Educational Bank Loans in India |
An Education Loan means financial institute or any bank gives financial support which facilitates student for taking the high education. If theeducation loan is available at the correct time then it will help to the number of deserving candidates of India to achieve their dreams. Theeligible candidates for the loan are all graduates, post graduates and all the professional courses approved by state government, central government and the foreign universities. For the benefits to the students, many colleges and institutes have tied up with the banks. One can get loan up to Rs. 7.5 lakh for studies in India and for abroad up to Rs.15 lakh.
Banks checks the capability of the borrower related to personal discussion with student, annual income, asset of the family, course's nature and status of the institute before giving the loan. No any contract is required for the loans up to Rs. 4 lakh and interest rate also not exceed beyond the Prime Lending Rates (PLR).
The rate of interest will be PLR + 1 for the loans above Rs. 4 lakh. The term PLR is used for the interest rate and it may be different for different bank. Some of the banks suggests lower rates or for those who belong with special institutions. Loan's security totally depends on the amount of loan. Security may be housing property or bank deposits etc which are given to the bank at the time of taking loan. For the loan of Rs. 4 lakh, there is no need of the security. For the high amount loan, some banks ask for the guarantee of third person, except the security. At the time of study, no need to repay the loan. After started work, starts the repayment. After the course completion, repayment can not be delayed.
| Different Banks | ||
No comments:
Post a Comment