Today I thought of writing an article on Student Loans in India, as many of us may not know about it, or know about it. In case something is missing in the article the I request you to add it in the comments box for other benefits. Ok, so let’s try to understand what is a Student Loan and other nitty-gritty.
In the current time, the very body understands the importance of good education. Our parents also understand this and, in their capacity, they want to provide us a good education and so that we can fulfill our dreams. The students also want to pursue higher studies to achieve their goals. However sometimes due to fear, uncertainty, or lack of knowledge we miss the opportunity to go for higher education to give good education to our children.
What is Student Loan?
– The loan which is taken from the Bank to pursue studies by the Student or his/her parents is the Students Loan.
When can a student loan be availed?
– Students loan can be taken for the
o education from Nursery to Class XII
o higher studies in India
o studies abroad i.e., in other countries.
The education loan coverers expense like fees payable to school/college, library fees, laboratory fees, purchase of school/college books, uniforms, computer/laptops, etc. However, these vary depending on for Bank from which the loan is being taken and for which class/standard.
A large number of banks in India have launched educational loan schemes, giving good features.
To support those who are interested in Student Loans, the Government of India is also doing its part. In this regard, an online portal was initiated and developed under the direction of the Department of Financial Services, (Ministry of Finance), the Department of Higher Education (Ministry of Human Resource Development), and the Indian Banks Association (IBA). NSDL e-Governance Infrastructure Limited was entrusted with the responsibility of developing and maintaining the portal.
The portal is called Vidya Lakshmi and is for those who are interested in Student Loans in India.
Students can get the details, apply for, and track the loan applications anytime, anywhere from the online portal. The portal also provides a link to National Scholarship Portal for easy access.
In case you are interested in an education loan, click here to apply for an Educational Loan in India.
There are various Banks offering Educational Loan in India. We have tried to list a few for your reference (arranged alphabetically only).
We suggest in case you are interested in availing the Student Loans in India you should explore the features offered by different Banks. The comparison parameters cloud be like maximum loan amount, maximum loan period or tenure, security or collaterals, documentation, etc.
There are many portals that compare different Bank’s Student Loans in India and provide a detailed comparison. Few of such portals are listed for your reference.
Note: The information provided above is generic and may be changed in the future. An Individual interested in Student Loans should study the Banks Policies and Terms and Conditions of the loan before taking any decision.
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