Indian students can now avail cheap education loans to study abroad
Students in India can now pursue their higher studies or any professional course with ease. With the help of education loans one can pursue their dream courses in India and abroad. Many banks are offering loans to potential students, with simple steps and processes. In a recent move, many nationalized and private banks have put up competitive rates of interest for student loans.
With the recent change in RBI guidelines regarding subsidizing of education loans, the RBI Gov. Raghuram Rajan sent a breather to all those banking on education loans. He said, “Banks are actually subsidizing student education loans for overseas studies under the PSL (priority sector lending segment)”. Under this lending segment, it is imperative for banks to lend nearly 40% of their allocated credit to housing, agriculture, education and businesses.
The good news for students aspiring to go abroad under student visa is that various banks have put forward their best competitive rates of interest. The minimum student loan amount that can be availed to study within the country is Rs 50,000 and the maximum Rs 2 lakh. The margin money that needs to be shelled out by the student or applicant for the student loan is at 15%.
Interest rates charged by different banks on the loan amounts are:
Before one goes for an education loan, the following points could prove to be helpful:
News Source: Economic Times
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