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Education is the human right that every individual is entitled to.It is necessary for any individual as the basic needs for home, food, shelter. In the country like India, where elementary education up to the age of 14 years is compulsory by the law, but still, there are many who do not have the access to education. The reasons could be endless. Education is Important. It empowers you as a person and gives you the wisdom to differentiate between right and the wrong, to decide for oneself.
You as a student maybe studying well, in a good air conditioned school, university because your parents have the money to afford the luxuries.
There are some who are denied this opportunity, who are forced to end their dream of studying just because their parents cannot afford the expenses or even finance their studies. They are forced to leave their education just because they do not have the money for it. Well, there is a solution to this problem and the solution is Education Loan.
Education Loan is the key to fulfilling one’s dream of having access to the education and studying in one of the best school or university to pursue their dreams. Education Loan is defined as Money borrowed to finance education or school related expenses. Payments are often deferred while in school and for six months grace period after education. Parents who do not have the means to finance their child’s education can avail the education loan from the bank and their child can study.
Education loan is becoming popular day by day due to rising fee structure, education system, and other related expenses. It came into existence in 1995 by SBI and thereafter many banks started offering student loan. Indian banking sector started giving student loan in the year 2001.Now, every private bank provides student loan to carry forward your studies. Each bank has their own policy and parameters for providing the loan.
Banks provide education loan to meritorious and deserving students who require finance to continue their studies. It helps the students to pursue higher education and make their career which would seem impossible without this. There are certain criteria set by the bank which needs to fulfilled to avail the loan.
Factors are taken into consideration:
♦ Bank receives the application for the student loan:
♦ Academic background, qualification of the student, Marksheets, credits, achievements are considered
♦ The course for which the loan is being sought. It should be a good course, which has placement and job opportunities so that you can repay the loan.
♦ The college at which the course will be studied, the school, college, university should be reputed
♦ Whether or not, the applicant can provide the collateral, they value the collateral being offered
♦ Whether or not parents, guardians, the third -party are co-borrowers of the loan. They check the job profile and credibility of co-borrowers.
♦ Undergraduates/ diplomas and special courses
♦ Postgraduates/ diplomas and special courses
♦ Phds and Doctoral Programs
Banks also provides education loans for various special courses, training programs, diploma. Not every bank extend loan into this area, some do. Do check the details.
♦ Teacher Training
♦ Agri Diploma
♦ Computer Certificate courses etc.
Banks also consider the institutions you have selected to pursue your studies. They cannot just offer loans to any institution. They offer it to only reputed ones, so they have the security of repayment as the reputed once have placements and higher job openings.
♦ Universities, colleges recognized by UGC, Govt., AICTE, AIBMS, IMCR, etc.
♦ Approved polytechnic institutions
♦ Reputed foreign schools/universities in India
♦ Duly filled Loan application form
♦ 2 passport size photographs
♦ Graduation, Secondary School, High School Mark sheets,
♦ Documents with Id, Address and age proof
♦ Signature Proof
♦ Income proof of parents, guardians
♦ If collateral is required, then documentation has to be completed.
There are several banks like HDFC, SBI, Axis Bank along with others providing the education loans to students to pursue their studies. Education Loan is a sector that provides you with the opportunity to go for higher education, study abroad and come out with flying colors. Itcontributes
in your overall growth and development. Education loan is the investment, therefore choose wisely, check all the details before applying. Take your Time! Although the Education loan is the growing sector and many avail the loan due to number of reasons. It is imperative that the government and banks provide loans at the subsidised interest rates. Government should work in this area and to see that the deserving are able to avail the loans without any difficulty. All the steps in this direction by the government and the banks will help to promote the education for all and the dream to study will be seen by all.