All about Education Loans
Better the college you propose to study, better are the chances for getting approval for your Education Loan. Unsecured Lending has seen sharp chances of non-repayment. Thus, banks have tightened their parameters for these loans through their qualitative measures.
So far Indian banks have sanctioned Rs 34,192 Crores towards Education Loans. Banks have now decided to look on the placement records of the colleges to be joined. This is because banks have seen education loan portfolios that were no backed by any sort of collateral didn’t pay the loan amount on time.
The government banks are also looking forward to seeing the minimum and maximum packages offered to the students by the institutes to judge the repayment capacity of the Students. Though, Indian Bank Association has not yielded any response on that issue.
The annual premium is paid by the students or by the co applicants. Generally the premiums are very moderate. “In case the loan turns defective, there is some restricted loan amount which can be recovered by abandoning that policy,” explained an official with Bank of Baroda.
Banks are also watching to reorganize education loans that have gone unpleasant. Indian Bank is exploring the option of giving the one-year rest to students for reimbursement towards their loans. Generally banks give an amount interim term of six months from the period a student completes his course. Banks have found that most loans turned severe in cases where students are unable to find jobs.
Leading Education Loan Providers
- SBI Education Loan
- HDFC Education Loan
- CREDILA Education Loan
- AXIS Bank Education Loan
- ICICI Bank Education Loan
- IDBI Education Loan
- Bank Of India Star Education Loan
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