Education is vital for the improvement or empowerment of any nation or any country. National level policies ensure that the basic need of population is met through private and public sector initiatives. Government in India initiates to provide the primary education at free of cost, but the higher education is gradually moving to the sphere of private sector.
Why education loan:
Reduction of government subsidiaries for higher education is being more expensive. On the other side, the scope in abroad education has widened and covering a range of subjects in diversified areas. And, lots of interested students are looking for how to get education loan in India for study abroad. These education loans should be seen as an investment of our economic development.
Expensive higher education:
Now a days, education is expensive and higher education especially higher education in abroad is more expensive. So, education loan is a finical aid for meeting the expenses of higher education in abroad. And, education loan is available for the purpose of higher education in abroad. This higher education in abroad mainly attracts the students, passing their degrees from recognized colleges in India.
Listed banks or financial institution for higher education loan:
Most of the banks and financial institutions are helping to provide the educational loans for the students, interested to pursue their higher education in abroad. RBI (Reserve Bank of India) included the higher education loan as a part priority sector in banks and the public banks are even at the forefront rather than the government's ones. When it comes to our mind how to get education loan in India for study abroad, the banks are here: State Bank of India (SBI), HDFC, Axis, ICICI bank, Andhra bank and more to be on the list.
Interest shown by banks:
Recently, all banks in India are providing the chances to get higher educational loan for the deserving students planning to pursue their abroad degree. And, the banks have the simple application process or online application form for foreign study to support meritorious students who can take the advantage of this simplified banking sector.
Loan requirements for abroad education:
When, interested candidates apply for educational loan, candidates become borrower and parents become the co borrower, and this type loans are assessed depending on the borrower's paper. Some of the assessment criteria can be taken as vital points like: 1) Admission to a foreign government registered universities or colleges (e.g. UK or US government registered universities); 2) Entire Fees payable to colleges or universities; 3) Cost of living includes accommodation, food, clothes, travel, books and more.
Loan Amount criteria:
The abroad educational loan scheme is already adopted by all commercial banks in India and these banks have the discretion to make changes in comfort of students or parents to make more customers friendly. As an Indian national, up to 4 lakhs of loan, no security is necessary, but above 4 to 7.5 lakhs, collateral security in forms of third party guarantee is compulsory. And, above 7.5 lakhs of loan, tangible security of desired value along with assignment of future income of student for payment installment is required. In some special cases, banks wish to support the exceptional meritorious students to pursue their degree in abroad without any security.