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Education Loans |
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An education loan is a form of financial support from any bank or financial institution that enables a student for taking higher education.
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Several colleges/ institutes have tied up with various banks, for the benefit of prospective students. For studies in India one can get loans up to Rs.7.5 lakh and up to Rs. 15 lakh for studies abroad.
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Availability of the education loan in India at the appropriate time will help millions of deserving bright young Indians and brilliant students to achieve their dreams come true. All graduation, post-graduation and professional courses from institutes and colleges approved by the state and central government and also from foreign universities are eligible for a loan.
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Education Loans in India
To ensure that no deserving and brilliant student is denied education for want of funds, the government is promoting education loans in a big way. The basic aim behind education loan is to bring education within the reach of students and help them improve their prospects in life. Any student who has secured admission in an institute of repute, whose degree/diploma is recognized by University/Institute affiliated to any Central/State Statutory Body or recognized by AICTE (All India Council of Technical Education) and other institutes of repute, is eligible for educational loan.
Education loans cover cost of the university/school/college fee, hostel expenses, and cost of books and stationery. Apart from this, any other expense needed to complete the course can also be considered. The maximum amount of education loan is up to Rs. 7.50 lakh in case of studies in India and Rs 15 lakhs for studying abroad.
Education Loans from Banks
Education Loans in India is offered by a number of banks in the nation. The types of the student loan schemes is available in several banks in India differ from Bank to Bank. The names of the schemes also vary from Bank to Bank. Graduation/Post graduation/Professional course and programme in any discipline or any other course approved by Government. Usually, all employment generating courses and programmes are eligible for education loans. According to the RBI guidelines, for studies within the country the ceiling of the loans provided is approximately Rs.7.5 lac, while it is Rs.15 lac for higher studies abroad.
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