Applying for Education loan comparatively a lot easy today


Our education system is the best example of the vicious circle. To get a proper education you should be ready to pay a huge sum of money, which means you should be capable of earning a good amount of money every month, for which again, you should have a proper education. Nirmal Singh Lotus says that surviving in the hard core competition is not easy if you do not have proper knowledge about your subject. The market is growing rapidly, and if you have to sustain in the competition then you should keep yourself updated with the latest technologies and the new form of working.

If you are keeping yourself updated, then you are definitely aware of the global situation of the IT industries. The companies are shutting down their branches, transferring people, firing them, just because of the lack of funds. And these companies are the global mass recruiters. If they are firing people, then it is a situation we all should worry about. Nirmal Singh Lotus adds that currently the Indian economy is facing the most problematic situation, i.e. no new jobs are being produced and the people are still getting fired. The rate of unemployment is increasing at a problematic rate and we might slowly be moving towards recession.

So, if you manage to get a job, you have to be really good at it. If not, there are thousands of replacement for you. Even the best of colleges are finding it very hard to attain 100% placements, you can then surely imagine the plight of the not so good, mediocre colleges. If you want to have the best job, you have to get into the best colleges. Getting admission is one problem which you will have to face but still you can manage that, but what about the fees.

According to Nirmal Singh Lotus, the cost of education is increasing at an average of 15% per annum. Currently, the average cost of doing MBA is around ₹20 lakh as compared to ₹2.5 lakh about a decade ago. It’s like 10 times high and it’s not easy to pay such a huge amount of money.
Understanding the situation, parents start investing their money in mutual funds, fixed deposits, and other such long term plans. But despite all this, one may still encounter a shortage of funds. An education loan, therefore, plays a vital role in such a scenario. But do you know everything that you are required to know about applying for a loan?

Nirmal Singh Lotus says that the banks can finance up to 100% of the loan depending on the amount. The student is the main borrower and can apply for the loan by presenting his earlier educational documents. The banks also ask for collateral for loans above ₹7.5 lakh. The student loan can be taken for a full-time, part-time or vocational course and graduation or post-graduation any field, but will have to bear an additional burden of interest charged by the banks. The interest rate is usually low for it, making it easier for more people to apply for. 
Location: New Delhi, Delhi, India

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