With increasing competition for getting
admissions into higher education in premier institutes across the
country, there has been an increase in demand for educational loans
not only for enrollment into the college, but also for getting
coaching from good enterance test coaching centre.
CorporationBank has started lending to students in need of getting admission into coaching classes, while Central Bank of India is another bank, which has taken lead in this relative new segment. The interest rates on these loans are comparable to that
of education loans with the bank. The bank disburses the loan
directly to the account of coaching centres authorized by the bank.
Loans upto Rs. 200,000 to Rs. 400,000 can be taken and be repaid
within 3 years with a 3 months moratorium.
The new product is targetted mainly
towards students from rural areas, who aspire to get into good
institutes, but do not have money to afford the coaching. These are
unsecured loans and do not require any collateral, but require parent
to become a co-borrower or have a salary account with the bank.
7 comments:
Hi there, can someone tell me what happens if you don’t pay your education loan? I have read somewhere that the serious actions will be taken on the student? Is it true………..
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