How to Get Study Loans?

kotireddy By kotireddy, 15th Sep 2012 | Follow this author | RSS Feed | Short URL http://nut.bz/3v3sbdcg/
Posted in Wikinut>Guides>Technology>Computer Hardware

Now days higher studies are necessary to get a sought after jobs. But it takes a lot of money to study in the well known universities without scholarships. But there is no better investment on studies than any thing else. So how to get loans from banks.... read on to find more

How to get study loans?

Now a days higher education is very costly without a good scholarship. There is no better alternative investment than a degree fro the best university. You are very short of education funds and consider a study loan from any bank near to you. It is very easy to take loans from banks and you can reduce the taxes too. The loan which is ultimately to improve your economic status is good study loan. Here are some useful things to have the study loan.

Who is Eligible?

Loans are offered for diploma, undergraduate and post-graduate study in India or overseas, to pay for tuition, security and books, deposits and equipment Even travel too.

How to Apply?

First you get all the documents that the banks needed. Some banks allowed on line applications but some are traditional paper based applications. It is better for to check up that your college is tied up with any bank. If so, you may not require so called document stuff.

How Much?

First decide how much you need for your study. For studies in India, you can get up to Rs 10 lakhs and 20 lakhs for overseas. For the loans above Rs 4 lakhs, you would be required to meet at least 5% of expenses from your own funds for study in India and 15% for study abroad.

Is There Any Collateral?

Zero for loans below Rs4 lakhs. For 4 lakhs to 7.5 lakhs you may need a thirdy party guarantee. Higher amounts required collateral like value. Banks also assess the student's ability to repay after the course.

The Interest Rate

It differs from one bank to other bank. It is normally ranges from the range of 12 to 14.5% around.

The Repay Time

Though you will have to pay simple interest rates on the loans from the start, you will pay only after completion of a year of your particular course.

Tax Benefits

On study loans the full amount of interest paid is tax deductible.


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Tags

Banks, India, Interests, Overseas, Study Loans, Tax Benefits

Meet the author

author avatar kotireddy
hi! My name is Koti Reddy. I am a lecturer in English and a Yoga master. I would like to be creative and write creative and live in creative manner.

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