Higher studies can cost you by considerably, speaking financially. An MBA course from the reputed institute in India costs over INR 20 lacks. Even an engineering degree from a reputed college might be expensive. Private engineering colleges costs well greater than INR 6-10 lacks.
However, you don’t have had to compromise with your dream about education because you don’t provide the financial strength. To be able to promote better education in India, the government of India creates procurement of education loans reasonably easy.
There are lots of banks in India which provide education loans to students. Many of the prominent banks offering loans for education in India are:
• State Bank of Mysore
• HDFC Bank
• State Bank of Bikaner and Jaipur
• Bank of Rajasthan
• Canara Bank
• ING Vysya Bank
• City Union Bank
• ICICI Bank
• Federal Bank
• Axis Bank
• Vijaya Bank
• UCO Bank
• Syndicate Bank
• Punjab National Bank
• Oriental Bank of Commerce
• IDBI Bank
• Indian Overseas Bank
There are lots of others.
Different banks have different eligibility criteria for education loans in India. However, usually, you must satisfy the following eligibility criteria for loans for education in India:
• You should be an Indian citizen
• You needs to be at least 16 yrs old. Most banks also provide a maximum age limit, that's usually 26 years
• You should have a reliable academic record.
• Your parents or guardians must have a comfortable source of income
• You really need to furnish evidence of acceptance on the university or college in which you wish to study.
• You are made education loans for studying in recognized college only.
Some banks also provide restrictions on the sort of courses they give education loans for. Consult with a requisite bank in order to get complete details about the eligibility criteria for education loans in India.
Different banks have different policies regarding the quantity of education loan which is fond of candidates. Such as, HDFC Bank offers an education loan of up to 15 lacks, with an unsecured loan of up to 7.5 lacks. It is advisable to consult individual banks to the upper limit of loans for education.
Again, different banks have different rates for education loans. However, on an average, interest rates are around 10-11% per year. Certain banks offer certain deductions in interest rates. For example, SBI Bank is designed with a discount of 0.50% for girl candidates. As well, you also get tax benefits for interest paid towards your education loan.
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An overview of Banks in India