Get Education Loan In India
You can fulfill your dream to study abroad by getting the education loan. You can take it from any government bank or private institution.
Education is very essential to become a good human being. But, one should have the required amount of money to get the education. Though, if you don’t have enough money, you can take the student loan to fulfill your desire. The student loan is also called the education loan and students can get it from any government bank or private financial firm. The process of taking the loan is not simple as it involves many formalities. However, it covers all your expenses like college fees, ticket fare, accommodation expenses and tuition fees among many other kinds of expenses. Moreover, if you take the loan, you can comfortably pay it back after your course completes.
In the previous times, there were many difficulties for the students to get loans because the number of financial institutions was very less and there were only government entities who provide loans at that time. But, nowadays, you can easily avail loans from private financial firms or government banks without any difficulty. Now, you can easily get the education loan for study abroad purpose. Therefore, there are a few things to consider before you apply. The first thing is that how much amount of money you want to borrow from the bank. The next thing that you have to decide is to choose the source means from where you want to take the loan. There are two sources from where you can get it, the first source is from the government bank and the second source is from the private firm.
Usually, the students prefer taking education loan from the government institutions because the interest rate of government banks is very less in comparison to the private firms. However, students also consider the private firms for taking the loan but it is advised to investigate the private financial firms before taking the loan in order to find the best firm and also to avail the competitive rate of interests. Furthermore, you must also confirm about any hidden terms and services of the private firm.
To avail the loan, the student must be eligible for the loan. There are various factors that make the student eligible and these are:
- The student should be a citizen of India.
- He /she should get admission in the authorized colleges or universities abroad.
- There should be a co-applicant in this process.
- The student should provide the collateral to the bank. For example, property or land.
Several banks provide education loan like Andhra Bank, Allahabad Bank, Bank of Baroda, Bank of Maharashtra, Bank of India, Bank of Rajasthan, Canara Bank, Central Bank of India, HDFC Bank among many others. The maximum amount that these banks provide for studying abroad is Rs. 20 Lakh. You can also apply for the loan, if you are planning to go abroad on study basis.
Geniusabroad.com provides the consultation services to students who want to study abroad. We offer complete information about the various universities and courses abroad. We also help students to get education loan from Indian banks.
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