Education and Career Forum

Hi Sir
I got to know about Education Loan system.
I am in 11th right now and after my 12th I
will do B.Tech. So, it will cost upto Rs. 3 Lacs
only tuition fee. So, if I study B.Tech in other state
and I take hostel then bank pays me education loan
with hostel charges also or other allowances including?

Yes, most of the banks provide and consider hostel fees and some other allowances, as a part of education loan. But, You can avail these benefits only if you specify your requirements, before approval of your education loan. Along with education loan, Most of the banks are providing money for
1. Hostel fees
2. Exam fees
3. Project fees
4. Cost of Laptop

Yes, the bank will pay your Hostel charges as well as tution fees and any other fees required in the concerned course for which you have taken education loan in accordance to the education loan amount which has been sanctioned. The bank will pay tution fees, institute fees, hostel and mess fees, books cost and any other educational charges by your institute concerning the B.Tech course. However, it will provide loan only upto the limit which is sanctioned in your name as education loan. It will not provide any amount beyond it. You need to write an application to the bank every time you need a disbursement from the bank to pay the fees with valid proof from the institute. The bank will check it and then issue payment in the name of your college either in the form of demand draft or online via RTGS/NEFT.