Education is a mandatory thing for our society and for everyone looking for a prosperous future. Not only it is required for gaining knowledge and improving the living standard of human being but the development of our nation largely depends on it. That is why; we have Educational loans so that the people don’t give up just because they can’t afford.
Education is one of the basic rights of every human being recognized all over the world. Education not only increases the knowledge but also improve living standards. It is increasingly realized by parents today that both of the sex needs to be treated equally for study and should not bend on the side of boy child education more. Even the eligibility for an education loan shouldn’t be based on sex of the child.
Education Loans in India
India has in past introduced the scholars to the world that has amazed everyone and continuing to do so. The improvement in the education system in India has indirectly worked in the growth of Indian economy a great deal. Due to this realization the government of India is promoting the education loans in India in full swing. The education loans not only helping the deserving candidate get the higher education, but also the girls education is also getting positive effects.Benefits of taking an education loans in India
There are various banks in India which are providing education loans for higher studies, the Indian universities and even for study in foreign universities. This loan give us complete financial help during our study that includes our college fee, hostel fee, books and stationary expenses and other expenses related our studies and helps the student to concentrate only on the studies rather than worrying of other things around. With slight differences all the formalities and eligibility for loans for Indian university as well as foreign universities are the same. To avail education loan there are few things that we need to know. First of all it has to be repaid within 84 months, commencing 12 months after course completion or 6 months after we get the job. We can get more than 7 lacks of education loan if we are going for overseas study which serves purpose for most of all students.
Eligibility for getting a loan
For education loan one first needs to secure a seat in some reputed institute through entrance examination and will have to give proof of it. We should have good academic records and our parents should have a stable source of income as in case we could not be able to repay the loan they are liable to pay it. We will also require a third party guarantee that could come from any of our close relative that can stand guarantee for full loan amount.
Thus education loan is a boon for the students who wish to pursue global level education and financial constraints are stopping them to fulfill their dreams. This way they can get best of education and can repay their loans as soon as they get job.