Education Loan Schemes in India For You
India is a country with the developing economy. With the rise in the number of students pursuing higher education abroad, the country has turned into a knowledge hub for rest of the world. Giant companies like Microsoft, Google, Facebook love to hire Indian professionals to increase their productivity. Many Indians are placed in high paying jobs in different corporate entities today. Qualified education and work dedication are the reasons for the achievement today. These scenarios are pushing the parents to encourage overseas education for the deserving children with the help of the educational loans. There are many banks that provide study loans to help them complete education abroad. Explore the top options available in India for study loan for your child.
SBI student loan
Many people in the rural and urban areas prefer to reach SBI for a student loan because of their trusted service and branch presence. The banks offer loan for study programs like technical graduation, post graduation and diploma graduation studies. A loan amount of 10 lakhs is granted for education in India and 30 lakhs for overseas education. There is no processing fee and repayment of the loan starts after a year of completing the course or 6 months after getting the job whichever is earlier.
AXIS educational loan
Education loan is offered by Axis banks for all graduation programs, post graduation programs, professional courses and courses provided by the universities abroad. Student approaching this bank for the study loan will get a loan maximum of 10 lakhs if they are studying in India and 20 lakhs for overseas education. You can get an unsecured loan if your study loan does not exceed 4 lakh. However, co- signer is needed to approve the application.
Punjab national bank
Unlike the banks stated above Punjab national bank offers student finance based on the repayment capability of the parent/ student. The repayment holiday for the loan offered by PNB is 1 year after completing the course or 6 months after getting the job.
HDFC bank is another choice for the students in India to pursue education loan because they offer an unsecured loan up to 7.5lakh where as other banks cap this option at 4 lakhs. The bank also offers maximum repayment period of 15 years after repayment holiday period. The loan amount is capped at 10 lakhs and is offered to all Indian citizens between 16-35 years depending on the course chosen by them and repayment capabilities.
Central bank of India
This is flagship offered by a central bank of India under the name cent Vidyarthi to a deserving student who has got admission for the higher studies in the reputed colleges. You will get a maximum loan of 10 lakhs for education in the country and 20 lakhs for overseas education.