Delhi is a city in India with some of the top educational institutions. Many students face a setback with regard to getting admission in such institutions due to financial reasons, even if the criteria for merit are met. If you are looking for an Education Loan in Delhi, there are a number of banks and financial firms to choose from for borrowing. Being the capital city, Delhi has a lot of banks and other financial institutions offering their services in the city. Whether you wish to study in Delhi or outside the city, you have a lot of options from where you can get an education loan.
Why are education loans necessary?
Educational expenses are steadily on the rise across the country as well as abroad. In general, studies show that the expenditure for higher education increased by fifteen per cent every year. Getting quality education for their children is a priority for all parents, as quality education leads to a successful life. However, with the increasing cost of education, funds often fall short despite the savings and investments accumulated over the years. Therefore students with insufficient finances opt for education loans to meet the educational cost requirements to be able to study in their desired educational institutions. Education loans are better than personal loans if you require finances for your studies because the rate of interest is lower and you might be eligible for other concessions and subsidies as well.
What exactly is an education loan?
An education loan is an amount of money borrowed for pursuing educational degree courses or vocational courses, from a bank or other financial institutions. An education loan can cover the basic course fees as well as other related costs such as accommodation (hostel fees, mess charges, etc), exam charges and various other relevant miscellaneous expenditure. An applicant for such a loan must be the student himself or herself, while as a co-applicant, a parent, sibling or spouse can be named.
Which courses do education loans cover?
Financial firms and banks across India over education loans to students wishing to pursue studies either in India or abroad, however, the maximum amount of money loaned depends on whether you are opting for studying in India or overseas and also differs from one bank or financial firm to another. Conventionally, education loans were earlier given by banks for specific degree courses. However, financial institutions these days also offer education loans for vocational training, skill-based and technical courses as well.
Therefore, at present, there are a considerable number of nationalized as well as private banks and financial institutions offering Education Loan in Delhi for different kinds of courses. These loans cover a range of courses which can be a full-time or part-time course, academic degree course or vocational training, for graduation or post-graduation, and so on. The courses can be of different fields, however, engineering, medical, management, hotel management, hospitality management are the fields for which the majority of student loans are applied. There are various other technical courses for which students are increasingly seeking loans as well.