New Delhi. For any family, the burden of child’s education comes the most when he is ready to get maximum degree from a good educational institution after passing 12th. In such an era, the cost of studying in a top institute is very high. Parents take an education loan so that there is no hindrance in the education of the child, in such circumstances, this loan fills the gap between your need and the amount available. But there are advantages to taking a loan and there are also some disadvantages. The loan taken for an MBA course is also not beyond this danger. Because of this, students may have to face many problems while doing MBA or even after that. Therefore, choosing the right education loan is also very important in itself.
Eligibility of the student for taking education loan:
Education loan is available to only those students whose age is between 16 to 35 years.
This loan is available at the time when the student’s admission has been decided in a recognized college or university from a valid institution in India or abroad.
Education loan amount limit:
Loan can be availed up to a maximum of 10 lakhs for higher education in India.
Loan can be availed up to a maximum of 20 lakhs for studies abroad.
Before applying for a loan, keep these things in mind:
Before taking an education loan, you should first know about the interest rates of some national banks. So that later you do not have to pay more for the arbitrary rates charged by any bank.
Before taking a loan, know whether the bank is giving loan on fixed rate or floating rate. In floating rate interest rates fluctuate with the fluctuations in the market. Some banks also increase the fixed rate. So first know this thing very well.
Before taking a loan from the bank, be sure to know about the time period for its repayment and make sure that this time will be enough for you.
Processing fees, administrative fees and documentation costs on education loans are not high. Before applying for the loan, find out about the fee structure of 2-3 banks.
Do a thorough check on the credibility of the bank from which you are taking the loan.
Carefully read all the terms and conditions related to the loan applicable by the bank.
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