 Student loans are loans offered to students to help in the payment of the costs of professional education. These loans usually carry a lower interest rate than other loans and are usually issued by the government. In India, students have the options to repay the loan when they start earnig. Most of the government banks are also oferring interest free loans to the students and now a days they don't even ask for securities. Government banks charge low rates of 10% to 12% and the private banks charge from 14% to 16%.
Eligible Courses
All courses having employment prospects are eligible.
- Graduation courses/ Post graduation courses/ Professional courses
- Other courses approved by UGC/ Government/ AICTE etc.
Amount of Loan
- For studies in India, maximum Rs. 10 lacs
- Studies abroad, maximum Rs. 20 lacs
Security
For a loan upto 4 lacs no security is required.
For a loan from 4 to 7.5 lacs, a third party security is needed and for a loan ranging 7.5 and above a tangible security has to be mortgaged.
Student loan : Student loan consolidation is a helpful option to pay off your student loans. By consolidating your student loans into one loan, you can reduce your monthly payments, make the repayment method simpler and save thousands of dollars.
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