Education and Career Forum

Well I am studying bds final year how can i get loan so tell me that with low interest of rate how can i get an educational loan in a quick process?

The interest rate for education loan is almost same for all the public sector banks. So, you can apply for the Education loan from any public sector banks. Recently to speed up the process for quick sanction of education loan to needy students, government of India launched an education loan portal called Vidya Lakshmi.

You can visit the official website of this portal, create an account on it, submit all your personal details and loan requirements, you will get information from which banks you can get loan and in how much time.

The official website of Vidya Lakshmi is https://www.vidyalakshmi.co.in/Students/.

# Education loan is most suitable for those who are not financial sound or belong to middle or lower class. The education loan is provided by the all the nationalised bank, private banks and Government institutions.

# A student can avail the loan amount up to Rs. 10 Lakh for higher studies in India and loan amount up to Rs. 20 Lakh for higher studies in foreign country.

# The usual interest rate of education loan in India is lies in the range of 11.50 to 14.40 depending upon following factors:

* Nature of course or higher studies
* Reputation of college/university/institution
* Amount of loan

# The main purpose of education loan is to meet the following expenses/charges while higher studies:

* Tuition fee
* Hostel fee
* Mess fee
* Laboratory or Library fee
* Examination fee
* Security deposit
* Miscellaneous Refundable or non-refundable fee/charges

# Following things must be kept in mind by the student while applying for education loan:

* There is need of third-party guarantor for the loan amount above Rs. 4-8 Lakh.
* Student must have insurance if he/she is going for higher studies in abroad.
* Parents/spouse/sibling of the student must be co-applicant while applying for the education loan.
* Student must ready for repayment of loan amount 0.6 to one year after completion of higher studies or course.