An education loan is a funds assistance for those students who want to pursue higher studies in India or in foreign country. Many of the financial institutions offering education loans with attractive interest rates ensure quality education becomes affordable.
The principle with an education loan is that students do not pay it immediately; in fact repayment often begins months or even years after the course is completed and may take anything from 5 to 7 years at most.
Interest rates differ across the offers of banks. Funds are disbursed directly to the institution or university of the borrower’s choice at the start of a relevant semester by the bank. Educational loans also embrace all the needs of students in terms of library fees, Hostel fees, cost of books, laboratory fees etc. so that students do not feel the pinch of such expenses.
