How to get an Education Loan in India

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Education Loans
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How to get an Education Loan in India ??
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Many of us are used to the idea that our parents
are going to pay for our education. However, this
may be difficult in many cases if you are opting
for super expensive professional studies. A model
has emerged now under which students go to
expensive colleges that lead to good recruitment,
making it easy to pay for the educational loan
when the student is finally employed.
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An education loan is a form of credit advanced to
scholars and students it is designed to help
students pay for college tuition, books, laptops,
hostel fees and other living expenses. It differs
from other types of loans in that the interest
rate is often substantially lower than most other
loans and the repayment schedule is deferred
while the student is still in school.
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An educational loan looks like a noble endeavour,
but banks cannot afford to grant you the loan
without assessing risks involved. Since you
arent going to start repaying the loan for at
least 3 years from the issuance date, the bank is
investing in something that isnt going to start
repayment for quite some-time in the future. So,
they will be cautious and extra careful when
someone asks them for an Education loans.
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- Not everyone can offer a credit which you are
going to return after n number of years. Here in
India almost all the Public Sector banks offer
Education Loan.- Some of the nationalised banks
such as SBI group have special programmes, some
of them areLower interest rates for girls, SC,
ST, disabled.Lower interest rates for toppers,
etc.
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RequirementsThe documents required may change
from bank to bank, time to time. Usually the
following will be asked for- Mark sheets of
your last qualifying exam- Proof of admission
into the college- Schedule of expenses for the
course- Bank Account Statement of the Borrower
for the last six months (If Applicable)
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