The educational loans almost cover all the charges that may costs on the completion of a degree, or a program; it includes, college fees, hostel fees, charges due to educational tours, other academic related activities, buying equipments, lab fees, requirements of instruments…
Usually the government banks and the government aided banks present educational loans at lesser interest rates, than the private ones. The procedure would be huge, but anyone can trust the government banks for its consistency in quality and interest rates. The Indian banks offering student loans are listed here:
This list wouldn’t be completed, as there are many more providing student loans. Most of the banks in India furnish special margin rates to Indian citizens; they do charge different interest rates for pursuing education abroad and for undergoing education inside the country. Each bank would differ from the other in its lending practices, procedures and policies; they do have conditions and constraints on loan provisions with the mandatory qualification of lending loan to an Indian citizen. The management professionals would list as the top preference for most of the banks to lend money; next comes the engineering professionals from the premier institutions and there are also banks providing loans to other related professional degrees like medical, biotechnological degrees… But, most of the banks in India are not ready yet to render loans to bachelor degrees in arts and sciences, like B.A., B.S.C, B.Com… and those banks, who are providing loans on these categories are rendering the lowest amount possible!
As per the saying, “The banks would be ready to give you loans, only when you don’t need any!” that’s true. Most of the banks are organizing their loan operations only to the students, who are having a good family background; popular institutional background; professional degrees; influences… but the fact is that these banks do forget about the students, who are suffering from the existence of normal background; some may be poor, but would have deep desire for education! It’s unethical to care about the professional degrees and to leave the other degrees uncared! But, I always wonder, ‘Why?’ well, it may be due to the higher percentage of employability; reputation; very less risk factors, etc… Nowadays, the condition is getting little better, as banks have started to look at the fact of desired education, besides the factor of lending the loans. The banks are ready to render around 15 lakhs for studying abroad; offers around 7.5 lakhs to practice education inside the country; the banks, which are offering loans to carry on education in foreign countries, demand higher marginal rates. The significant points to notice before taking a loan are listed:
It is very important to verify the due period details with the bank officials; in general most of the banks expect the students to pay back the loan amount after they are getting employed, but it may differ from banks to banks.