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Must Know Facts about an Education Loan
If you are planning to go for higher studies and are worried about the financial aspect of it, an education loan may be just the thing for you. As a result of the rising education costs and a rapid increase in the demand for higher studies among a major portion of the Indian population, there is no dearth of banks offering education loans. The following are four of the popular education loan options provided by the country?s leading public sector banks.
State Bank of India Student Loan
State Bank of India, the country?s largest public sector bank, has been offering student loans for several decades and remains one of the most popular options among those seeking education loans. The bank provides loans to those with a strong academic record seeking admission to graduate/post graduate level courses in India as well as abroad. Apart from the tuition fees, the SBI student loan also covers additional expenses like caution deposit and hostel fees.
Cent Vidyarthi
Cent Vidyarthi, the student loan program of Central Bank of India (CBI), is offered to candidates pursuing professional courses at reputed colleges/universities, job/management-oriented courses and computer courses of one year or more offered by C-DAC, CMC, APTECH and NIIT.
Union Bank of India Student Loan
The student loan option floated by Union Bank of India (UBI) requires you to be an Indian National who has qualified by passing a relevant national/state level entrance examination such as CAT, IIT-JEE, etc. This education loan is provided for higher education in India as well as abroad and the maximum repayment period on this loan is 15 years.
Punjab National Bank Saraswati
Saraswati is the education loan provided by Punjab National Bank to applicants seeking admission in graduate and post graduate courses at leading universities/colleges as well as job-oriented courses at foreign institutes. The minimum qualifying criteria is being an Indian citizen who has completed the 12th standard or equivalent. The maximum limit of PNB Saraswati loan is 20 lakhs.
