Education is the first step to understanding many things in life, it is of utmost importance. the Government of India has made education free and compulsory for children up to the age of 14 years, however getting quality education is still a big challenge as well as an expensive deal. There are institutions which offer scholarships to students however, even these are not enough. many times the lack of good education due to the expenses has been the major reason for a lot of these students to discontinue their education and extinguish their curiosity and eagerness regarding education. However, now everything is not so bad any more since there are now a number of banks in India which are eager and more than happy to help such needy students by helping them financially by giving loans. The Student Education Loans are now given by a lot of nationalized banks and even the smaller co-operative banks to students. These banks help students meet their expenses during their study tenure and the loan can be paid off once the student gets a job. The Education Loans are generally provided to students who are Indian nationals and fall in the age limit of 15-30 years. another major requisite to get an education loan is that one parent of the student applying for the loan should be working. The working parent acts as a guarantor for the student and the loan approval also depends on the status of the guarantor. The capacity of the guarantor to repay back the loan in case the student is unable to pay back is also considered while considering the loan approval. Apart from all that the most important criteria to secure an education loan is a good academic record. All these factors play a very important role when applying for an education loan.
Education loans for study in india has made education no more dream. students aspiring for higher education can avail this opportunity and make their dreams come true. these loans are given to indian nationals by almost all the national banks in india. apart from this education is free to many of the reserved class of people which is quite helpful to them.
