Education and Career Forum

Dear Friends,
My son is a 2nd year Medical student of a Government college in West Bengal. He want to do MD in UK. I can't bear the amount of his MD course. So, I want to switch towards Bank Education Loan. But the problem is, I don't know the scheme of this Loan for this course. Kindly tell me asap.

Some of the norms of education loan are given below. For rest of the norms and terms and conditions you need to approach the concerned branch from which you want to seek the loan. You need to approach the bank and contact the branch manager along with the prospectus of concerned institute for admission once your son gets admission call.

- The highest amount of education loan for education in abroad is 20 lakhs.
- For loan above 7.5 lakhs, mortgage of property like house, vehicle, land, etc will be required along with third party guarantor and 20% security deposit.
- For loan above 4.5 lakhs and below 7.5lakh, third party guarantor and 15% security deposit is required.
- For loan below 4.5 lakhs no third party guarantor and security deposit is 5%.
- The rate of interest fluctuates from time to time as per the orders of RBI varying usually between 13-14.5 percent.
- If you pay the interest during the entire study course, you will get a rebate of 1% in the interest rate quarterly.
- The interest is computed as simple interest.
- You need to start repaying the loan after six months from completion of course or on getting job whichever is earlier.