Top Educational Loans in India
In India, there are many sections of society, some rich, some middle class and some below poverty line. Nowadays, the fees of all schools or colleges are very high. In engineering colleges the fees are in some lacs, and even for medical course the fees are somewhere around 20 lacs. So, it is very difficult for them to manage such amount of money.
To solve this financial problem many banks provide educational loans to efficient or deserving students for their higher education. At present scenario is that every bank like ICICI Bank, HDFC Bank, Axis Bank etc. offers educational loan. The government banks like State Bank of India, Punjab National Bank, and Central Bank of India also offers educational loans. But again one of the most important aspects of this is that these banks will provide loan to only those persons who is having some sort of property in that state or city or area. For example, if someone has his permanent address in Bengal but is currently residing in Uttar Pradesh since few years and is having no property there, then he will not get loan from Uttar Pradesh. For this he had to get his loan from Bengal itself. One exception may be with the presence of one or more guarantees in Uttar Pradesh then depending on situation or circumstances he may get loan from Uttar Pradesh.
To name a few some of the educational loans schemes are :
• Bank of India – Vidhya Vardhini Scheme
• Punjab National Bank - Vidya Lakshyapurti Education Loan Scheme
Many other banks also provide many other kind of educational loan schemes in collaboration with various institutes. To sanction a loan a bank has its own eligibility criteria or terms and conditions. The interest rate may also differ from bank to bank. For loans below 4 lacs the bank may not demand for any security but for above 4 lacs bank will demand security.
In India, there are many sections of society, some rich, some middle class and some below poverty line. Nowadays, the fees of all schools or colleges are very high. In engineering colleges the fees are in some lacs, and even for medical course the fees are somewhere around 20 lacs. So, it is very difficult for them to manage such amount of money.
To solve this financial problem many banks provide educational loans to efficient or deserving students for their higher education. At present scenario is that every bank like ICICI Bank, HDFC Bank, Axis Bank etc. offers educational loan. The government banks like State Bank of India, Punjab National Bank, and Central Bank of India also offers educational loans. But again one of the most important aspects of this is that these banks will provide loan to only those persons who is having some sort of property in that state or city or area. For example, if someone has his permanent address in Bengal but is currently residing in Uttar Pradesh since few years and is having no property there, then he will not get loan from Uttar Pradesh. For this he had to get his loan from Bengal itself. One exception may be with the presence of one or more guarantees in Uttar Pradesh then depending on situation or circumstances he may get loan from Uttar Pradesh.
To name a few some of the educational loans schemes are :
• Bank of India – Vidhya Vardhini Scheme
• Punjab National Bank - Vidya Lakshyapurti Education Loan Scheme
Many other banks also provide many other kind of educational loan schemes in collaboration with various institutes. To sanction a loan a bank has its own eligibility criteria or terms and conditions. The interest rate may also differ from bank to bank. For loans below 4 lacs the bank may not demand for any security but for above 4 lacs bank will demand security.
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