Loans
Loans:
The growing economy, skyrocketing salaries and mushrooming professional courses have made Indian students a bankable lot. Banks report that around 80 per cent of education loans sanctioned for professional courses are within the country while the rest is for overseas education. As Indian businesses are seeing significant expansion, there is tremendous demand for qualified professionals. For instance, with the entry of several air carriers the demand for trained pilots has shot up in the last two years. Around 80 per cent of SBI's loans are for domestic courses and while the bank has tie-ups with the Indian School of Business, the IITs and all the major IIMs, pilot and airhostess courses are also receiving quick loan sanctions.
The State Bank of India, one of the biggest players in education loans, has registered a 30 per cent growth in its education loan portfolio in 2006-07 at Rs 3,220 crore — a jump of Rs 800 crore.
Leading Educational Loan Providers in India
Banks
Almost all Nationalized Banks provide education loans now a days and the interest rate is very nominal. Many loans issued by the Government are supplemented by Student Grants which need not to be paid back.
• State Bank of India
• Allahabad Bank
• Punjab National Bank (EDUCATION LOAN "VIDYALAKSHYAPURTI")
• Oriental Bank of Commerce
• Corporation Bank
• MYRIS.COM-PERSONAL FINANCE INDIA FOR EDUCATION
• Educational Loan-Inside H E - University Grants Commission
• ICICI BANK
• HSBC BANK
Eligibility:
Eligibility Factor varies slightly from bank to Bank. Contact the nearest Branch of the respective bank.
Applicant should be an Indian National and secured admission to Professional / Technical courses through Entrance test / Merit based selection process in India or abroad.
Mark sheets of last qualifying examination; Proof of admission scholarship,Studentship, Schedule of expenses etc.
Now a days loans are even granted to students with repayment installments are extended to them after getting job to ease their financial burden.