Today many students have a question that how to take education loan in India especially, because it is such a loan which is needed by almost every student whose family financial condition is not good. Because when the student passes his 12th, he often has to face a lot of problems to complete his further studies.
After 12th, when the student goes for admission in any university or college for any degree, then a lot of money is required to complete those courses which is not available to every student. And, due to this he becomes unable to continue his further studies. If you are also in this situation then you do not need to worry now.
Yes, if you are very good in studies and want to take your life towards success , then education loan is a very good option for your further education.
In this article, you will get detailed information about what is education loan, who can take education loan, how to take education loan in India, what qualification i required to take education loan etc.
What is Education Loan?
The government is continuously doing various types of work for the education of the students, such as the government has kept the facility of scholarship for the student’s studies till 12th.
It means that any student can easily do his 12th studies because the government provides some financial assistance for every student in the form of scholarship till 12th, due to which the student’s fees etc. expenses are easily covered.
- Nowadays every student wants to go ahead after 12th, but many students belong to a family whose financial condition is not very good.
- It means many students do not have enough money and family income to continue his further studies or go abroad for higher education.
Now to deal with this problem, the government has started a scheme to provide education loan for the student, which is known as education loan.
Those students who want to study further or want to go abroad and do their studies, they will be provided financial assistance for studies from the government side.
To take this, the government has also prescribed some qualifications, necessary documents etc. You just read this article till end to know everything about it.
How To Take Education Loan?
There are only a few students who know about how to take education loan, otherwise many students are unaware about this process.
Perhaps if you are reading this post, then you will also be unaware of this important information and will be going to know about it, if yes then you are reading the right article.
Because today we are going to get all the information related to education loan in this article. For detailed information, you read this article carefully till the end:
Eligibility For Taking Education Loan
- This loan can be taken only by the urban youth student of India.
- Only students studying in a university will be given this loan.
- The age of the applying student should be between 18 years to 30 years.
- If the student does not already have any loan, then only he can take advantage of this scheme.
Documents for Education Loan
- It is mandatory for the student to have a passing mark sheet.
- It is necessary to have the certificate obtained from the university, college.
- Fee slip paid in University/college will be mandatory.
- The student applying should have his/her Aadhar card.
- income certificate
- passport photo
How Much Amount Is Given To Students As Education Loan?
After completing 12th, when students go to a university or college for a course degree, a lot of money is required to do those degrees.
Which becomes very difficult for the child of an ordinary family.
But every student has a dream of his own to do a course that can make his dreams come true.
In India today, different types of courses, degrees exist in every university/college, whose fees have been fixed differently.
Now because there are different fees for each course, if a student wants to do his studies abroad, then for all these the amount given on government loan which is kept separately which is as follows:
Education loan amount given for studies in India:
If a student does not want to go abroad and want to study in his own country, then the government will provide a maximum financial assistance of 10 lakhs in the form of a loan for his complete studies.
Education loan amount given for studies in abroad:
There are many such students who want to go abroad for their higher education and do their studies, then for such students, the government has arranged to give a maximum financial amount of 20 lakhs as a loan.
For which Courses Education Loan is Available?- Types of Education Loan
- Undergraduate Education Loan
- Graduate Education Loan
- Career Education Loan
Interest Rate On Education Loan In India
Loan for studies is a very good facility given by the government for any student. But today the question arises in the mind of every student that if he takes an education loan, then what will be his interest rate?
So now let us clear your question that if you take a loan for your education, then you will not have to pay any interest for it.
Read Our Other Related Articles:
Why NPA Matters A Lot In Banks?
Lending Principles Of Commercial Banks