An education loan is a credit given to student that is designed to help them to pay their college, hostel and tuition fee including other expenses. Gone are the days when parents used to pay for child education now its students who are taking their turn to be independent. Many students who complete their education lead to good companies, making it easy to pay for the loan rather than parents.
Loansdirect will explain the 5 best student loans in India with attractive rates and charges:
State Bank Of India:
This is one of the best options that one can run to, SBI offers educational loans at very attract interest rates. It can be availed for graduate and post graduate courses that are approved by UGC/ AICTE/IMC/Govt. The other expenses like hostel fees, laboratory fees, caution deposit, travel expenses can also be considered for the loan. One can get up to 10 lakhs for studying in India and 30 lakhs for studying abroad. For loans abroad one need to put down Rs 5,000 as deposit which will be later adjusted.
Punjab National Bank:
This bank offers the best financial assistance for graduate and post graduate courses. For this loan one has to be an Indian national and must have completed 10+2 or equivalent. For education in India one can avail loans up to 10 lakh while abroad you can get up to 20 lakhs.
This bank offers loans to students who wish to pursue their higher studies be it in India or abroad. IDBI offers loans for non-vocational courses, vocational courses, management quota and under Financial Inclusion Program with many more. There is no processing fee for studies in India while studying abroad there is 1% of the loan amount subject to a maximum of Rs. 5000 plus taxes.
This bank aims to provide financial support to deserving candidates for pursuing higher professional or technical education. The education loan is provided to students who have obtained admission to career-oriented courses e.g. medicine, engineering, management etc., either at the graduate or post-graduate level.
Indian Overseas Bank:
This bank offers education loans to Indian students who have secured admission to professional or technical courses abroad. This loan is offered only for Graduation and Post Graduation Courses which are offered by Reputed Universities all over the country. The loan available is up to Rs. 40 lakhs for studies abroad and the repayment period is for a maximum of 5 – 7 years.