Education Loan

Earlier students who longed for higher and quality education could not afford it because of the financial constraints and their only alternative was to jump in the job market prematurely. The boom in the banking sector has led to discharge of large amount of funds for education loans. So now, education loans are easily available from various banks in India and this change is encouraging more students to take up higher education inspite of their financial shortcoming. Even nationalized banks and private banks have come up with various educational loan schemes that students can benefit from. Banks are helping the studious students to pursue higher education and realize their dreams. If you are willing to pursue higher education in India or abroad, you have to gather comprehensive information before approaching a bank with your requirement.

Education loan is necessary for the student to survive in this modern age of industrial demand. The process of obtaining a student education loan may seem to be troublesome for any student who has not yet been in any type of loan. Even students with bad credit history can avail this loan for their further education as the interest rates are higher but still affordable. Even if your parents didn’t save much for your college education, you don’t have to worry. There’s a better choice ahead of you to take loans to finance your studies. For successful financing of your education, you need to plan and research ahead of when you actually need the money.

The student education loan covers all expenses incurred during the course of study of the student which includes boarding and lodging, purchase of computer, study materials, laboratory expenses, and other educational course fees. It supports students to take the initiative for higher studies. This provision helps both the students and their parents to relieve from the burden of huge expenses. Once the student completes his studies and get employed, he will start repaying his loan.

List of Banks providing Education Loans:

  • Allahabad Bank
  • Bank of Baroda
  • Punjab National Bank
  • Indian Bank
  • State Bank of Mysore
  • Andhra Bank
  • Bank of India
  • State Bank of Indore
  • Karnataka Bank
  • Bank of Maharashtra
  • Bank of Rajasthan
  • Canara Bank
  • Catholic Syrian Bank
  • Central Bank
  • Dena Bank
  • Development Credit Bank
  • Federal Bank
  • HDFC Bank
  • IDBI
  • Mysore Bank
  • Oriental Bank of Commerce
  • Indian Overseas Bank
  • Punjab and Sind Bank
  • State Bank of Hyderabad
  • State Bank of India
  • Syndicate Bank
  • UCO Bank
  • United Western Bank
  • Vijaya Bank
  • Vysya Bank
  • United Bank Of India
  • State Bank of Saurashtra

Students are compelled to opt for education loans to make their higher education for pursuing a dream career a possible task. So if you want to fulfill your dreams of higher studies and do not have enough financial means for it, you can avail a student loan to help you meet your educational expenses.

Thus it is an unsecured loan available to students at low interest rate. So begin your loan search by applying for government backed loans rather than private loans. Then you can choose more educational opportunities and reduce your burden by opting for an educational loan.