By Admin 
If you are dreaming of studying M.Tech, but the worry of fees is not giving up chase, then this news is very useful for you. Nowadays, many government and private banks across the country are providing education loans to students for professional courses like M.Tech. This includes fees as well as hostels, books, laptops and living expenses.
Students can take education loans ranging from 10 lakh to 25 lakh rupees for postgraduate courses like M.Tech. Studying in India usually has a lot of loan of 10-15 lakhs, but for studying abroad, a loan of up to 25 lakh or more is also available. In government banks, loans for certain institutions (eg – IIT, NIT, IISC etc.) are available at a quick and low interest rate.
Documents required for loan
- Admission letter (from college or university)
- Course fee structure
- Student’s identity and address proof
- Previous academic certificate (10th, 12th, graduation)
- Income proof of parents or guarantor
- If the loan amount is high (above Rs 7.5 lakh), then the bank may need to provide security (such as land or property).
How much will EMI be burdened?
Suppose you have taken an education loan of Rs 10 lakh and its interest rate is 9% annually. The bank usually gives you a mauritorium period of 1 to 2 years, that is, you do not have to fill the EMI during and after 6-12 months. After this, if you pay the loan in 7 years, then EMI can be made from Rs 14,000 to 16,000 every month. If you want to repay quickly, the banks also provide you the facility of pre-payment, which can reduce interest.
What to do for easy payment?
After studying, plan to get a job early so that your income is ensured before the EMI starts.
Keep earning something with the help of internship, part time job or scholarship.
Use auto debit or ECS facility to repay EMI, so that no installment is missed.
If it takes time to get a job, then you can appeal to the bank to increase the mauritorium.
Government is also helping with
Under the Credit Guarantee Fund Scheme (CGFSEL) of the Government of India, education loans up to Rs 7.5 lakh can be found without any guarantee. Apart from this, under the interest subsidy scheme, some selected students also get relief in interest, especially if the income of the family is less than Rs 4.5 lakh.
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Education loan information:
Calculate Education Loan Emi