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Deciphering the process of education loan
Students and their parents are not just concentrating on the university but also finances requiring for it. Most of the professional and masters’ courses in India and abroad require a lot of money. While some students are funded by their parents to join these institutions; other students opt for education loans provided by the nationalised banks to cover their tuition and term fees.
Education has always been a vital aspect for middle class families in India. Appetite for specialised courses that are being offered by Indian as well as foreign universities has been continuously increasing over the years in the society
Students and their parents are not just concentrating on the university but also finances requiring for it. Most of the professional and masters’ courses in India and abroad require a lot of money. While some students are funded by their parents to join these institutions; other students opt for education loans provided by the nationalised banks to cover their tuition and term fees.
Majority of students opting for Engineering; B.Tech is the most popular professional course for which students are applying for loans. MBA and MS are the popular masters’ courses where students are opting for education loan. Various nationalised banks are ready to sanction education loans for deserving candidates, but important thing students and their parents to keep in mind that even though the banks are ready to sanction loan they look for particular traits in the student and his academic history before sanctioning.
“Students need to pass their Intermediate or bachelors degree in merit and should have completed all the backlogs before the completion of course”, says Uma, Bank Manager, Vijaya Bank.“If a student wants a loan to pursue bachelors in India no security is needed but if they are planning to pursue either masters or bachelors’ collateral security is needed”, she adds.
Sreenivasa Chary, bank manager, Deccan Grameena Bank points out what all needed for applying for an education loan, “That’s not it to apply for the bank loan students should provide the bank their academic diplomas with i20 letter and fee structure provided by the University”.Understanding the growing need of education loans State Bank of India has come up with SBI Global Ed-Vantage, an overseas education loan for students who wish to pursue higher education abroad.
“SBI Scholar Loan scheme has been specifically tailored for those who get admission in a select list of 100+ top institutions in India covering management, engineering, medicine, law, etc, ” Says Anand Mohan Rao, Bank Manager, SBI. “Its key features include a loan at a low rates of interest and without insisting on collateral security. Students seeking global exposure are trying for prestigious Universities like Stanford, Harvard, MIT and INSEAD etc. But the cost of education being on the higher side, they often find it difficult to pursue their studies for want of adequate finance” he adds.
