Education Loans for Indian Students
Education being the priority sector, special instruction has been given to the bank to process and disburse the education loan with minimum delay for the benefit of the student.
The budget for 2004 – 05 had brought a remarkable change in the education loan policy of the banks. A new ceiling of Rs. 750,000/-, to the collateral free education loan was introduced as against the earlier ceiling of Rs. 400,000/-. They only require a satisfactory guarantee and want to ensure that the education Institution the student is enrolling with has to be recognized.
We can say that taking an education loan has become very easy and hence is makes a lot of sense to enjoys this facility and benefit from the same, if you are short of funds for your study.
We should not forget that the education loans are sanctioned at a very low rate of Interest and there are various options for the repayment of the same. The repayment is so flexible that you can avail the loan and just pay the interest till the time you are pursuing your course or you have got the job (i.e. the EMI starts only after you get a job or you have completed your course)
