Get Education loan

If you think you cannot manage finance for your education, you can always apply for a loan from banks to fund your degree or diploma. You just need to meet certain minimum requirements. Education loans are mostly offered by public sector banks. Private banks, except HSBC, do not offer many such loans. You can get an education loan for study in India or abroad.
Education Loan for India

• You can borrow up to Rs 4 Lac without providing any security or margin.
• You can get a loan amount of Rs 4 Lacs to Rs 7.5 Lacs against a third-party guarantee. This loan comes with a five percent margin. The loan amount disbursed is 5 % lesser than the sanctioned amount. You need to arrange for the rest of the money. The third-party guarantee can come from any relation, neighbour or friend standing guarantee for the full amount.
• Education Loan for Abroad Study

• Amounts worth Rs 7 Lacs and above are usually sanctioned against fixed deposits, NSC certificates, property worth the loan amount and a margin amount of 15 percent. This loan comes with a five percent margin. The loan amount disbursed is 15 % lesser than the sanctioned amount. You need to arrange for the rest of the money.
• Also, if a loan below Rs 4 Lacs comes at x rate of interest, the loan over Rs 4 Lacs is usually charged one percent higher interest that is x+1.
• Note: The Reserve Bank of India prescribes the specifics (amount, rate, repayment period) of education loans and the government provides a two per cent subsidy on these loans to the banks.