Banks give educational loans to deserving students who are unable to pursue further
studies due to the lack of financial support. Loans are given to students pursuing
graduation, post-graduation and professional courses from institutes accepted by
the state and central government as well as foreign universities that are qualified
for a loan.
- Should be a citizen of India
- For vocational training courses and job oriented course age of the individual should
be between 15-28 years, and 18-30 in case of post graduate courses and/or studies
- The applicant should have a excellent academic record
- For studies abroad, the candidate must have secured admission in a particular university
after having appeared in the specific entrance examinations
- The applicant should have secured a minimum of 50% marks in the major subject
- In case of SC/ST candidates eligibility norms may be relaxed
Individuals can visit a bank branch to apply for loans or they can even apply online
and get a loan sanctioned. Usually, banks study the financial viability of the borrower
based on personal discussions with the student, family's assets and annual income,
the nature of the course and reputation of the institute etc. In most banks for
loans up to Rs. 4 lakhs no collateral or margin is required and the interest rate
will not exceed the Prime Lending Rates (PLR). Repayment of the loan usually doesn't
begin till one has finished their studies with a grace period of one year after
the completion of studies. The mode of repayment differs for each bank and the form
of loan taken.
TOP FINANCIAL INSTITUTES
Centurion Bank of Punjab
The Centurion Bank of Punjab(earlier called Centurion Bank), is another bank offering
educational finance. If one is a resident of India and he/she has acquired admission,
or is a student of bonafide universities within the country and abroad, then the
individual will be consdered eligible for the loan
Bank, Established in 1930 - has grown in stature to become the largest private sector
bank in 1985. Presently the bank has a network of over 300 branches and 225 ATMs
spread all over India. In October 2002, the bank amalgamated with a leading global
financial organization of Dutch origin.
and meritorious students wanting to pursue higher studies, IDBI bank offers Educational
loans for a number of courses in India and abroad as well as a few special courses.
Like other banks offer educational finance, IDBI bank offers only a maximum of 10
STATE BANK OF INDIA
bank of India provides loans to students wanting to pursue higher education in India
and abroad. Unlike other banks which maintain a list of courses which they are ready
to finance, the State Bank considers every course which has employment prospects.
HSBC bank helps you to fulfill your dream to get admission in good college/ professional
Institute in India or Abroad. Bank has flexible tenure, comprehensive coverage,
low interest rate, etc. Bank also have special discount for HSBC customers. Loan
Details : ...
Axis bank's Study Power scheme is meant to provide means for higher education for
students wanting to pursue degrees in India and abroad. The Bank offers loans for
individuals who want to pursue higher professional or technical education in India
and abroad. ...