Nothing can replace quality education when it comes to building a bright and successful future for your child and education is the only thing that can get a happy life going. However, due to the rising cost of higher education for students in India as well as abroad, parents are finding it more and more difficult to self-finance their children’s education hence there is a huge demand for loans to cover education expenses. Unlike most educational institutions today, educational loans are given to meritorious and deserving students so that nothing hinders their progress and they achieve the best of education in India or abroad. At present, almost every Indian bank and NBFC offer education loans in India to students interested in pursuing a wide range of graduate, post graduate, professional and doctoral courses/degrees.
The quantum of expenses covered by this type of loan covers not just the direct expenses such as tuition fees and registration/examination fees, but also allied expenses such as those for uniforms, lab equipment/tools required for the course, travelling expenses and laptop. Aside from the fee payable to the school/college, other expenses covered by most education loans include:
- Amount required towards the purchase of books, uniforms, equipment and instruments.
- Purchase of computers/laptops, if deemed necessary for the completion of the course.
- Fees paid for Exams, Library, Laboratories, Hostel, etc.
- Building fund, Caution deposit, Refundable deposit (must be supported by receipts/bills).
- Costs incurred in travel, specifically for studies abroad.
- Additional costs that are required to successfully complete the course, including but not limited to, Study tours, Thesis work, Projects, etc.