Education system has undergone drastic change over the period of time. From basic ‘pathshalas’ to ‘digital classroom’, Indian education system has witnessed an exemplary change which way more than ever thought of. It is not only the way of teaching and nodes of education sources that have been revolutionized but also the financial structure that makes education a reasonable affair. Here, we are not focusing on the primary education but the higher education that comprise high cost. Government of India and its many money lending hands have collaborated to make education more accessible to all students of India by and large. There are various schemes and policies that have been revised to facilitate education to Indian students not only for studying in Indian colleges but also abroad. Here is a list of various institutions that offer education loan in India:-
The bank facilitates finance to students for both Indian and International colleges. For students willing to avail loan for pursuing academics in India the loan granted is for Rs 10 lacs and for students applying for university abroad, the loan granted are 20 lacs. The loan amount should be repaid within the course period along with 1 year or 6 months after getting the job whichever is earlier. Entire loan amount is to be repaid within the period of 7 years.
In order to avail the loan the repaying capacity of the parents is verified. The students can take up loan up to 10 lacs. The loan is valid for various graduate and post graduate courses and students who wish to study abroad.
Bank of Baroda
Parents can take education loan for their child right from nascent state to higher education levels. Loans are obtainable for student’s right from nursery level to class XII and for other higher education courses at different colleges and universities.
The bank provides necessary financial students to pursue their higher education. The loan is provided to students who pursue career oriented disciplines as in engineering, management, medicine or wish to pursue graduate and post-graduate courses.
Bank of Maharashtra
Education loan is provided to students for various courses. The rate of interest vary as in for loan up to 4 lacs rate of interest is 2% and for loan more than 4 lacs rate of interest is 1.25%.
Bank of India
The education loan is only provided to meritorious and deserving candidates for pursuing education both at India and abroad.
The financial assistance is doled out meritorious students’ right from High School onwards to further classes that comprise graduation including professional and other technical courses.
Central Bank of India
The loan facility extends to not only education but also comprise other spheres as in hostel fee, caution deposit, library fees, admission fees, examination fees, books cost, uniform, and other requirements pertaining to education. One side air way fee is also included in case student wishes to study abroad. The amount of the loan is to be paid after 6 months of securing a job or 12 months after completion of studies. Maximum time of loan repayment is 5-7 years.
The bank provides an education loans to student to pursue their academic course. The loan covers various cost of education as in examination fees, admission fees, tution charges and other fees.
Centurion Bank of Punjab
The bank also doles out financial assistance to students and aids them to complete their academic dreams.
In addition to above mentioned financial institutions there are several more. The names are listed here:-
- City Union Bank
- Credila Financial Bank
- Corporation Bank
- Dena Bank
- Dhanlakshmi Bank
- Development Credit Bank
- Karnataka Bank
- Indian Bank
- IDBI Bank
- Oriental Bank of Commerce
- Punjab National Bank
- Punjab & Sind Bank
- State Bank of Bikaner and Jaipur
- State Bank of India
- State Bank of Indore
- State Bank of Mysore
- Syndicate Bank
- UCO Bank
- Union Bank of India
- Vijaya Bank