Education and Career Forum

If a person becomes bank employee then will his/her daughter.son will get education loan of upto 7 lacs which is upto 4 lacs for common people?

The main aim of the educational loan is to provide financial assistance for all eligible and deserving candidates to pursue the higher education. According to RBI norms, any nationalized banks provide an educational loan up to Rs.7.5 lacs for studies in India and Rs.15 lacs for studies in abroad.

Originally Posted by Unregistered

If a person becomes bank employee then will his/her daughter.son will get education loan of upto 7 lacs which is upto 4 lacs for common people?

Yes, of-course the Ward of the Bank employee do get the Loan facilities from the bank. Even they have a lot many relaxation over the bank loan. Such as on the interest rate, sanctioning of the bank loan, repaying of the loan with the interest. These are the state on which they can get relaxation. Also they can take the Loan up-to 20 Lacs.

How it is calculated (simple interest or compound interest for the staff wards)