Every parent dreams of giving their children a complete, rounded education. After all, quality education is the key to attaining a successful life. It helps your children become financially independent and helps them pave their career paths. But, gaining a quality education costs a lot. Whether it is pre-schools or college education, parents have to shell out a lot of money. With the increasingly expensive fees of medical, engineering and business schools, students often turn to banks to get an education loan. Whether you opt for an education loan in India, or abroad, this is what it typically covers.
Tuition: The most important thing that the education loan covers is your college tuition fees. No matter what or where you choose to study, you have anywhere between four to eight semesters to complete the entire course. The loan covers the entire tuition fees of all the semesters and the bank decides whether to give you the amount in lump sum or semester wise.
Lodging and boarding: If you choose to attend a school in a different country, you can opt for an education loan for abroad, which will also cover the cost of your on-campus housing. This includes the dormitory cost and your meal plans. This is also applicable to students who wish to live off campus, as paying guests or in shared accommodations.
Fees: Fees constitute a large part of your education loan. Along with your tuition, you also have to pay some additional fees which include on-campus student services, student union fees, athletics, activities, counselling, transportation and technology and so on.
Books, equipment and other supplies: Textbooks and guides aren’t exactly inexpensive. Students end up spending a lot of money on textbooks. Other necessary supplies include notepads, folders, and drawing papers etc., which are needed for completing assignments. The bank education loan covers your books and supplies. Furthermore, it also includes equipment like engineering design boards, laptops, scientific calculators etc.
Travel: Students living off campus require allowance to cover their travel expenses to and from the college. This could include money for fuel for personal vehicles and public transport passes. Students who opt to live on campus can use the travel allowance during school breaks and other school-related travel expenses including visiting other schools for presentations, seminars etc.
Eligibility
To be eligible for an education loan, you must be a citizen of India. You must secure admission into a college or university recognized by a competent authority in India or abroad. You must also have completed your higher secondary schooling.
Documentation
Students applying for an education loan for abroad studies must provide the admission letter from the college or university, its fee structure and mark-sheets of all the latest degrees completed. Furthermore, you may have to provide collateral and/or the income documents, salary slips and income-tax returns of either the co-applicant parent or the guarantor.
Tuition: The most important thing that the education loan covers is your college tuition fees. No matter what or where you choose to study, you have anywhere between four to eight semesters to complete the entire course. The loan covers the entire tuition fees of all the semesters and the bank decides whether to give you the amount in lump sum or semester wise.
Lodging and boarding: If you choose to attend a school in a different country, you can opt for an education loan for abroad, which will also cover the cost of your on-campus housing. This includes the dormitory cost and your meal plans. This is also applicable to students who wish to live off campus, as paying guests or in shared accommodations.
Fees: Fees constitute a large part of your education loan. Along with your tuition, you also have to pay some additional fees which include on-campus student services, student union fees, athletics, activities, counselling, transportation and technology and so on.
Books, equipment and other supplies: Textbooks and guides aren’t exactly inexpensive. Students end up spending a lot of money on textbooks. Other necessary supplies include notepads, folders, and drawing papers etc., which are needed for completing assignments. The bank education loan covers your books and supplies. Furthermore, it also includes equipment like engineering design boards, laptops, scientific calculators etc.
Travel: Students living off campus require allowance to cover their travel expenses to and from the college. This could include money for fuel for personal vehicles and public transport passes. Students who opt to live on campus can use the travel allowance during school breaks and other school-related travel expenses including visiting other schools for presentations, seminars etc.
Eligibility
To be eligible for an education loan, you must be a citizen of India. You must secure admission into a college or university recognized by a competent authority in India or abroad. You must also have completed your higher secondary schooling.
Documentation
Students applying for an education loan for abroad studies must provide the admission letter from the college or university, its fee structure and mark-sheets of all the latest degrees completed. Furthermore, you may have to provide collateral and/or the income documents, salary slips and income-tax returns of either the co-applicant parent or the guarantor.
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