Need to know, What is education Loan?

Published: Monday May 13, 2019 17:53

Education Loan is the one service which has helped for years to aid aspiring students in achieving their educational pursuits. Many time students stop from pursuing higher study because of financial conditions.

Now we are talking about Education loan, Loans are termed as money or assets shared with any demandant/applicant with a promise of repayment in future by a certain timeline. Although the financial system has turned this simple definition to a more twisted technical concept, the core idea remains the same. Students in need of huge consolidated funds for pursuing their higher education generally take the education loan in India, from banking institutions. Applicants with aspirations to pursue courses with outcomes of employability or business generally are able to secure these loans for their higher education.

There are skill based student loans, student loans for study abroad programs, student loans for diploma courses etc. In a broader category, they are put together as:
1. Domestic Education Loan 
2. Study Abroad Education Loan

These study loans can be further categorized based on the educational level of the applicant as well. They are also categorized based on secured loans and non-secured loans depending upon the necessity and availability of collateral/guarantee from the applicant.