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Education Loan Assistance

After seeing a huge demand for students wanting to study abroad, banks have come up with numerous options to help fund the education of these aspirants.

If the student goes abroad, the lender recovers the remainder from a co-applicant.

EDUCATION LOANS FOR STUDYING ABROAD USUALLY COVER THE FOLLOWING EXPENSES:

Tuition fees
Charges for examination, library, laboratory, and hostel
Cost of purchasing books, equipment, instruments, and uniform
Travel expenses
Caution money, refundable deposit, etc.
Study tours, exchange programs and project work

THE CRITERIA TO APPLYING FOR AN EDUCATION LOAN IS:

A co-applicant is a must ( could be parents, a sibling or a spouse )
For loans between INR 4 – 7.5 lacs a third party guarantor is required
For loan above INR 7.5 lacs some collateral needs to be provided.
Loan repayment commences 6 to 12 months after course completion

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