Education loan in India to abroad
Education loan is mainly used for the education purposes to repay the amount after the completion of course. The scheme is specially designed for the students to get benefit by the education loan to start their career anywhere with the quality education. Because the education is more important to every student pay the fees in the institution or any organization. The majority of the students use the education loan when no capability of the student to study the desired education. The education loan is easily available for all type of students to achieve the benefit of the loan.
Need of education loan:-
The only need to get the education loan for education purposes only. The loan provides the fees to pay for institution fees, hostel fees, transport fees, and tuition fees. But it may vary from one bank to other banks; they did not provide the loan for all needs. Most of the parents didn’t have the ability to send their children to higher studies so they avail the education loan.
There are no big eligibility criteria to get the education loan. The student can submit the institution details of all charges in the specific bank. Then the bank will need some fundamental certificates from the student to provide the education loan. The education loan is a short term process to get the loan easily. The need for the guardian to the student; if the student fails to repay the amount of money then the guardian will repay the loan amount to the bank.
Prior getting education loan:-
The majority of the students did not ensure checking the terms and conditions when getting the education loan. Because of the urgent situation, the student sends to get the education loan at any rate of interest to the loan amount with the short period or long period. Some banks provide the education loan with low interest rate and long duration for repayment. And some other banks give the loan to the students with the high-interest rate of compound interest and short term process. Check the bank provides the loan facilities of transport fees, tuition charges, and other allowance in your institution. After completion of course or in the beginning of getting education loan in the bank; the interest rate will start from the first month. So make sure to analyze the terms and conditions in the bank providing education loan to you.
Education loan interest rate bank wise:-
Here, some banks provide the education loan with fewer interest rates to the student to get the education loan.
- Central Bank of India- this bank provides the education loan from 9.70% to 11.70%.
- Bank of Baroda- this bank gives the allowance of loan amount interest rates from 9.65% to 12.15%.
- United Bank of India- this bank gives the interest rate of loan amount starts from 9.65% to 13.25%.
- IDBI Bank- the interest rate of the bank gives 9.75% to 13.25%.
- Bank of Maharashtra- the low-interest rate of education loan in the bank starts from 9.70% to 12.20%.
Popular banks provide Edu loan for Indian students.