{"id":9584,"date":"2023-01-18T07:43:42","date_gmt":"2023-01-18T07:43:42","guid":{"rendered":"https:\/\/varthana.com\/student\/?p=9584"},"modified":"2024-05-24T06:20:26","modified_gmt":"2024-05-24T06:20:26","slug":"how-does-education-loan-give-wings-to-students-dreams","status":"publish","type":"post","link":"https:\/\/varthana.com\/student\/how-does-education-loan-give-wings-to-students-dreams\/","title":{"rendered":"How does Education Loan give wings to students’ dreams?"},"content":{"rendered":"

Are you keen on pursuing your higher education from one of the prestigious universities in India? Many students do desire to get into their dream college and pursue higher education but the way to get there is very costly.\u00a0<\/span><\/p>\n

If the cost of engineering education in India today is 10 lakh, after 15 years it would be 40 to 50 lakh. If medical education costs Rs 25 lakh in a private college today, you can safely assume you’ll need to save Rs 1 crore in 15 years.<\/span><\/p>\n

The increasing cost of higher education is making it challenging and unaffordable for deserving aspirants to pursue their dreams. However, there are numerous ways of funding their studies. So, don\u2019t let financial constraints hold you back from enrolling in your dream institute.<\/span><\/p>\n

Education Loan<\/span><\/a><\/span> is provided by Nationalized Banks (NBS), Private Banks, Co-operative Banks and NBFCs in India.<\/span><\/p>\n

Benefits of education loan \u2013 Avail it to make your dreams come true:<\/span><\/h2>\n

1. Applicable for all:<\/b>\u00a0<\/span><\/p>\n

Any student can apply for a student education loan. Even the underprivileged sections of society can avail <\/span>student education loans<\/span><\/a><\/span>.<\/span><\/p>\n

2. Applicable for almost all courses:\u00a0<\/b><\/p>\n

Graduation, post-graduation, certificate courses, and vocational courses in India fall under this section.<\/span><\/p>\n

3. Easily available:<\/b><\/p>\n

Education loans are readily available, easy to obtain and they are a priority product in all banks as per the RBI\u2019s guidelines.<\/span><\/p>\n

4. Varied loan amounts:\u00a0<\/b><\/p>\n

A number of Banks or NBFCs can offer loans anywhere between Rs.40,000 and Rs.10 lakh for studying in India. However, the size of the loan depends on the course, college and financial institutions applied for.\u00a0<\/span><\/p>\n

5. Helps in the completion of education:<\/b>\u00a0<\/span><\/p>\n

With inflation and fluctuating costs, the cost of education is rising. Student education loans are necessary to avoid academic setbacks.<\/span><\/p>\n

6. Benefits:<\/b> Education loans come with a slew of extra perks like it covers library fees, laboratory fees, tuition, examination costs, hostel fees, money for books, instruments, and uniforms, and travel expenses, etc.<\/span><\/p>\n

7. Easy repayment: <\/b>Another great advantage of student education loans is that the loan amount supports easy repayment options. If you are still thinking about how to get an education loan after the 12th, read all about <\/span>Education Loan in India<\/span><\/a><\/span> here.<\/span><\/p>\n

Eligibility criteria: Apply for education loan<\/span><\/h2>\n

Before loaning money to any student, lenders (Banks, NBFCs, or other financial institutions) set certain requirements for applicants to meet.<\/span><\/p>\n

Factors considered:<\/span><\/h3>\n
    \n
  1. Academic background of the student:<\/b> The lender examines the applicant’s academic background, credit history, and achievements.<\/span><\/li>\n
  2. Course:<\/b> The lender also conducts research into the applicant’s chosen course of study. They check to see if the applicant’s course is credited or not.<\/span><\/li>\n
  3. Institution: <\/b>The lender also takes into account the institution the applicant has applied to. The accreditation and reputation of the institution are extremely important.<\/span><\/li>\n
  4. Collateral:<\/b> The applicant\u2019s ability to provide collateral for the loan. The bank will consider the type of collateral provided as well as its value.<\/span><\/li>\n
  5. Co-borrowers or guarantors: <\/b>Parents, guardians, or another acceptable third party can act as a co-borrower or guarantor for the applicant. They’ll also check the career history and credibility of the co-borrower.<\/span><\/li>\n<\/ol>\n

    Courses eligible for educational loans:<\/span><\/h2>\n

    The following courses are eligible for education loans in India:<\/span><\/p>\n

    Studies in India<\/b><\/h3>\n

    Graduation, post-graduation, and technical\/professional courses from reputed colleges\/universities, should be recognised by the UGC\/Government, AICTE\/Department of Electronics\/IMC, and autonomous institutions such as IIM, IIT, and others. Any courses leading to a degree\/diploma from reputable Institutes\/Colleges\/Universities in India for studies.<\/span><\/p>\n

    Short-term courses in soft skills, such as animation, English learning, catering, spoken English, data science, Artificial Intelligence (AI), digital marketing, and event management, are now also eligible for loans, thanks to their growing popularity. However, it’s a good idea to check with the lender to see if they provide a short-term education loan.<\/span><\/p>\n

    Also Read: <\/strong>How to Choose the Right College<\/span><\/i><\/a><\/span><\/p>\n

    Documents required for education loan<\/span><\/h2>\n

    Varthana education loan helps you finance your tuition fees, hostel charges, study materials, and other expenses. We provide quick and hassle-free loans once you complete the application and submit documents. Find out what documents you’ll need to apply for a Varthana Education Loan.<\/span><\/p>\n

    Students who want to take out a loan to study in the country can provide the following documents:<\/span><\/p>\n