Important ways to take student loan
Every parent in the world wants their children to study, do a good job and take care of the family in a better way. Many times, due to lack of money, many students are not able to complete their studies. But now the Education Minister of India is helping such promising students and executing many such projects so that students get opportunities to get higher education.
Like the name, its definition is also quite simple. The money given by students from bank or any financial institution for the purpose of education is called education loan. This loan is only for students. Students whose financial condition is not good and who do not have enough money for their studies, they complete their education by taking money from the bank.
What is student/education loan?
When parents borrow money from a bank or private organization for their child’s higher education, it is called student loan. By availing this loan any student can fulfill his dream of higher education. Even if you wish to study abroad, you can get a loan by following the terms and conditions of any bank.
How many types of student/education loans are there?
There are 4 types of Student loan in India in Hindi-
- Professional Graduate Student Loan – When any student wants to continue his studies after completing his graduation then he comes under Professional Graduate Student Loan.
- Parents Loan – When a guardian borrows money from any bank or institution to complete the education of his child, it is called Parents Loan.
- Career Education Loan – When a student wants to make his career by studying in a government college, institute like IIT, Engineering, Technology, etc., then such loan is called Career Education Loan.
- Undergraduate Loan – When a student wants to pursue graduation in India or abroad after completing his schooling, then the loan amount he applies for will come under Undergraduate Loan.
Who is eligible for student loans?
Any student who wishes to study can apply for this loan. Students get this loan to study in their country or abroad. Guardians can also demand this loan for their child’s education.
Process of taking student loan-
- Follow all the rules given by the bank.
- You can get this loan as soon as everything is done correctly.
- Documents required for student loan
- First select the bank or institution.
- After this, go and get all the complete information about student loan.
- Analyze the interest rates offered by the bank thoroughly.
The list of required documents given below is as follows-
- bank passbook
- ID proof
- Address proof
- course details
- Parents and Students PAN Card and Aadhar Card
- age proof
- passport size photograph
- Proof of parents’ income
- You may need other documents as the terms and conditions of each bank are different.
Student loans are guaranteed
If we ask for a loan from any bank or institution, then we have to give a guarantee or security to the bank for that amount. Rather, this happens in student loans when the amount exceeds INR 5 lakh. Guarantee is not required for loans up to INR 6 lakh. If you need more than this amount, you may need a guarantor or security as per the bank’s rules.
Also, if any bank or institution demands processing fee from you, then you can also complain against it because no institution demands any kind of fee for this loan.
Before taking a loan from any bank or institution, keep these things in mind –
- Get complete information about that bank or institution.
- Read all terms and conditions carefully.
- Take loan amount as per your need.
- Also keep in mind what the interest rates of each bank or institution are so that you do not incur any loss.
Benefits of student loan-
- Like any other loan, you can easily get student loan from any bank.
- With the help of this loan any student can realize his dream.
- Repaying the loan on time improves your credit score, which makes it easier to take loans in future.
- You also get plenty of time to repay the loan amount.
- The interest rates on this loan are lower compared to other loans.
- Indian banks offering student loans
The list of Indian banks which provide loans to students is as follows:
- Bank of Baroda
- Union Bank
- IDBI Bank
- Canara Bank
- Indian Bank
- State Bank of India
- Axis Bank
- Punjab National Bank
- HDFC Bank
- ICICI Bank
- Purvanchal Gramin Bank
- Allahabad Bank
Which courses are covered?
The names of the courses covered under Student loan in Hindi are given below-
- Engineering courses
- Computer Science Engineering
- mechanical engineering
Below are the interest rates and names of banks for taking student loan in 2023-
|बैंक का नाम||इंटरेस्ट रेट|
|Punjab National Bank||8.90% (प्रति वर्ष)|
|Canara Bank||8.80% (प्रति वर्ष)|
|State Bank of India||7.95% (प्रति वर्ष)|
|Bank of India||8.50% (प्रति वर्ष)|
|IDBI Bank||-8.50% (प्रति वर्ष)-दिव्यांगों के लिए 5% (प्रति वर्ष)|
|Bank of India||10.80-11.60% (प्रति वर्ष)|
|Tamilnad Mercantile Bank||11.65-11.90% (प्रति वर्ष)|
|HDFC||-9.55-13.25% (फुल टाइम कोर्स) (प्रति वर्ष)-12.75% (पार्ट टाइम कोर्स) (प्रति वर्ष)|
|UCO Bank||10.60% तक (प्रति वर्ष)|
|Karnataka Bank||9.95% (प्रति वर्ष)|
|Federal Bank||12.30% (प्रति वर्ष)|
|Karur Vysya Bank||10.85-13.35% (प्रति वर्ष)|
|Axis Bank||13.70-15.20& (प्रति वर्ष)|
|Kotak Mahindra Bank||16% तक (प्रति वर्ष)|