EDUCATION LOANS (1)

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educational loan
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EDUCATION LOANS
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• An education loan is a form of financial support
  from any bank or financial institution that
  enable a student for taking higher education.
• Availability of the education loan, at the
  appropriate time will help millions of deserving
  bright young Indians to achieve their dreams come
  true.
• All graduation, post-graduation and professional
  courses from institutes approved by the state and
  central government and also from foreign
  universities are eligible for a loan.

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• Several institutes/ colleges have tied up with
  various banks, for the benefit of prospective
  students. For studies in India one can get loans
  up to Rs.7.5 lakh and up to Rs. 15 lakh for
  studies abroad.
• Before giving the loan, banks study the viability
  of the borrower based on personal discussions
  with the student, family's assets and annual
  income, the nature of the course and reputation
  of the institute.
• In most banks for loans up to Rs. 4 lakh no
  collateral or margin is required and the interest
  rate will not exceed the Prime Lending Rates
  (PLR).

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• For loans above Rs. 4 lakh the interest rate will
  be PLR plus 1 percent. PLR is a term used to
  refer the interest rate of the bank and it may
  vary with each bank. Some banks offer lower rates
  to women students or those from specified
  institutions. Security to the loan depends on the
  amount.
• Security is some form of investment (i.e bank
  deposits, house property etc) that are
  surrendered to the bank while taking the loan.
  Security is not needed for loan amounts up to Rs.
  4 lakhs. Instead of security, some bank may ask
  for a third party guarantee ( guarantor) for
  higher loan amounts.

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• There is no need to repay the educational loan
  while studying. The repayment starts after you
  have finished the course or started working. The
  repayment cannot be delayed for years after the
  completion of course.
• The loans are to be repaid over a period of 5 to
  7 years with provision of grace period of one
  year after completion of studies.
• Sourcehttp//career.webindia123.com/career/educat
  i onloans/main.htm

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