Education is the essence of life. Government of India is promoting education loans so that no deserving student is denied education. Student who has secured admission in any institute of repute, whose degree/diploma is recognized by University/Institute affiliated to any Central/State Statutory Body or recognized by AICTE (All India Council of Technical Education) and other institutes of repute, is eligible for educational loan.
Banks give loans for paying fees of colleges, school, hostel, laboratory fees, buying equipments, purchasing books, to meet other course related expenses, etc.
While processing the loan application bank takes into consideration the tenure of the course, fees, other course related expenses and course material, for fixing the loan amount to be sanctioned.
At the time of loan processing bank can decide to disburse the loan directly to the college/institute depending on the fee schedule of the college/institute. The institute may be in abroad the bank will pay the fees in dollars or any other currency to the institute directly. The bank charges remittance fees for this.
