Nowadays, increasing the expenditure of all facilities in every sector, the cost of education has also increased significantly. The youth also need money along with hard work to fulfill their dreams. Many times, if the family's economic situation is not correct, many young people cannot complete their studies and their dreams remain incomplete. In order to end this problem, many banks and financial institutions are pursuing a loan to study, so that more and more young people can get opportunities to fulfill their dreams. With the help of this loan, the youth can go abroad and study according to their mind. These loans are given on these terms by some of these institutions. Here are the necessary things about this loan.
Eligibility for education loan:
- To get an education loan, the applicant must first be a citizen of Nepal.
- The applicant must be admitted to any right university in the country.
- The applicant's Higher Secondary must be completed. However, there are some banks who also offer loans before the admission.
- Many banks have a maximum age limit in their terms and conditions.
Required Documents for Education Loan:
The bank often asks for some additional documents, these additional documents often result in the admission letter from the educational institutions, the fee structure, the list of class 10th, 12th board exam and the result of graduation, if required, salary Slip, ITR etc. Some essential documents which are often asked for an education loan in every financial institution. The following are -
- A residential certificate such as Citizenship, Lalpurja, bank passbook, voter ID etc.
- Enrolled certificate.
- Proof of past paid fees.
- Student and guardian base Property or Business related documents.
Important Fact about Education Loan:
- What does the education loan: Education Loan often carries on the basic fees of the college of a student's college and all the expenses of the education and writing of other things.
- Who can apply: To get an education loan from an economic institution first, the student has to apply. The student will give the main application. Parents are the Deputy Applicants.
- Who can get a loan: This loan can be received by Nepali students who wish to complete their studies by staying in Nepal or abroad. For this, the maximum amount offered by the institutions depends on the institutions.
- What can be the course: This loan can be obtained for various part time, full time, vocational, graduation, post graduation, engineering courses, management, medical, hotel management etc.
Education Loan Types
Given the education system of India, there are four types of education loans.
- Undergraduate Education Loan: Those students who have completed their higher secondary education, and want to complete the three or four-year graduation course, can apply for this loan.
- Graduate Education Loan: Graduate students can take advantage of this. They can take an education loan for their higher education.
- Career Education Loan: Career Education Loan is available to students who want to study under any of the technical schools or establishments in the country, for example, engineering.
- Loans for parents: Parents or relatives who are not able to teach any of their children, that is, they are not able to spend their studies and other related things, they should apply for this loan to teach their children. Can. With this, they will be looking forward to promoting their children towards education.
Advantages of Education Loan:
There are many benefits to education loan, which are being described below -
- Access to the highest education: In the immediate period, it has become necessary for the students to bear the burden of their education. This allows them to understand their responsibilities as soon as possible. At the same time, when the job is done after studying the loan, the money of the loan is cut. Therefore, studies do not look like a burden in such a situation.
- Provided for people of different levels: Education loan is provided to all sections of the people. Generally, education is for enhancing loan education so that the common youth can get a higher education.
- Tax Benefits: This loan also provides tax benefits for parents of students. Reading through education loan and reading - all taxes are waived during the writing. Therefore, Education Loan is a good medium for studying tax.
- Low-interest rate: Government public subsidies are given on education loan in many public banks. Also, the tax rates of the government are also reduced. Many times the government also offers a variety of exemptions for the advancement of the education of its students in different countries.
- Better payment terms: Education is an easy way to pay more than other loans in a loan. Students are not worried about payment until the completion of studies. Once the job is done, the loan can be repaid gradually.
- Ease of taking a loan: The process of getting an education loan is much easier than other loans. The loan can be obtained for higher education by completing very easy procedures.
- Assistant to make students accountable quickly: Education students who have studied with a loan, feel the need to repay a loan after one time. So, they are working hard to get a job as soon as possible and try to repay the loan. With this effort, they get a job quickly and they become very responsible in life very soon.
- Parents ease: The anxieties of parents of students studying with education loans are greatly reduced as they prove their financial support for their child at that time. These days, the fees for education in private educational institutions have become very high. Therefore, education loan proves very meaningful to repay the fee.
- Confidence: Students studying with an education loan know that their role in education is the most egoistic. So he writes with a new passion and passion. They themselves feel free.
Education Loan awareness
People need to be aware of this feature. There are still many people who are aware of this facility but do not take advantage of this because of hesitation and fear of trouble. With this support, many young people will get the chance to study as per their interests and they will get their future. The awareness of this facility is still low in the areas of the village, but the government bank continues to promote it.
While taking education loan, all the conditions related to the loan should be examined and tested so that there is no problem or obstruction between educations.
