Interesting information on Student Loan
Will I get an educational loan ???
- What all courses/ programs are eligible ?
- What is the maximum loan limit ?
- What percent of money should I bring on my own ?
- Any security needed ?
- Eligibility for student to study in India and abroad
- .... Be prepared to be surprised !!!
Eligibility for student to study in India and abroad
Student Eligibility
Should be an Indian National.
Secured first class and wish for admissions in Professional / Technical / Other Courses
of various studies.
Secured admission to foreign University Institutions.
Any Student who has attained the age of 18 years or Parent of the Student can avail the loan.
Eligible course of study
Studies in India
School education / Graduation / Post Graduation Courses.**
Professional courses: Engineering, Medical, Agriculture, Veterinary, Law, Dental, Management, Computer etc.
Courses like ICWA, CA, CFA etc
Courses conducted by IIM, IIT, IISc, XLR1, NIFT etc.
Courses offered in India by Reputed Foreign universities.
Studies Abroad
Graduation: For Job oriented Professional / Technical courses offered by reputed universities.
Post Graduation: MCA , MBA , MS, etc.
Courses conducted by CIMA-London, CPA in USA etc.
** When the age of the student is below 18, Loan may be sanctioned to his parents
by complying the relevant condition mentioned further below.
Expenses considered for Loan
Fee payable to College / School / Hostel.
Examination / Library / Laboratory fee.
Purchase of Books / Equipments / Instruments / Uniforms.
Caution Deposit / Building Fund / Refundable Deposit supported by Institution Bills / Receipts.
Travel expenses / passage money for studies abroad.
Purchase of computers - essential for completion of the course.
Any other expense required to complete the course - like study tours , project work, thesis etc.
Quantum of Finance
Need based finance subject to repaying capacity of the parents / students with margin and the following ceilings: For Studies in India - Max. Rs.7.50 Lakhs, For Studies
Abroad - Max. Rs.15.00 Lakhs.
Margin
Up to Rs. 4.00 Lakhs - Nil.
Above Rs.4.00 Lakhs - Study in India - 5%.
Comments
With the cost of college
With the cost of college continually rising, more students find themselves short of the necessary funds to pay for college tuition outright. While scholarships and grants are great because they do not have to be paid back, students are often left taking out student loans to cover the extra cost of attending college. However, statistics suggest that the amount of loan burden is growing at such as fast rate that post-graduates may find the loans to be a serious financial burden after graduation. So, the question becomes, do you take out loans now and hope you can pay them off later, or do you find alternate means of paying for college while you’re there? And if you do choose to take out loans, are some loans better than others, and how can you pay them off quickly without stressing yourself financially?
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Linda Costner
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