Hello sir/mam, i want to pursue btech cse in a private college. I have also got a offer letter form the college, the total expense including tuition fess and residencial fees the total amount is around 20 lacs for 4 years.
I was thinking about to take education loan but doesn’t have any kind of collateral. My family income is less than 5 lacs. So i want to ask that what would be the best choices of bank through which i can get some amount of loan at a low intrest rate?
College name is Bennett university(Times group of india)
Ans: It's great to hear about your interest in pursuing a BTech in Computer Science and Engineering at Bennett University. Since you're considering taking an education loan to cover the expenses, it's important to explore your options carefully.
Given your family's income and the absence of collateral, you may be eligible for loans under the government's various education loan schemes, such as:
Central Government Interest Subsidy Scheme (CSIS): Under this scheme, students from economically weaker sections can avail interest subsidy during the moratorium period (course duration plus one year) on education loans taken for professional courses in recognized institutions in India. The subsidy is available for full-time courses in engineering, technology, and management.
Pradhan Mantri Vidya Lakshmi Scheme: This is a portal that provides a single-window for students to access information about various loan schemes and facilitates the application process.
State Government Education Loan Schemes: Many state governments offer education loan schemes with subsidies and benefits for students from economically weaker sections. You can check with your state's educational department for details.
Public Sector Banks: Banks like State Bank of India (SBI), Punjab National Bank (PNB), Bank of Baroda (BOB), etc., offer education loans with attractive interest rates and repayment terms. They often have special schemes for students pursuing higher education.
When approaching banks for an education loan, it's advisable to compare the interest rates, processing fees, repayment terms, and other associated charges. You can directly inquire with these banks or visit their websites to learn about their education loan offerings.
Additionally, it might be beneficial to explore scholarships, grants, and other forms of financial aid that you may be eligible for, as they can help reduce the overall financial burden.
Lastly, make sure to thoroughly read and understand the terms and conditions of any loan agreement before signing, and consider seeking guidance from a financial advisor if needed. Good luck with your studies!
Best Regards,
K. Ramalingam, MBA, CFP,
Chief Financial Planner,
www.holisticinvestment.in
