A government bank education loan is the first choice of many students who wish to study abroad.
A government bank education loan is the first choice of many students who wish to study abroad. Government bank education loan from banks like the State Bank of India, the Bank of Baroda,etc. are much more preferred by students and parents alike because of their flexible education loan policies.
Government Bank Education Loans - An Overview
By now, you all must be familiar with the two different kinds of education loans in India. Although they do grant unsecured education loans up to a certain extent, all government bank education loan schemes mainly specialize in providing secured education loans. Secured education loans are provided on the basis of collateral. To make the entire education loan process easier for loan applicants, all government banks have listed three major categories of assets that can be pledged as collateral against abroad education loans. The 2nd episode of Loanflix lists all the three categories and gives its viewers a detailed explanation about them. So do make it a point to go through the same.
Government Bank Education Loan: Attractive Factors
Factor 1: Lower Interest Rates
Fixed Education Loan Interest Rates
Factor 2: Affordable Processing Fees
Factor 3: Education Loan Subsidy 2021
Factor 4: The Vidyalakshmi Education Loan Portal
Factor 5: Student-Friendly Education Loan Repayment Terms
Factor 6: Flexible Education Loan Eligibility Criteria
Government banks, on the other hand, allow students to name individuals who are retired, those in the farming industry, etc. as co-applicants. As an alternative, the education loan eligibility criteria for co-applicants in government banks allows students to name a third-party (someone other than the prescribed list of primary co-applicants) with a decent income status, as financial co-applicants.
Despite of all the above plus points of borrowing a government bank education loan for higher studies, a lot of students face obstacles in the government bank education loan process. This is when the services of organizations like WeMakeScholars comes in handy.