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Stay Secure with Education Loan While You Choose Between College and Course

by Pranjal SinghalAugust 06, 2019


With the beginning of the academic session, more and more students have started looking for an education loan. While most of the families submit the first-semester fee on their own, they look for an education loan from a bank or any other financial institution to fund the course for further years. A plethora of institutions is offering Education Loans in India currently. Many of the banks even offer schemes customized specifically for some courses and colleges.

These schemes are specifically made for particular courses and colleges, at a time when students find it difficult to choose between “course” and “college”. Whether you prefer a course over college or a college over a particular course, education loan always has your back. For example, Indian Bank offers IB Prime Loan Scheme for education from premier institutes in India. This scheme also considers some reputed foreign universities in India.

Considering courses, Jammu and Kashmir Bank offers J&K B.Ed. and M.Ed. Education Loan Scheme specifically for funding teacher training programs in the country. Central Bank also offers Cent E-MBA Loan Scheme to those students who want to pursue executive MBA courses in India. These schemes provide much required support to the students and their parents throughout their higher education journey.

College Specific Schemes

Majority of the banks offer schemes to students specifically for education from premier institutes in India. SBI Scholar Loan Scheme and PNB’s Pratibha Loan Scheme are examples. These schemes cover almost all premier institutes in India including IITs, IIMs, and some other.

Some banks even make these schemes a bit more specific. UCO bank is currently running a scheme which is made for only those students who have secured admission in one of the top 8 institutes in India. The UCO Super Premier Loan Scheme includes the following institutes:

  • IIM Ahmedabad

  • IIM Bangalore

  • IIM Kolkata

  • IIM Indore

  • IIM Lucknow

  • IIM Kozhikode

  • IIM Jamshedpur

  • IIM Hyderabad

Canara Bank offers Vidya Sahay Loan Scheme for those students who want to appear for counselling at the CET centres.

Course Specific Schemes

Some banks understand that particlar courses require additional support in cases when:

  • Lots of students are opting for the course.

  • A particular part of the curriculum demands money.

  • The course is made specifically for those in need of financial support.

Like mentioned above, J&K Bank offers a loan scheme specifically for B.Ed. and M.Ed. courses. To get more details related to the scheme, click here. Likewise, the Central Bank of India offers Cent E-MBA Loan Scheme for those who want to pursue Executive-MBA course.

Benefits

These schemes bring many additional benefits along with them.

  • Many banks offer higher loan amounts to those who secure admission in premier institutes.

  • Applicants even get benefits in submitting collaterals.

  • Low Rates of Interest.

Such schemes have many other hidden benefits. Apart from the 2 categories mentioned above, banks also offer schemes made for working professionals and for those who secure admission through management quotas. These schemes provide support to students at a crucial time when choosing between college and course becomes a tedious task.