Education Loan

A wise man once quoted “An investment in education pays the best interest.” So true! Education is imperative to thrive in today’s fiercely competitive world. But what if money becomes a stumbling block in your dreams? Let the Education Loans be your savior.

WHAT IS EDUCATION LOAN ?

Education Loan is the money, a student or his parent borrows from a loan issuing authority for financing an educational course in India or abroad. It is granted for a multitude of academic, professional, vocational and technical courses.

EDUCATION LOAN COVERAGE

The maximum sum that can be loaned out can be up to 10 lakh for education in India and up to 20 lakh for education abroad. The interest rate may vary from 5 to 15% depending on both the borrower and the lender.

FEATURES & BENEFITS

There’s more to education loans than just financing your child’s education. Here are a few unique benefits that Education Loans offer:
• An education loan covers not just tuition fees but also examination fees, hostel fees, books, laptops and other resources, study tours, etc.
• You get to enjoy deductible tax benefit on the interest you pay on your loan (as per Section 80E of the Indian Income Tax Act).
• The repayment is not be made while pursuing the course or even immediately after the course is completed.
• The repayment begins after 1 year of course completion or 6 months from the commencement of a job, whichever is earlier.
• The repayment period is extendible up to 8 years.

CHECKLIST: BEFORE YOU GO FOR EDUCATION LOAN

The granting of education loan isn’t much time consuming it should be applied for only after the admission is confirmed.The eligibility requirements for education loan are:
• Age limit for education loan varies from bank to bank. Generally it is from 16 to 35.
• Students should have a good academic record.
• Students should not have year lap during their education.
• Parents should have a definite source of income

“Education is the most powerful weapon which you can use to change the world.”

WHICH BANKS IN INDIA OFFER EDUCATION LOANS ?

Most nationalized banks, private banks, foreign banks and private lending institutions provide students loans. Some of the loans from the most popular banks are as follows:

CONCLUSION

Finally, you need to hit on the right bank with the right educational loan scheme to suit your needs. Parameters to weigh the alternatives are many; like rate of interest and all.
We believe, given the right tools and aid every child has the potential to be successful and we promise to provide the very tool that will enable them to reach their goals in life We can help you get best loans in order to ensure you a bright future.

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