How ToTake The Higher Education Loan Realistically
An education is an investment of your time, energy and money, so that you enjoy better career path with the maximum benefit in the future. Now, it is getting relatively easier because getting education loans has become quite a norm in present times. You have various options and offers from different banks and mortgage institutions. You can choose from all with different benefits and rewards available. Before you go ahead and choose your education loan what you need to know is that there are certain prerequisites to avail your education loans.
Generally, loans for Indian education are provided to students of Indian nationality within the age group of 15-30 years with a requisite of a working parent or a guardian to be the guarantor. The loan approval will be based on the capability of the borrower and the guarantor’s assets, collaterals, liabilities, income, etc. In addition, student must hold anexcellent academic record and should have secured admission by clearing the necessary entrance examinations. The same requisites are applicable if you want to secure theloan for foreign education.
When applying for a loan for Indian education or loan for foreign education, you can benefit by selecting courses in India as well as abroad, which are approved by the government and international universities. Check the nature of the course and reputation of the university before you apply for the loan. Normally the loan includes benefits like tuition fees, library, hostel, as well as other expenses of books, uniforms, travel, etc.
The maximum loan limit for studies in India is Rs. 10 Lakh and Rs. 20 Lakh for the international university. For loan up to Rs. 4 Lakh, there are no security requirements. However, for any higher amount, one has to provide collateral. So, check the courses you are applying for and how much funds you will need. The tenure for repayment of the education loan is very flexible. You can start repayments immediately after the completion of the course. You can also use the grace period of 6-12 months is offered when there is no immediate job. The period of repayment varies from bank to bank. It can be somewhere between 5-20 years.
Currently, every bank offers a variety of loans for Indian and foreign education, so you will have a wide range of plans to choose from and get the best one according to your needs and requirements. Now you are just step away from your dream career without any problems!