Education Loan In India: Empowering Young Minds

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Education Loan In India: Empowering Young Minds

Education, as we all know, is the most basic tool that we, humans need for survival. It is what helps us in order to become better individuals. It not only helps us in order to communicate with one another but also helps inculcate a sense of understanding needed to survive in the society. As we all strive to become better than who we are, with the help of education. However, sadly, for many of us, it is a commodity, way too exorbitant to afford.However, there are now many banks and NBFCs (non-banking financial companies) investing their amount by providing education loans to students for further studies. The loans offered by these banks and NBFCs (non-banking financial companies) have interest rates much lower than those provided to us by the traditional financiers. The education loan in India has seen much competition from banks and NBFCs (non-banking financial companies) alike. One can make use of these funds and study at a university of their choice in India or abroad.

What all expenses are covered by education loan in India?

The Education loan in India covers all the education fees, tuition fees, living expenses; if studying abroad and other relevant costs that one might incur while staying there. All the other expenses such as the cost of books and study materials are also covered. The meritorious students are given special consideration.

In what way is education loan in India helpful?

The educational fees and cost of overall education are soaring through the roof and it doesn’t look like it will go down anytime soon. Even after splurging all of their savings and funds, the parents are still suffering from lack of capital to pay off their child’s educational fees. Here, the educational loans in India play a huge role, by providing them with the sufficient amount of funding required to pay off their children’s fees. In the recent times, there are more and more banks and NBFCs (non-banking financial companies) coming into the picture. This has helped the students and their parents with more options to choose from. This competition has also resulted in the decrease in the overall interest rates while comparing through different banks and NBFCs (non-banking financial companies).

Is there any collateral required to acquire Education loans in India?

Yes, there is collateral required in order to obtain a student loan in India. The collateral required may be in the form of:

  • Any residential property such as apartments, flats, etc.
  • Any form of fixed deposit or recurring deposit.
  • Any non-agricultural land owned by the person can be kept as collateral.
  • The life insurance policy that the person might own.
  • Any existing house mortgaged, whose base value meets the security coverage amount required for the loan approval.

Thus, the Educational Loan has provided the students with the opportunity to pursue education, by supplying them with hope; in the form of cash.Hence, students can now pursue a career of their choice without worrying about the factor of capital.

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