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Friday, May 12, 2017

Education Loan





Education loans are available to Indian nationals who have secured admission to professional or technical courses in India or abroad through a merit based selection process.

Banks offer loans of up to `10 lakh for courses in Indian colleges and up to `20 lakh for studies abroad, in line with the Indian Banks' Association norms.


For an education loan, a co-applicant is a must and can be either parents, spouse or siblings.


 No security is required if the loan amount is less than `4 lakh. For loans above `4 lakh, a personal guarantee is required from a person whose income and repayment capacity is acceptable to the lender. For loans above `7.5 lakh, the lenders will require an acceptable collateral security such as a residential house, jewellery, securities etc.


Repayment starts six months to one year after completion of the course and simple interest charged during the moratorium period.






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