Education Loan in India : Education Loan,A financial boon for students

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Education Loan in India
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• Education Loan A financial boon for students

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• Education is one of the most planned investments
  in India. Every parent wishes a bright future for
  their child. In consideration to liberalization
  in monetary policy, onset of education loans has
  facilitated students to pursue higher studies in
  India or take up studies abroad. It helps the
  deserving bright students to follow their choice
  of career without worrying about funding. It has
  become a boon for both parents as well as
  students.
• Nowadays, educational loan facility is offered by
  all the banks as well as financial institutions
  in seeking school and college admission. These
  banks have scrutinized the scope and needs of
  education sector and have accordingly, formed
  alliances with recognized educational
  institutions to ease the burden of candidate.
  Moreover, parents and students can easily get
  education loan while they are applying for online
  school admission and online college admission.
  The question that arises in our mind is which
  bank is giving the loan at cheaper interest
  rates?

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Rate of Interest

• The foremost point of consideration before
  choosing the bank is the offered rate of
  interest. It depends on three things I.e. Loan
  amount, Tenure of loan, Educational institution.
  The obvious option would be the bank with a
  cheaper rate.  

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Eligibility Criterion

• Each Bank or FI has fixed its eligibility
  criterion based on which the loan is granted to
  the applicant student, for instance, students
  academic track record, Type of institute I.e.
  whether it is approved by central or state
  government or any foreign institution, viability
  of the borrower, nature of the course or the
  repute of the institute etc.

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Repayment Method

• Every bank or FI has its own repayment criterion
  i.e. some fix it up to 5-7 years or some start
  after the completion of course or as the student
  get placed and start working.

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Collateral/Margin/Third Party Guarantee

• It is a must for all the banks provided the loan
  amount is above Rs.4 Lakhs. One can choose a
  bank/FI depending on the kind of security the
  applicant can give to the bank or FI.

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Amount of Loan

• This is generally fixed for all the banks i.e.
  Rs.10 Lakhs for higher Education Loan in India
  studies in India and Rs.20-30 lakhs for studies
  in abroad.
• Source http//www.blog.epravesh.com/how-to-get-e
  ducation-loan-in-cheaper-rate-in-india/

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