Brighten Your Future with Education Loan in Bangalore
For a successful and complete life, quality education is a necessity. Quality education is alternative to graduating from a top educational institution. Nowadays, the cost of education is increasing rapidly.
In fact, to study in a reputed educational institute the cost is quite high already. For example, the price of an MBA course has increased from Rs 2.5 lakh to Rs 20 lakh in the last 15 years. Considering this, parents, who want to provide their kids with the best possible education, invest their money in fixed deposits (FDs), mutual funds (MFs), unit-linked insurance plans (ULIPs), etc.
However, even after having to bear the burden of the high price for quality education, one may still face a shortage of funds. An education loan, therefore, plays a significant role in such situations by helping the students and their parents to link the gap between the deficit and the required amount. In India, Student Loan in Bangalore is offered by various NBFCs which one can easily find out online.
Studies say that the cost of education is increasing at an average of 15% per year. The approximate value of an MBA has been increased from Rs 2.5 lakh to Rs 20 lakh in 15 years. So if someone starts saving Rs 1,000 per month for 15 years, they will be able to keep approximately Rs 1.8 lakh only which is not sufficient.
An educational loan covers the fee of the basic course and other expenses that are relevant to the course such as college accommodation, exam, and other miscellaneous costs. Education Loan Providers in Bangalore offer such financial services to the needful students and parents. Mainly, a student can apply for the loan which is the primary borrower. A spouse, parent or sibling can be the co-claimant.
An educational loan is offered to the students who want to study in India or continue their higher education in a foreign country. The amount of money provided for the loan in India and overseas varies from one bank to another, and also differs from one another.
There are various types of courses that are covered under educational loans. Such loans can be taken for a part-time, full-time or vocational course and also for graduation or post graduation courses in the fields of management, engineering, architecture, medical, hotel management, etc.
To apply for educational loans, one must be a citizen of India, along with having a secured admission into a college or university recognised by a reliable authority in India or abroad. The applicant also should have completed his higher secondary level of schooling.
Some banks offer the loan even before one’s secured admission into the university or college. Based on the guidelines of Reserve Bank of India (RBI), there are no restrictions on the upper age limit to apply for educational loans, but some banks may impose restrictions. The banks also require supplemental documents such as fee structure, admission letter of the institution, Class X, XII and graduation (if applicable) mark sheets etc. also ask for income documents such as income-tax returns (ITR) or salary slips or of the co-claimant. Students residing in Bangalore can Google “Education Loan in Bangalore” to find NBFCs and banks that offer such loans.