein the process of repayment can start a year after the completion of the course or six months after the individual has secured an employed, whichever happens earlier.

The maximum loan repayment tenure, inclusive of the moratorium period will vary from one bank to another and at times is decided on a case by case basis. Most banks also offer loans for all the ancillary expenses that are a part of the course.

When it comes to an educational loan, the bank will disburse the loan directly to the institutes. The loan, in point of fact, will be released in accordance with the fee schedule of the institute in question. Also any one who falls between the age group of 16-35 years can take a loan for his/her education.

For Various Courses

Here is a small list of courses for which a person gets an education loan:
» Medicine Course including Graduate and Post Graduate Courses
» Full Time and Part Time Management Courses - Post Graduation
» Engineering Courses offered by Government Institutes, as well as, Private Institutes - Graduation and Post Graduation
» Various Online and Distance Learning Courses
» All Graduate Courses like BA, B.Com etc
» Degree and Post Graduate Course related to Hotel and Hospitality
» Fine Arts and Design - Graduation and Post Graduation
...And many more

Expenses Covered

All kinds of expenses are covered by the education loans. Given below is a cross section of the kind of expenses that are covered in education loans:
» The Fees of the Institutes/College/School
» Fess of the Hostel
» Exam Fees
» Library Fees
» Laboratory Fees
» Expenses incurred while purchasing books, uniforms, special equipment etc
» Various kinds of refundable deposits that could be asked for by an institute
» For the purchase of necessary items like computers
» Travel Expense - Foreign Education
» Passage Money - Foreign Education
...And any other expense that is a pre-requisite for the completion of the course, which might include expenses incurred for study tours, thesis, dissertation, etc.

Eligibility and Documentation

One has to meet a certain set of eligibility requirements for any kind of loans and an education loan is no different. Moreover, a bank also asks for various compulsory documents from an applicant and the co-applicant. These must be furnished to take your loan process towards completion.

All banks have various unique features or conditions that have to be understood and met by the applicant of an education loan. However, most requirements are common for all banks. It must also be remembered that you need to provide collateral for any education loan that is above a certain amount; this amount is typically Rs. 7.5 lakhs but could be different for different banks.

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Indian NRI

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