NEWS & ADVICE : EDUCATION LOANS
Complete guide to education loans in India
By Vaibhav Aggarwal
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The rising cost of higher education has become a big cause of worry for students and parents alike. How will one be able to fund the huge expense required for professional courses is the prime concern for people seeking to increase their qualifications. If a student is seeking to go abroad for pursuing higher studies, the costs are far greater as compared to studying in India. An education loan to pay for the high tuition fees and other associated costs is fast becoming a need for an ambitious student.

What is an Education Loan?

Education loan is a special purpose loan given by banks and financial institutions to cover the cost of any higher degrees or specialized courses. The education loan provided by banks in India cover the fee Payable to the College, School or Hostel. It also covers the examination fee, library fee, lab fees, caution deposits, refundable deposit asked by the institution. Building fund supported by Institution bills or receipts, Purchase of Books, equipments, instruments, uniforms, Travel expenses/passage money for studies abroad, purchase of computers - essential for completion of the course and any other expense required to complete the course - like study tours, project work, thesis, etc are also covered.

Courses and institutes that can get education loans

Banks provide great financial help needed to cover almost all the expenses incurred for a successful completion of the desired course. Banks in India now cover a wide spectrum of courses in their education loan schemes. Catering both to under graduate and post graduate courses, banks readily provide education loans for management, engineering, medicine, MCA, fine arts, designing, architecture, hotel management, agriculture, pure sciences, arts and commerce courses. Banks do consider the reputation and affiliation of institute from where the course is being conducted, before giving any educational loan. Indian banks while providing education loans require that the applicant must be a resident Indian having secured admission in any of the bank's list of approved course or universities. Whether you get 100% of the cost of education as education loan or not, depends on individual banks.

Other qualifying criteria of education loans in India

Anyone between 16-30 years of age, who qualifies otherwise can get an education loan from banks in India. The amount of loan provided by banks depends on many factors. Professional courses like management, engineering, medicine etc. will be give higher loan amounts as compared to B.A. or M.A. This could be due to the higher employability and cost of education in the former case. Secondly, if you are pursuing a course abroad you are likely to get a bigger educational loan as compared to courses with Indian universities. Bank readily provide loans up to 15 lakhs for studies abroad, while they can lend up to 7.5 lakhs for courses within India. The third factor that decides the quantum of loan is the collateral offered with education loans. Yes, every education loan of a higher denomination is a secured loan. This means that the person taking loan must provide some guarantee, usually provided by a guarantor who can be a parent or guardian of the student.


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