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POSTED BY ON December 26, 2012 6:27 pm COMMENTS (9)
Hi
Please let me know comparison of the education loans available in the market as i havent senn yet any section on this.
I am a bachelor and thinking of going abroad for masters.I would appreciate if anyone can share with me good education loan plans available in the market as i dont want to get trapped for any thing which is not worth.
Please share your opinion\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\knowledge on this and let me know if you need any more information.
Will be helpful if you can provide the popular education loans deatails\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\data available in the market.
Regards,
Sanket
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Dear Sanket,
There are various websites like ApnaPaisa that will help you to compare education loans offered by different institutions based on courses, interest rates, tenure etc. Several public sector banks have schemes for foreign studies, look at a few of the bigger banks and coupled with the ApnaPaisa site, you should get a fair choice.
Regards,
Credexpert
I suggest try HDFC instead of Public sector banks. I tried once for my higher education and realized that PSBs are not keen on giving education loans. Faced lot of problems, ultimately gave up not the education but the loan from PSB.
Regards
Atul
Please see the latest post on Jagoinvestor about cross-selling and how to avoid it. The article talks about home loans but from Sunnys experiences it appears the disease has spread to education loans as well!
Thanks for the Suggestion Sunny..:-) I wanted to get awareness on these things only..I am really thankful to all of you for the reccomendations/suggestions.
I must mention that This blog is really perfect place for guidance on financial activities.
Sanket,
I had taken an Education loan from Union Bank of India back in 2007 and just completed the repayment a few days back. I would recommend the same to you as the process was smooth. However, I would also like to tell you that when my dad took a loan for my Sister’s education in 2010 he was asked to take a ULIP policy from HDFC bank to cover the loan. Please be aware of this and reject it outrightly. He was forced to take it since we needed it badly.
Thanks for the quick reply..:-)
I really appreciate your comments & will research with the bankssites mentioned.
My parents are able to repay the loan in case i did not get job. I am planning to go to Germany for 2years course of Master degree.
I did not find any suitable article in Jagoinvestor on Education Load so put this question in the forums. Please see if anyone can write a good article on education loan as we have a huge number of people going abroad from India.
Regards,
Sanket
Dear Sanket, central bank of India is the best providor in terms of interest rates as well as over all share in the market. I can not comment on service part as I have not use it for myself.
Thanks
Ashal
Sanket
Banks like Union Bank of India, central bank of india, SBI , Corporation Bank are well know for education loan . Try to get it from PSU bank as far as possible .
Manish
Websites like
rupeetimes.com
policybazaar.com
offer you a good comparison.
“i dont want to get trapped for any thing which is not worth.”
As an educator I can tell you this: Wrt education loans, ‘worth’ pertains more to the degree you are going to study and not so much to loan product. Because in an education loan you and lender are working under the assumption that the education will provide you with a job which will give you enough salary to pay the emi after X no of years.
Remember this is an assumption with no guarantee! This may sound off-topic but believe I know many kids who are suffering from this problem.
So if you are going to a good ’employable degree’, excel in it (more important than the degree!) you are in good shape to pay of the loan asap.
Of course due diligence is required in choice of the loan product too! Good luck!