Professional Graduate Student Loan
After completing their graduation, those who want to do post graduation studies but do not have money, can apply for Professional Graduate Student Loan. Professional graduation includes courses like MA, MBA, M.Tech and MCA etc.
Parents Loan
This loan is not taken by the student but by their parents. When a person wants to complete his child's education but the financial situation is becoming a hindrance, then he can get a parent loan from the bank and get his child's education completed.
Things to note before taking an Education Loan
If you want to take an education loan, then get the complete information of the bank or institution from where you want to take the loan and you should also read the terms and conditions of the loan carefully so that you do not have to face any problem in future.
Apart from this, you should get an education loan according to your need so that you do not face any problem in repaying the loan. To take a loan, you should first plan well and then get the loan.
Benefits of Education Loan
When we go to get a loan from any bank, we get to see many benefits of that loan. Similarly, there are many benefits of education loan, some of which you will know as follows:-
Talented students who are facing problems in their studies due to financial condition can complete their studies through education loan.
The chances of student loan getting approved are high and we get this loan very easily.
We can get student loan for a long time, which also gives us more time to repay the loan.
Any student can make his future bright through education loan.
Generally, the interest rates of education loan are very low, that is, you do not need to worry about the interest.
There are many institutions and banks that provide us student loan at a discount.
What are the interest rates of Education Loan?
Compared to other loans, the interest rates in education loans are quite low. Also, many banks also provide discounts on education loans for girls. However, the interest rates of all banks are different. Therefore, before taking a loan, you should get all kinds of information about the interest rates of the loan.
What is the processing fee of Education Loan?
Nowadays, whatever loan we go to take from banks, the bank charges its processing fee, which we have to pay to take the loan. But when it comes to education loan, we do not need to pay any processing fee. If any bank is demanding processing fee from us, then we can also complain about it. To be cautious, we must read the terms and conditions carefully before taking a loan.
Is a guarantor required to take an education loan?
Generally, when we get a loan, we need a guarantor in it. But education loan is such a loan in which if you take a loan of up to four lakh rupees, then you do not need any guarantor or security. But if you want to take a loan of more than this amount, then according to the rules of the bank, you may need a security or guarantor.
What will happen if the education loan is not repaid?
The student should start repaying the loan after 6 months to 1 year of the completion of the course. If we do not repay the education loan, then action can be taken against us by the bank and it becomes difficult for us to get a loan in future as well. Apart from this, there are some banks which take our degree while taking a loan and we get that degree only after repaying the entire loan. Therefore, you should take a loan according to your requirement so that you do not have any problem in repaying the loan.
For which courses can we get an education loan?
In India, we can get loans on all courses recognized by UGC. Talking about abroad, you can take loan for all the regular courses for Abroad Studies. Apart from this, banks also have a list which tells us for which courses we can provide loan.