Ed­u­ca­tion Loans from Banks Easy enough?

Consumer Voice - - Contents -

Ed­u­ca­tion loans are of­ten nec­es­sary to make it pos­si­ble for a young per­son to ful­fil their col­lege dreams. Luck­ily, most of th­ese loans of­fer lower in­ter­est rates, de­ferred pay­ment op­tions, and a re­pay­ment grace pe­riod fol­low­ing grad­u­a­tion. Both pub­lic and pri­vate banks ex­tend loans for com­plet­ing higher stud­ies within the country and abroad. This re­port will re­strict it­self to study­ing loans (up to four lakh ru­pees) for stud­ies in In­dia. Now, al­most ev­ery bank ad­ver­tises in the print/elec­tronic me­dia about their ed­u­ca­tion loan scheme. It can be a per­plex­ing sit­u­a­tion for loan-seek­ing stu­dents. Which one to go to, how to get it, what is the rate of in­ter­est and what is the mar­gin amount, and what is the re­pay­ment pe­riod? For stu­dents, there are time­lines to be thought of, for sub­mis­sion of doc­u­ments for reg­is­tra­tion and sub­se­quent ad­mis­sion. They can­not af­ford any de­lay, as de­lay may mean re­jec­tion of ad­mis­sion and loss of a year. At the same time, it may not be prac­ti­cal to get in and out of ev­ery bank’s branch to make en­quiries. This re­port is an at­tempt to make this loan-hunt­ing process eas­ier by putting to­gether facts, point­ers and up­dates, so that stu­dents will be able to make an in­formed de­ci­sion.

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