Everything About Education Loan for Fashion Designing in India

One of the growing industries in today’s world is that of Fashion Designing. Famous amongst creative minds, this field has tough competition and difficult challenges to face from the glamorous industry. After graduation from fashion designing, students have a wide variety of substreams to choose from like designing, research, textile designing, etc. Also, job aspects include joining a textile industry or starting one’s own label in the market.

Unlike in the past, today fashion designing has become a much opted career amongst Indian youth. Banks now-a-days are willing to provide Education loans to students pursuing this career because of their increasing career opportunities. Fashion designing is not just limited to garment designing but it covers various other aspects like accessories designing, footwear designing, etc.

Public Sector banks provide Education loans for fashion designing courses provided they have a financially sound guarantor. For loan amounts above 7.5 lakhs, banks also demand collateral along with a co-signer. On the other hand, NBFCs or Private Banks provide loans for very high amount without any security deposit. Although this is a growing industry, but a few banks still hesitate to provide loans for fashion designing if you are taking admission in a college with low placement records because of the fewer employment opportunities available immediately after course completion. In such cases, tangible collateral is a mandatory requirement for obtaining the loan.