If you are dreaming of becoming an engineer but are worried about fees and expenses, then this news is useful for you. Many banks and financial institutions in the country provide education loans for engineering studies. With the help of this loan, you can easily meet your studies as well as hostels, books and other important expenses. The special thing is that the rules to repay this loan have also been made very easy, so that the students do not get burden together.

How much is education loan?

The education loan limit for professional courses like engineering depends on the bank, but most banks give loans from 7 lakh to 10 lakh rupees for education in the country. Some banks also approve more money by taking admission in special courses and top college.

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What expenses covers a loan?

• College fees
• Hostel fare
• Books and study materials
• Laptop and Project Expenditure
• Exam and library fees

Who can take a loan?

• It is necessary to be an Indian citizen
• There should be admission in recognized institute
• The course should be professional or technical (eg B.Tech, BE)

Guarantee and security

Most banks do not ask for any security on loans up to Rs 7.5 lakh. But more loans may require guarantee or bail.

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Rules for repayment

The process of repaying the loan begins after completion of your studies. It contains a Mortorium period, which can be up to 6 months or 1 year along with the duration of your course. During this time you do not have to pay loan installments. After this, you get the option to repay the loan in easy EMI for 5 to 15 years.

What is the interest rate?

The interest rate on education loan is usually between 8% to 12%. However, some banks also give some concession for girls.

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Education loan information:
Calculate Education Loan Emi