Those students who are required and provided are those who wish to pursue higher education in the resident country or abroad. Students must have an entry proposal from an institution before applying for an education loan. Takes care of the Institute fees including credit examination and library fees; Travel expenses abroad; The cost of books and equipment required; If applicable, no insurance for the student; And any additional expenditure like tours, thesis, project work etc. Education loan terms vary from bank to bank.
Education loan terms vary from bank to bank. Banks have set certain criteria on the total amount of debt that can be distributed; However, banks may increase or decrease the limit on the basis of the institution. For loan amount Rs. 4 lakhs, parents should be joint borrower and above the amount, guaranteed or certain security is required in the case of tangible assets on the basis of the bank. The simple rate of interest is charged based on the base rate of the bank.
Payment of interest is not mandatory during the study period; However, if regular payments are made during the study period, some concessions are also provided by some banks. The tenure of the repayment varies between ten years and 15 years depending on the loan and repayment starts between six months and two years of completion of the course. There is no related charge in the initial repayment.