Pursuing higher education is one of the main aspirations of crores of citizens in India. Over the years, cost of education is increasing rapidly. A quality education in India or at a foreign institution can leave a huge hole in your pocket. Parents who want to provide their children with the best education either save money or make long term investments. But, even after this, an individual may face shortage of money for a quality education. In this scenario, an education loan comes handy in arranging funds for a quality education to help achieve a good career.
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Education Loan in India: Here’s all you need to know
What is education loan?
As per Indian Money Review an education loan is a type of loan, tailor made to suit the needs of students. An education loan is the money borrowed to finance and manage the costs of higher education. The amount borrowed can be repaid over time along with interest. The special benefit of education loan is that the repayment process starts after the completion of the course. Who can apply for the education loan?
Indian Money Company Any individual who wants to pursue higher education in India and overseas can apply for this loan. The maximum amount that can be borrowed varies across banks and depends on the kinds of courses, the applicant enrolls for. No collateral is required for availing an education loan. However, parents, siblings or the guardian will have to execute the loan as a co-borrower.
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