Education Loans in India
Read this article to know the purpose, advantages, schemes, documents, education qualification etc for educational loans.
The Education is the primary need of society in this fast moving world.
The Government has enacted many laws to provide compulsory Education for the children below the age of 14 years but still in many corners of the India you will see children working in hotels and restaurants meant t say they are forced to work as child labour.Why should Educational Loans provided to students?
* In order to tackle the problem of child labour government of India has implemented many Educational loans for the students who were not able to get afford the high and quality Education because of some lack of finance.
* The students with less finance have no option other than to look for the job which could satisfy the basic need of survival for his family.
* Finally this lead to the shortage of those talented students who are capable of achieving many things but unfortunately will not get it because of lack of High quality Education.
* Moreover, the Government has provided scholarships for the students who have Successfully completed the required criteria set up by government of India for the students who got merit percentage with first division in their respective courses.
* It is also provided for the students who want to go abroad for getting their higher Education from there.What is the effect of providing Educational Loans?
* It will going to increase the literate ratio of our country as more and more students coming forward to pick up an opportunity for getting higher and quality Education who are not capable of getting education wit their own funds.
* It will motivate the students to fully indulge in the preparation of competition exam as IIT and CAT as they are fully aware that Education loans are easily available from various banks in India and thus, this will help them to fulfill their dreams.What are the various courses approved by the bank for Educational loan?
* Full time graduation for post graduation computer, medicine ,engineering, law, dental, management etc.
* Job oriented courses/Management courses
* Computer courses from the reputed organization like NIIT, Aptech etc.
* Professional and personality development courses.
* Courses offered in India by reputed foreign universities.What is the eligibility criteria set up by these banks for Educational loans?
* He/she should be citizen of India with the age between 19-40 years, the age below 18 years is not liable for any kind of loan and above 40 is too old age for getting loan for Educational purpose.
* He/she should have good and consistent result of previous years examinations with more than 50 percent or 60 percent for including those backward classes.
* He/she has successfully cleared the entrance exam of specified courses among various courses approved by the RBI.
* The parents should involved in primary occupation like Agriculture, horticulture etc with the consistent source of Income, Not more than criteria set up by banks. For example- A person should have Annual income less than 3 lakhs.
* He/she should looking for getting foreign education and he has to show various seat reservation and the proof documents if looking for an admission. Maximum and minimum funds given to students –
* For students who want to do their Education from India they will be provided with the loan of minimum Rs 4 Lakhs.
* For the students who want to do their Education for abroad they will be provided with the maximum laon of Rs 15 lakhs.
* In case you want to take the loan of Rs more than 4 lakh than you also have to paid the interest with it and there is also a repayment period set up by the banks.
* The interest rates and repayment period is also varied from bank to bank depending on the amount of Loan they have provided.Documents required for Educational loan -
* He/she should have the previous years academic record of eligibility criteria set up by various banks.
* The Income proof certificate attested from the gusted officer which shows that family annual income is not more than the funds for education that customer want to take.
* The proof of your residence with your complete details of date of birth and the other necessary details.
* You are also required to have the Admission approval letter from the university or the college from where you are planning to do your respective course.
* In case you want to go abroad for the purpose of studies then you could also show your copy of passport and Visa in front of investigation department which require your complete details.Role of government in providing educational loans –
The human resource development has enacted a scheme to provide full loan subsidy to the students who want to take admission to the university or college with some financial assistance which is in form of loans and whose family income is less than Rs 4.5 lakhs.
It is really helpful for the students to fulfill their goals on their own.Bank with their respective telephone numbers –
United bank of India
Contact:
Delhi Tel: 3360661, 3363416
Bangalore Tel: 5582179
Mumbai Tel: 2871261-62
Vysya bank
Contact :
Delhi Tel: 3329212
Bangalore Tel: 2235189, 2230511
Mumbai Tel: 2882666, 2884247
United western bank
Contact:
Delhi Tel: 5725701
Bangalore Tel: 2251416
Mumbai Tel: 5220700, 5226465
Punjab and Sind bank
Contact:
Delhi Tel: 5720849
Bangalore Tel: 2267476
Mumbai Tel: 2651039
HDFC bank Educational Loans
Contact :
Delhi Tel: 6103146, 6185944
Bangalore Tel: 2274600, 2219473
Mumbai Tel: 2820282
Bank of baroda
Contact :
Delhi Tel: 3321562,3325147
Bangalore Tel: '5586137, 5595347
Mumbai Tel: 2656727
Indian overseas bank
Contact :
Delhi Tel: 3362003
Bangalore Tel: 2266207
Mumbai Tel: 2182226
Canara bank
Contact
Delhi Tel: 6286087
Bangalore Tel: '5589502
Mumbai 2185241
You can concern with this telephone numbers to get more updates and knowledge about the current interest rate and subsidy provided to students..???