Today I would like to inform you about an educational loan. Educational loans are offered by banks to students for their higher studies. It is an unsecured loan . It is used to cover educational expenses like books, hostel,library,project tours,transportation, accommodation etc. It reduces strains of family savings. It will increase the liability further.
Always finish the first educational loan before the second one. The amount to be spent on each course increases. Today we can see how to get an educational loan easily.
We can see a scheme. It is a central government scheme. The Ministry of finance, Indian Bank associations, union Ministry of human rights are joined and start this scheme to provide education for all students.
This scheme is called vidya lakshmi scheme. Students can apply for this loan through vidya lakshmi portal. It is launched by the central government. The annual income should be less than Rs 4.5 lakh, and will get a subsidy from the government.
Documents
Passport size photo
Income certificate
Salary certificate
Marksheet of last qualifying examination
Proof of admission
Expenses of course
The student should register the vidya Lakshmi portal. Fill up the application form . This portal includes 30 banks in the country. The students studying in India get loans for AICTE,UGC, graduate,PG,professional, technical diploma courses,IITS,IIMS,government approved teacher training, nursing courses,shipping,pilot training, marine courses, civil aviation etc.
Abroad studying students can also apply for these loans. Vocational courses, technical courses,professional courses,MBA,MCA,PG courses,Diploma courses,MS ,CPA,CMA courses students canals apply for this scheme.
From this scheme the students studying in India get up to Rs 75 lakh and work abroad can get loans up to Rs 1.5 crore. Repayment of this loan based on interest and maturity. The maximum period of repayment is 15 years. You can apply to three banks.
No collateral is required for loans up to Rs 7.5 lakh. The loan repayment starts after the end of the study period.