Being a lecturer in college is a big dream of today’s youth. Many students want them to teach in a good university or college, do research and make a respectable career. But to reach this dream, good education, PG degree, net or PhD needs qualification. In such a situation, the expenditure of studies also increases. For this reason, many students take education loans so that they can complete their studies and realize the dream of becoming a lecturer. Now the question comes, how much loan do banks give to study lecturers? And how much time does it get to repay it? Let us explain to you.

How much is education loan?

If you want to prepare for MA, MSc, M.Com, M.Ed, PhD or NET from a recognized university or college in India, then the bank can comfortably give you education loan from Rs 4 lakh to Rs 10 lakh. If you want to study in a foreign university, such as PhD, MS or Research Program, then the loan amount can be up to Rs 20 lakh or more. The loan amount depends on how much your studies are, which university and how many numbers have come in your previous studies.

What expenses do you get loans?

Education loan is not just for tuition fees. It consists of many expenses, such as-
College/University fees
Hostel expenses
Books, labs and project expenses
Laptop or computer for studies
Travel expenses on going abroad

How much time is available to repay the loan?

The good thing is that in education loan you do not have to pay installment during studies. This is called Moretorium period. That is, until your studies are completed and the job is not started, you are not taken loan installment.

In the Moretorium period, the duration of the course usually range from + 6 months to 1 year. After this EMI starts. Banks give time from 5 years to 15 years to repay the loan. If your loan amount is high, then you can also get more time to repay.

What is the interest rate?

Banks charge 8% to 12% interest on education loans. If you have taken a loan with a guarantee, the interest may be slightly low. Under the government’s scheme, some poor families also get interest rebate.

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Education loan information:
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