Types Of Education Loan
Note that financial assistance given to students to reach their desired academic goal expenses would categorize as Education loan. They can be availed for various means of funding, scholarships, financing and rewards, and are permitted in cash, which should be repaid to the lender along with the rate of interest.
Whatever the method may be, there are 2 broad types of education loans on the bases of place.
- Domestic Education Loan – For educational courses within the geographical boundaries of the nation. The borrowers have to complete different eligibility criteria and the lenders will approve the loan if the student has got a reserved seat in a university that meets the necessities of the lenders.
- Study Abroad Education Loan - For educational courses beyond the geographical limits of the country. Though the process remains the same as domestic education loan, the borrower must show the proof of university admisison/seat among the educational institutions, to proceloan application
Additionally, to these, education loans can further be split on the grounds of a few additional classifications. These contain the following:
On the basis of the course of education:
The financial organisations also deliver loans on the base of the course type the borrower chooses. The following are the kinds of course-based education loans:
- Graduate Student Loans:
- Undergraduate Education Loans:
- Professional Education Loans:
- Loan against deposits: Education loans can be got against recurring deposits/ fixed deposits/ gold deposits.
- Loan against property: NBFCs and Banks also offer education loans against unmovable assets like residential land/agricultural land/houses/flats, etc
- Loan against securities: The borrower can get education loans, against debentures/bonds/equity shares.
- Undergraduate Education Loan
- Professional / Graduate Education Loan
- Career Education Loan
- Loans for Parents
These education loans will be offered to students who want to persist in their education in institutions within India. These loans exist specifically for those students, who intend to seek postgraduate degrees. To benefit from this loan, the students must have finished their undergraduate program.
These loans offer financial aid to students to follow their undergraduate degree programs. The course period of an undergraduate program is of three-five years, after finishing which the students gain ample job opportunities.
NBFCs and numerous banking organisations provide loans to students who are ready to choose for career education.
On the basis of the security of collaterals and/or guarantee:
These are the education loans provided bases of security of guarantees or collaterals:
Education Loans In India Are Below:
Education loan comprises of so many other loans in the market. According to students benefits. To access the information and take the most opt loan for you according to your needs and situations.