Get Education Loan At Very Affordable Interest Rates And Go To Abroad For Higher Studies

The education loan for a student has been introduced to help the students to pay their tuition fees

, living expenses and other miscellaneous expenses but this education loan may differ from other kinds of loans available in the market for which the interest rates would be substantially lower & the repayment schedule will be deferred when the student is still in education.

There are various criterion and conditions to get an education loan in India are quite basic and simple. The first and foremost one is that you must be a citizen of India and you should get into educational institution opting a course. Once you secure admission in the institution with the course you wish to pursue, then you can be free to approach a financial institution or bank to avail for education loan.

There are some questions one must know while seeking student loan from the banks or any financial institutions. Many persons think how to get educational loan? hence approach is shown below.

The student must aware of amount would he / she needs to pay and how much amount would bank needs to pay. Whenever a student takes an education loan from the bank, it will not fund the whole amount for your education instead you should be expected to fund a part of it. Consider your total fees of ten lakh rupees. The bank may offer you 70% of your total loan amount i.e. seventy thousand while the balance 20% of the loan amount should be managed by you i.e. thirty thousand.

The student must aware of the loan amount while applying for educational loan as there would be always a maximum amount that is granted as loan. The maximum loan amount granted for studies in abroad may be twenty lakh rupees by the bank. If the tuition fees amount is exceeded, then obviously the student has to pay up the balance by their own.

The student must aware of processing fees for educational loan as some banks may charge processing fee while granting the loan to students while others may not. If they charge, check if it is percentage of the loan amount or fixed amount.

The student must aware of all sorts of expenses that should be included while applying for educational loan. They need to include all sore of educational expenses.

The student must aware of security and guarantor, if any before applying for educational loan. Generally it depends on the loan amount you claim from the bank. If it is more than certain amount, then you will have to show either security or guarantor for the loan amount. The securities could be National Saving Certificates, shares, government securities, bank deposits, or even house property. The guarantor is responsible for paying up the educational loan.

The student should aware of repayment of his or her educational loan. As long as the student is studying, they dont have to worry regarding repaying the loan. It starts once your course is completed and you start working. It should include how long the student may repay the whole loan amount.

The student should also aware whether his or her course is eligible and the supporting documents to be furnished before applying for the student loan. Generally, you will have to submit proof of the selected course, the schedule of fees and the mark sheet of the last qualifying examination. All post-graduation, graduation and other professional courses are eligible for an educational loan.

by: victor sharma

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