Students who want to build a career in engineering take admission in various institutes to pursue courses like B.Tech, B.S., M.Tech and M.S. These are all professional courses and have substantial fee making education loan a viable option for paying the expenses for the course. Banks and NBFCs provide financial support to students by financing their education through education loans. Academic background, co-borrower financing capability, collateral etc play a very important role in deciding whether the applicant will get a loan or not, how much will be the interest rate, etc. The banks also have certain eligibility criteria on the basis of which it provides loans. The general eligibility criteria for applying for a loan in an Indian university are given below:
The key difference in education loans for undergraduate and postgraduate is the documents required at the time of application.
DOCUMENTS REQUIRED FOR EDUCATION LOAN FOR UNDERGRADUATE COURSES
DOCUMENTS REQUIRED FOR EDUCATION LOAN FOR POSTGRADUATE COURSES
Education loans for B.Tech, B.E., M.Tech and M.E. are easily available in India as engineering is a highly preferred course in India. India has some of the best engineering colleges in the world. Some of the major cities that have the most reputed colleges along with the details are listed below:
Education loans are easy to get for admission in colleges in Tamil Nadu as it harbours some of the best engineering colleges in India, such as, IIT Madras and NIT Thiruchirapali. The loan amount is decided on the basis of the repayment capacity, course and college selected by the applicant. Even the students who managed to get a seat in an engineering college through management quota can get, education loan may be considered on a merit basis.
If a student secures admission in a reputed course in a college in Mumbai can easily avail an education loan for engineering. Education loan for engineering colleges in Mumbai covers all the education related costs. Some of the famous engineering institutes in Mumbai are IIT Bombay, ICT Mumbai etc.
Any student who has secured admission in any reputed college in Bangalore like IISc, Bangalore or RVCE, Bangalore then he can easily get an education loan for B.Tech, B.E., M.Tech or M.E. There are some popular NBFCs that offer education loans for engineering students are Incred, Avanse and Credila. A number of popular banks will be ready to give out education loans to students getting admission in prestigious government as well as private engineering institutes in Karnataka like NIT Karnataka.