Quality education is a must for a complete and successful life. For many, it is equivalent to graduating from a top institution. The cost of education is, however, increasing rapidly. In fact, the cost of studying at reputed institutions is already quite high.
Keeping this in mind, parents, who want to provide their children with the best possible education, invest their money in mutual funds (MFs), fixed deposits (FDs), unit-linked insurance plans (ULIPs), etc.,
Quality Education is of prime importance to any individual and students go the extra mile to achieve that. However, the cost of education is on the rise these days and opting for an education loan seems to be the single best solution.
Education loan is a loan that students apply for in order to complete their educational requirements. Almost all banks & NBFCs in India offer education loans.
What does an education loan cover?
It covers the basic course fee and other related expenses such as (college) accommodation, exam and other miscellaneous charges.
Who can apply for the loan?
A student is the main borrower. A parent, spouse or sibling can be the co-applicant.
Whom is the loan offered to?
It is offered to students who want to study in India or pursue higher education overseas. The maximum amount offered for studies in India and overseas are different and varies from one bank to another.
Types of courses covered under the loan
It can be taken for a full-time, part-time or vocational course and graduation or post graduation in the fields of engineering, management, medical, hotel management, architecture, etc.