Education is what defines a person and creates the pathway for a bright and successful future. Every ambitious student wishes to work hard and perform well in his/her studies. However, we all know that the cost of education is increasing with each passing year, especially at the established and reputed institutes. Therefore, whenever you decide to pursue higher studies from some well-known institute, funds needed will definitely come under consideration at some point of time. An education loan can ease off our load and ensure that money doesn’t become a worrying factor or obstacle for you.
Study loan or an education loan is generally classified as a type of personal loan offered by well-known banks and financial institutions of India. As this loan is normally meant for students opting for higher studies, they can be classified into multiple categories: education loan for study abroad, domestic education loan, undergraduate education loan, graduate level education loan and career loans meant for people wanting to undergo certification courses and/or career oriented programs.
These loans can be repaid later when the student finds a suitable job after the completion of the program. The size of the education loan will depend on multiple factors including the course opted for and the college. Normally, such study loans cover all expenses involved in higher education such as tuition fees, examination fees, accommodation charges, laptop, laboratory charges, library charges, uniform, project work, instruments, books and more.
The eligibility criteria to avail a student loan or an education known in India is as follows:
The interest rate charged on study loans or education loans are slightly higher than home loans. The exact rate will depend upon how well you meet the eligibility criteria and the lending establishment, but in most cases it’s in the range of 8.45% to 15.2% per annum.
Please note, students who have secured admission into premier institutes such as IIMs and IITs can get comparatively better deals. The interest rates are also usually relaxed for female applicants and in case of public sector banks. The tenure of an education loan is pretty flexible, usually going up to 15 years. You can borrow an amount up to ₹1.5 crore or even higher in some cases depending upon the institute and the lender’s policies.
The best and quickest way to avail an education loan or a study loan in India is by visiting GoSahi.com and comparing offers extended by various banks and NBFCs. You can even seek help of our qualified and seasoned experts who can handhold you through the entire process, right from loan application till the point of disbursal.