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In order to enroll in any course, students can not enter the desired course due to the high level of cut off list day by day. On the one hand, the increasing percentage of the cut off list and on the other hand, due to the increasing cost of education, education is becoming difficult for the students. On the other hand, falling rupee on the other side has created a problem for those students who want to study abroad. In the last two years, due to the rupee depreciation of the US dollar, the education fees have become expensive for about 40 rupees. Those who get admission in their favorite education institute and are unable to pay fees, they resort to the education loan.
There are several banks in the country who are offering education loans but they do not have much of the product. In the education loan, the student receives a loan for as long as he studies. After the student completes his studies he has to pay a loan. Education loan can be taken for both courses, which are done by Indian University and Foreign University. Any one can take an education loan of up to Rs 30 lakh and interest rates ranging from 11.5 percent to 17 percent. Apart from this, you also get tax exemption under section 80E of income tax. Under this, the interest given on the education loan is deducted from your taxable income.
If you are enrolled in a certified course from regulatory bodies like ICTE, UGC, IMC or take admission in the course of a recognized foreign university, then getting an education loan is probably not a difficult task. However, the real hard loan starts after getting the loan.
Many students in India do not pay their education loans. In the retail asset portfolio of banks, they hold a large percentage of non-performing assets (NPAs). According to industry estimates, where 2 percent of all loan portfolio of banks goes into bad loans ie bad loans, 6 percent of the education loan goes to bad loans. There are many real cases when students do not get a job immediately after completing the course, and many times deliberately default students also come. But in both of these cases the bank writes defaulter in front of the non-payment defaulters. This distorts the civil report of any student when he starts his career. Such students do not get loans from any bank again. Also, when they apply for a home loan or business loan, they do not get any loan and they fall in difficulties despite putting their money.
If you know that you are not getting a job immediately after completing the course then it will be better for you to go to the bank and tell them the truth. This thing can be understood by the bank that such a situation is coming due to India’s slow economic growth. So start with any job and come to the bank to repay the loan. Be completely free of loan and keep your civil score positive. There are many students who go abroad after completing the course and after getting a good job they forget the loan that they had taken for study. It is a goal for them to get a job abroad and plan to get settled there, but they forget that the small amount of education loan left in India can put them in heavy trouble. From this, the doors of India’s financial assistance can be closed for them forever. Therefore, pay your education loan on time and start a healthy credit score.