The development of any country mostly depends on the country's literacy rate. Inside India many banks are providing loan for education which resulting in increase of literacy rate but there are some eligibility criteria which need to be fulfilled in order to get the loan. The loan is provided to all students either studying in Indian university or an Indian national studying in abroad. The loan is provided after some simple documentation and in response the candidate needs to provide some kind of security.
Introduction:
In India many banks are offering loan to students to pursue their higher degree from abroad. The amount of loan and eligibility criteria varies from bank to bank and the loan is provided after little documentation. These loan schemes are providing aid for all degrees.
Banks providing loan:
There are number of banks in India which are providing education loan to the students including (Bank of India, ICICI bank, Axis Bank, Punjab National bank and Indian Overseas Bank) for helping them in pursuing their degree from an international university
Amount of Loan:
The amount of loan varies from bank to bank. The maximum amount of loan is Rs. 10 lacs for those students who are pursuing degree from Indian university and 20 lacs for those who are obtaining their degrees abroad which will cover tuition fee, hostel charges and cost of book. There are some other banks which are providing more amount than this.
Eligibility Criteria:
The eligibility criteria for getting this loan is the candidate must be Indian national and must secure admission in any degree, professional or technical course inside India or abroad
Margin:
The margin rates are also defined and fixed. If the amount of loan is 4 lacs or less than there will be no margin and if the loan is more than 4 lacs than the margin vary foe both study in Indian universities and abroad. Margin will be 5% if studies in India and 15% in case of studying abroad.
Security
There are some securities which will be provided to the banks in order to get the loan. If the amount of loan is up to 4 lacs than you only needs to provide co obligation of parents which means that yours parents are also jointly responsible in paying back of this loan with you. If the amount is within the range of 4 to 7.5 lacs than you need to provide parent's co obligation along with a guarantee of a third party and for the amount more than 7.5 lacs you need to provide parental co obligation, third party guarantee along with any LIC policy, debentures or bank deposits by the name of student or parent or by providing anything hypothecate to the bank.
Priority:
The loan will be provided to the need based meritorious students and student will also take the thing in their minds that this loan is also like other commercial credits and it lends on bank option to give that loan.
Repaying of Loan:
The paying back process of the loan will be started after 6 months after getting first job or after 1 year completion of degree depending on which date comes first and the amount will repay in equal monthly installments with in time period of 5 to 7 years.
Conclusion:
Banks in India are taking so much effective steps since 2001 in supporting the education and they are providing different types of loan for study which includes the tuition fee, boarding charges and book charges and these loans are provided to need based meritorious students. There are some conditions in from bank which needs to be fulfilled by the candidate to be eligible for getting this loan
educational websites for students in Pakistan
For helping Pakistani students in their studies there are many educational website that helps the students. These website contains past papers, guess papers, model papers, tips to related board examinations. Some of these websites contains video tutorials for Pakistani students.
How to Get Education Loan for Engineering
Education is one of the basic need and factor for the development and in education field engineering has its own value. Many students have the dream to become an engineer but they cannot fulfill their dreams because of their financial issues. But now it become possible to every student to make his or her dreams come true by different loans scheme offered by the banks in Pakistan.
present education system of pakistan and islam
No one can deny the importance of education as it is one of the vital element for development and by birth right of all humans. Islam also encourages his followers to get education.
