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Student loan or education loan is much sought after today. Education has become a costly affair and quality education is definitely an expensive proposition. Most parents save up for their children’s education but that does not suffice especially for higher education. A student loan becomes very useful in such situations. The basic definition of an education loan is funds being offered to deserving students or meritorious students for them to pursue higher education either in India or abroad. Almost all banks in the country offer this loan due to increase in demand.
One of the most important aspects of taking an education loan is that your savings are not affected and it can be put to better use. With many banks and financial institutions offering education loans, the borrowers have many choices.
About Student Loans
A student loan helps a deserving candidate to pursue further studies either in India or abroad. This helps many families achieve their dreams and personal goals. Education is expensive especially when one wants to study for higher degrees or a doctorate. A good education is expensive today and it makes sense to borrow finance for this purpose and use life savings for other personal goals. A comprehensive education loan covers all aspects of educational needs such as deposits, library fees, lab fees and so on. It is quite convenient to get a student loan as there are not many pre-requisites. Banks consider your repayment capacity before sanctioning this loan.
There are many lenders offering student loans and some of the main features are:
Most lenders/banks have a general eligibility criterion in place for student loans. The applicant should be an Indian resident and should have secured admission in one of the courses listed by the bank that is eligible for a loan. Most loans cover all expenses of the program such as fees, exam fee, lab charges, computer, deposits and insurance. This type of loan is available for both undergraduate and post graduate studies.
Being able to finance education needs is one of the most important needs of any family. A student loan helps a family not only financially but emotionally as well. The total needs of a family unit get a direction with the help of a loan like this. Some of the key benefits of a student loan are:
Like other regular loans, interest rate is determined by the amount of loan taken and the tenure. If the tenure is longer, the interest rate will be lesser. Different banks offer different slabs of interest rates. This also varies from course to course and in same cases, with different institutions. One reason for this could be the prospects of getting a job after course completion and therefore, repayment capacity being higher, a competitive interest rate can be offered on that particular student loan.
Most banks offer rate of interest that varies from 8.5% to 12% depending on the principal amount and the tenure of the loan. Female students enjoy a concessional rate of interest over others up to 0.5%.
Some of the other details of this loan are:
Not Required up to Rs. 4 lakhs
Residential property/land/Fixed Deposit to be given as guarantee for loans above Rs. 4 lacs
Nil up to Rs. 4 lacs or up to Rs. 20 lacs (depending on the bank)
5% to 15% depending on institute/course for loans above Rs. 4 lacs.
In order to get updated details of a student loan, it is advisable to visit the nearest bank branch and meet a bank representative. They will be able to guide you in regard to the details of the loan, required documents and application process. One can also submit an application then and there for a student loan.
An alternate method is submitting an application online. Most leading banks have updated information on their websites and applying online helps reduce waiting time and hassle-free process. The customer contact centre of many banks also can help with student loan application.
Documentation required by most banks to apply for a student loan :
Some of the top lenders in the country who offer this type of loan are:
1. What type of interest is calculated on student loans?
Simple interest is calculated on student loans.
2. Can scholarship be treated as margin money?
Yes, scholarship received from the institute can be considered as margin money.
3. Is it possible to prepay my student loan?
Yes, it is possible to prepay your student loan. Most banks do not charge prepayment charges on it.
4. Who can be my co-applicant for a student loan?
Family members like father, mother, brother, sister, uncle, aunt or grandparents can be your co-applicants who have a source of income.
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