An education loan, refers to that form of financial support, provided by various banks or financial institutions to help a student to acquire higher education. Most of Indian students, are compelled to wipe out the idea of further studies as their families could not afford the college or institutional fees. Availability of study loan, at the appropriate time will help millions, to accomplish their dreams of acquiring high education anywhere and any time. As a matter of fact, various institutes and colleges have tied up with several banks, for the benefits of the prospective students. For pursuing higher studies in India, you can easily get loans up to Rs. 7.5 lakhs and up to Rs. 15 lakhs for studies in foreign countries.
However, before giving the loan, banks study the viability of the borrower, which would primarily base on the personal discussion with student, family assets and annual income, the nature of the course and the reputation of the college or institute. For getting higher education, the money plays a vital role in helping you to become more educated and successful. Suppose, if you don't have the capacity to arrange for the required money than what will you do? In such cases, you can trust upon only one type loan and that is, the education loan. These loans will not only help you financially but will also encourage you to go on enhance your knowledge bank. So, that you can climb the ladder of success, which you have always dreamt of attaining.
Moreover, various banks have adopted several schemes to facilitate and enhance the portfolio of the education loans. The main advantage of these loans, would not compel you to repay the loan amount while studying. The repayment of the borrowed amount can be made after the course is completed by you or you have started working. Quiet interestingly, the loan amount needs to repaid over a period of 4 to 7 years along with a provision of grace period of one year after completion of course. One can use the loan amount for various purposes. College admission fees, library fees, books and other study materials, hostel rent, medical treatment, computer, summer projects, travel expenses and other kind of personal expenses are being financed by these loans.
The student loan rates in India are floating day-by-day due to the current market condition. There are numerous banks available in the Indian market, which provide various kind of loans as well as education loans. The ICICI bank, Punjab National bank, HDFC bank, SBI bank and Bank of Baroda are some of the well known banks which offer such type of loans at very attractive rates of interest. However, the State Bank of India (SBI) is the major player in this field. Therefore, you can now be free of tension and easily pursue your higher education. Nowadays, the student loans are available in the traditional market as well as on the Internet. There are so many online websites available on the Internet, which provide student loan.
Applying online, seems to be the preferred option of most of the loan applicants due to its fast processing, simple way and lucrative term and conditions. Moreover, by making a comprehensive market research, you can avail a better loan deal without any hassles.
About The Author: The author is a business writer specializing in finance and credit products and has written authoritative articles on the finance industry. He has done his masters in Business Administration and is currently assisting Paisawaisa as a finance specialist.
For further information on student education loans, banking services please visit http://www.paisawaisa.com.
Article Source: http://EzineArticles.com/?expert=Addi_Vardhaman
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