Education Loans from Banks Easy enough?
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.