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Education Loan
Educational loans cover tuition fee, hostel fee, library charge, administrative charges, etc. You can avail of the student loans either to study within the country, or to study abroad. They are available for graduate, post-graduate or professional courses (like engineering, medicine, law etc), and even for less conventional courses like biotechnology, fashion technology, aviation etc. Student loans from banks have become a preferred way of financing higher education in India and to study abroad. Banks have also become more market-oriented, making it convenient to avail such loans.
How much education loan can you get?
The maximum loan amount for an education loan varies from bank to bank, depending on the course and the educational institution. For example, loan amounts for MBA courses will be different for different institutes.Many banks have a margin criterion for their education loans, which means that they will provide between 75 per cent and 90 per cent of the total cost of the course; you will have to cough up the balance.
The student loan amount may also depend on your parent's/ guardian's net monthly salary. It could be six to 10 times your parent's monthly salary.
What expenses are covered by a student loan?
You can take a student loan to finance a range of expenses for your education, including :
- Fees payable to the college, school or hostel, including tuition fees.
- Examination, library and laboratory fees.
- Purchase of books, equipment, instruments and uniforms.
- Caution deposit, building fund, refundable deposit supported by the institution's bills or receipts.
- Travel expenses for studies abroad.
- Buying computers essential for completion of the course.
- Any other expenses needed to complete the course, like study tours, project work and theses.
- Interestingly, State Bank of India loans also cover the cost of two-wheelers up to Rs 50,000.
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