Education loan rates in India
Education loan rates in India
Availing a loan is getting easier gradually but repaying the loan is feat tougher as almost everything around us now has rocketed prices. In India we have been experiencing a high level of inflation and in such a scenario one should be very careful when choosing or opting for any kind of loan.
Education loan in India is one such financial assist which needs to be measured manifold times before availing for it. One needs to understand the amount which needs to be paid back keeping other expenses back of the mind.
Education loans in India are or two prime types.
- Education loan for Study in India – Here a student avails education loan to carry on studies of interest, this loan is usually of a smaller amount.
- Education loan for Study Abroad – Here the student avails education loan to pursue education in a country other than India, this loan is usually higher in amount and requires many documents as compared to a education loan for Indian studies.
Usually these loans are taken for higher studies like PG & MBA, not ruling out basic primary and graduation level studies, loan are available for all types of studies and can be availed by the student or parents or guardian.
Loan rates in India for educational loan are somewhat same in all the banks but have their own fine lines. One can get a educational loan at the interest rate of 10-14%, these are for amount of rupees 4-10 lakhs and repayment of the same is upto 7 years. There are clauses where a student can start paying when he/she receives his first salary and not immediately after availing the loan.
If you have a good educational background and a good college, then you can also negotiate the loan amount as well as interest on the same. The more documents and security you provide, the better are your chances of getting a good deal on the education loan.