Now You Can Easily Chase Your Dreams Through Educational Loans
Posted on April 25, 2008 in Education by madhu
The recent crisis of arranging financial resource that has been triggered by the fee hikes declared by the sudden fee hikes by the premier institutes including IITs and IIMs have really dragged the aspirants of quality education into a catch 22 situation.
The picture is so brittle now, that even before the admission parents need to shell out a good amount of money for buying brochures. So, to handle this financial crunch and fulfill your ambition you can take educational loans.
Some Important Information about Educational Loans
According to experts, having a loan sanctioned from a bank is not so tough, especially for the meritorious and deserving candidate. Educational loan from bank can be taken for any purpose including pursuing a degree in India and abroad. Here is some important information listed below.
- Present RBI regulations have given a shove to the educational loans. It has been proposed by the government that the interest burden will be taken over by the government during the moratorium period for those students whose family’s income is below 2.5 lakhs per annum.
- More importantly banks don’t force for collateral for loans up to Rs.4 lakhs.
- Public and private sector banks have several education loan schemes for school, graduate and postgraduate studies in India.
- Baroda Vidya, an educational loan, has been offered by Bank of Baroda. It also offers finance option for the school students also.
- Basically all professional, graduate, postgraduate courses and several other courses those are approved by the UGC/ government/AICTE are entitled for loans.
- Most of the public sector banks generally offer loans up to Rs 20 lakhs for higher studies on foreign shores.
- There are some systems of tax exemptions are also available. According to experts, 100% of the interest paid by the student would be allowed as a deduction from the gross income of the initial assessment year as well as for seven consecutive assessment years.
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