Importance of education

There might be a hike in education loan rates this year and this might lead to fewer applications for an education loan. Last year too, congress did various campaigns to extend the date for change in the education loan rates. However, higher education loan rates lead to the expiry of this date too.

Education loan is a new concept in India and since its launch banks have started work on it. Compare education loan rates offered by different banks.  The Indian government has come to terms with the RBI and the Indian Banker’s Association to frame an educational loan scheme that gives every student a fair chance to pursue higher education.

Summary: A slight change in US economy brings a drastic change in our economy too. And, so the Indian government is trying it’s best to avoid any hurdle in the education of students in India due to any change of education loan rates.

With minimal education loan rates, pursing higher studies has become easier

Waiting to get into a decent college to complete your higher education but finance is a hurdle, isn’t it? Well, with education loans becoming popular among students these days. Banks and other financial institutions offer a variety of education loans at different education loan rates.
Some basic features to avail an education loan are summarized here for your convenience:
• Education loan rates are very nominal up to Four lacs. Neither any guarantee is asked for.
• Before giving out an education loan, banks thoroughly examines –the  background of the student, yearly earnings of the student’s family, the course details and the repo of the institute applied to.
• If the loan applied for is, higher than 4 lacs limit, then the education loan rates may vary and also increase with the amount.
• Banks have a special provision of lower education loan rates reserved for female students and for students studying in some specified institutes.

Summary: Education loan rates vary from bank to bank. So choose your bank wisely, before applying for a loan.

Education Is On High Rise

An education loan is designed to help students to finance their university tuition, books and living expenses. It usually differs from other types of loans in that the education loan rates may be noticeably lower and the repayment tenure also defer while the student is still in education. Education loan rates also differ in many countries in terms of regulating renegotiating and bankruptcy.

With growing number of students and the increase in competition, banks and financial institutions are also becoming liberal on the education loan rates. In past few years the education loan rates have seen decrease which leads to encouraging students who wish to pursue their higher studies to take education loan. Female students get education loans at lower education loan rates which has developed the interest in female students to pursue their higher studies. Education loan rates usually vary between 7% to 11% which is much lesser compared to other loans.

Summary: Education helps in building up a good society with good people and even Indian government is working hard on the same by taking care of the education loans and making sure of giving loans at lower education loan rates.