The rate of inflation in the country is constantly increasing, due to which the human being has to struggle a lot to meet his main needs, children’s education is also becoming expensive, due to which many children leave their education in middle.
And the armaments of their studies are not complete, they remain incomplete. If parents want their kids to get proper education then they have to opt for Education Loan.
Education Loan 2023
Due to incomplete education of many children, they have to work at an early age. There are also some stubborn children who complete their studies while working.
To eliminate this problem, the government has started the facility of education loan through the banks for those children who can fulfill their dreams after completing their studies.
Through this loan, any student can complete his studies anywhere he wishes, whether he is studying inside the country or living abroad, some banks in the country give education loan keeping in mind their certain conditions.
For what purposes do banks give you education loans ?
- Bank provides education loan to pay school/college fees.
- Take an education loan for depositing hostel fees.
- You can take an education loan for depositing fees of examination/library/lab fees.
- One can also take the help of an education loan for taking books/tools for children.
- If the student needs a computer or laptop to study, then you can take it with the help of education loan.
- Students need study tours, project work, and thesis, to complete their course, then they can complete it with the help of an education loan.
What should be your qualification for education loan ?
- To take an education loan through any bank, first of all the applicant must be a citizen of India.
- For any student to take an education loan, it is necessary to enroll in any university of the country.
- In order to take an education loan, the student must have completed higher secondary education.
- As per RBI rules, there is no maximum age limit for any student to take this loan, but there are many banks in the country who have maximum age limit in their terms and conditions.
- Only those students who are at least 18 years of age can avail education loan scheme.
- Those students can apply for taking an education loan who has no outstanding loan of any other bank on the parents of the student.
- You can apply for education loan only at the nearest bank branch.
Some important documents needed for education loan
For taking any type of loan, you have to submit some important documents as your identity to the bank. So that he can get information about you, your address, your business, due to which you can get a loan easily. Similarly, to get an education loan, you also need some important documents.
- Birth certificate or any age proof of the student
- Passport size photo of the student
- Passing marksheet of higher secondary of student
- Bank pass-book of the student or any of his family members
- Identity card of the student and one of his parents
- Address proof of student (Voter ID Card)
- Any certificate of college admission of the student
- Aadhaar card and PAN card of the student and his parents
- Income proof of student’s guardian
Some important things related to education loan
- Through education loan, any student can afford the basic fees and education of the college and the cost of eating and drinking during their studies.
- A student has to first apply to get an education loan from a bank or financial institution. The student is the main applicant and the guardian is the sub-applicant.
- Education can be available only to those Indian students who want to complete their studies either by staying in India or going abroad. The maximum amount offered by the institutions for this depends on the institutions.
- Through this education loan, you can do various part time, full time, coaching, vocational, graduation, post graduation, engineering courses, management, medical, hotel management and can fulfill your dreams.
Types of education loans
There are four types of education loans based on the education system of India.
- Undergraduate Education Loan: Students who have completed their higher secondary education, if the student wants to get graduate education, then he can apply to take this loan. .
- Graduate Education Loan: If a student has obtained graduation education, then those students can take an education loan to complete their higher education.
- Career Education Loan: If any student wants to study in technical school or institutes based on their interest, such as doctorate, or engineering, etc., then you can get a career education loan to complete your education.
- Loan for Parents: Those parents or relatives who are not able to teach any of their children, that is, they do not have enough money budget so that they can afford the education expenses of the children. In such a situation, if they want to teach their children, then they can take advantage of this loan.
Banks interest rates on education loans
- SBI State Bank of India – 8.85% for studying in India and 10.00% for studying abroad.
- Axis Bank Education Loan- 13.70% for studies in India and abroad
- Bank of Baroda Education Loan- 8.40% in India, 9.15% abroad
- Union Bank of India – 10.20% in India, 10.20% for studies abroad as well.
Banks in the country offering education loans
All public sector banks in the country provide education loans.
- State Bank of India, Website: https://www.statebankofindia.com
- Allahabad Bank, Website: https://www.allahabadbank.com
- Punjab National Bank, Website: https://www.pnbindia.in
- Bank of India, Website: https://www.bankofindia.com
- Canara Bank, Website: https://www.canarabank.com
- Central Bank of India, Website: https://www.centralbankofindia.co.in
- HDFC Bank, Website: https://www.hdfcbank.com
- Jammu and Kashmir Bank, Website: https://www.jkbank.net
- Axis Bank, Website: https://www.axisbank.com
- State Bank of Patiala, Website: https://www.sbp.co.in.
Benefits of education loan
- In today’s time, if the parents of a student are poor and want to get education, in such a situation, the students have to bear the burden of their education, due to which they are burdened with their work and they are studying. Also leave it in the middle. So in such a situation you can complete your education through education loan and when you get a job after completing your education, then after that you have to pay the loan money due to which, now the study does not look like a burden.
- Education loan is available for all sections of the country. Generally education loan was started to increase education within the country, so that more and more children can get their education and reach their dreams.
- For parents of students, this loan is also tax free. After receiving education loan, all taxes are waived during education. Because of which a lot of money is left in your house. Therefore, education loan is a good way to study while saving tax.
- Education loans are subsidized by the government through several public banks. Apart from this, the tax rates of the government are also reduced. Many times, the government also provides various discounts for the advancement of education of its students in other countries.
- The way to pay in education loans is much easier than other loans. Students do not have to worry about paying anyone till the completion of studies, once the job is obtained, the student can pay the loan slowly by himself.
- People studying with education loans worry about repaying the loan after a time. Due to which they are trying to get a job and repay the loan as soon as possible. With this effort, they get a job soon and they also become responsible in their life soon.
- The concerns of parents of students studying with education loans are also greatly reduced, because they do not have to bear the financial expenses of the children for their studies. Because these days the fee for education in private educational institutions has become very expensive. So education loan is a very good tool to pay that fee.
- Students who get education by taking education loan know that their role in education is most important. Because at such a time, he writes with a new passion and passion. They feel free to themselves.
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