Nowadays education has become hitech and every meritorious student can pursue his dream of higher education in India and abroad with the help of Banks who is on the verge of liberalising the norms for the grant of educational loans. As Indian Banks Association took the initiative for a better treatment of the students seeking higher education, things may go easier now. They have devised a new scheme for educational loan.
The new scheme envisages merit as the sole criteria. Management quota seats will be out of the purview of the scheme.There will be consensus between quantum of loan and employment potential of the studies.The term also will be extended providing a sigh of relief for the borrowers.
The policy promises to be a relief in the times of cost of education touching whopping heights. The main change is the assessment of loan. It will be based on the future earning capacity of the student and not the wealth of the parent.
The policy is meant for Indian nationals. The student should have passed some merit selection test. In certain cases banks can also look the employability and reputation of the institution.
Mainly the scheme targets job-oriented courses in technical and professional fields. Fees, caution deposits, transportation charges, amount required for purchase of study materials etc will be the key things in the loan. The parents will have to become joint borrowers. There is an incentive for girl students. Anyhow the interest portion is left with the individual banks. It is linked to the base rates.
Educational loan is provided for basic education and professional or technical education. The education loans have become an effective tool for the students to finish their education and make their career secured and safe. Thank you for the financial informations.
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