Getting Educational loans from banks has now become easy for the students who wants to pursue their higher education but lack financial assistance. Now even the Reserve Bank of India is encouraging the banks to provide loans for the students so that they can pursue their studies and help in the growth of the country. As a part of it, Instructions are provided for the banks that up to a certain amount students need not require any third person guarantee /security and the loan is provided with low interest and it can be paid after the course completion of the student. So, now students if you want to pursue your higher education in India or in foreign country and have the eligibility for the course and need a financial assistance then approach your nearest bank with your application.
Eligibility for getting a Educational loan to study in India or foreign countries :
- You should be an Indian Citizen
- You should satisfy the conditions of KYC (know your Customer ) norms of the bank which deals with identity proof, residence proof etc.,
- The course you are applying for or for an Institute you are applying for should be recognized institute by government of India.
- Usually the loans are easily provided for the professional courses like Engineering, MBA, Medicine, Graduate and post Graduation programs, MCA, CA, ICWA etc., in the institutes or Universities recognized by UGC, AICTE,MCI etc., and you can also apply for other courses as well but should be a recognized institute and you should have an eligibility.
- You can also get loans for courses offered in IIM, IIT,IISc, XLRI etc., and also courses offered in India by foreign University.
- You can also get loan to study abroad for various professional courses like MBA, MCA, Engineering, Aeronautical training, pilot training, MBBS, Engineering, MS programs etc., but they should be recognized institutes and should be approved by the regulatory bodies of that particular country and also in India for getting employment in India or abroad.
- If you have any scholarship or fees waiver bank will be taking this point into consideration while offering a loan.
Amount of Loan provided by Banks to pursue higher education :
To study in India : up to 10 lakhs and to study abroad the loan amount is usually up to 20 lakhs but it usually depends upon the banks and course as well.
Banks provide expenses for:
- Examination fees/Tution fees / hostel fees
- Laboratory fees/ Travelling expenses
- Purchase of books/equipment/computer etc.,
- other expenses like thesis submission, attending study tours etc.,
So, if you are going for the Educational loan then take all the required documents like photocopies of all your eligibility certificates for the course, a statement which describes the amount needed for the completion of the course, photo identity proof , Residence proof etc., and usually the rate of interest on the loan differs from bank to bank and usually they charge simple interest till the completion of the course and you can pay the loan after 1 year of the course or after 6 months of getting a job. So wish you all the best for your bright career.