In today’s competitive world where technology is changing every day, it has become very important for people to keep themselves aware of the latest technological trends. In order to beat the competition and be up – to – date with everything happening around, people today enrol themselves in various part - time/ distance learning courses while they are working. But not everyone can afford the fees, so does this mean they should not pursue their dreams? No, they can instead apply for an education loan.
Indian Banks that offer Education Loans for Working Professionals:
Getting an education loan is easy today as there are many banks and financial institutions in India that provide this loan. Apart from students, working professionals who plan to get admission in full - time or part – time courses are eligible to apply for this type of loan. Some Indian banks which provide education loan for part – time courses are State Bank of India, Oriental Bank of Commerce, IDBI Bank, Avanse, Bank of Baroda, etc.
The details of two such loans are mentioned below:
Education Plus by State Bank of India:
State Bank of India offers a term loan called ‘Education Plus’ that can be availed by permanent employees of the Centre, State, reputed Private Sector, Public Sector companies or Institutions for the purpose of higher education. These employees should be below 45 years old and have a work experience of at least 2 years. They must get admission in a Part – Time or Distance Education course to be eligible to apply for this loan.
When people apply for ‘Education Plus’, they have to provide a letter of consent from their employer to the bank. Through ‘Education Plus’, one can avail a minimum loan of Rs.25, 000 and a maximum of Rs.1, 00, 000. This loan has a margin of 10 percent and attractive rates of interest. The principal amount along with the interest has to be repaid to the bank within 60 months. To get more details about the SBI Education loan and the eligible courses, please contact the bank.
Education Loan for Working Professionals by Avanse:
Avanse is another financial institution that provides education loan to working professionals. To avail an education loan from Avanse, people must secure admission in a Professional Programme. This programme should be offered by a reputed Indian or foreign institute that has been approved by Avanse. To apply, people should be at least 18 years old and have a work experience of minimum 2 years. They must be Indian nationals and employed either by the Government or a Corporate or a Multinational company. Through this loan, they can avail a minimum of Rs.1, 00, 000, which has to be repaid in a period of 1 year (minimum) to 10 years (maximum). There is no limit on the maximum amount of loan that people can receive through this scheme. To get more details about the loan, please contact Avanse.
Baroda Career Development by Bank of Baroda:
Baroda Career Development is an education loan scheme by Bank of Baroda for working professionals, who wish to get a higher education. Indian nationals who are employed and want to pursue degree, diploma, certificate, vocational, pilot training, skill training and vocational training courses in the fields of hospitality, aviation, executive development, travel management, etc. in India or abroad can apply for this education loan. They can receive a maximum loan of Rs.10, 00, 000 through this scheme in India and Rs.20, 00, 000 outside India. There is a 20 percent margin on this loan and borrowers have to provide a security to avail it. The entire loan amount has to be repaid to the bank in a period of maximum 60 months. To get more information about Baroda Career Development, please contact the bank.
Oriental Bank of Commerce Education Loan Scheme for Working Professionals:
The name of the scheme clearly states its purpose. This scheme is a special education loan offered by Oriental Bank of Commerce to people who are working in a private, public or defence enterprise at attractive rates of interest. The applicants must be Indian nationals, who have a graduation degree and have secured admission for a part – time course in an institution approved by the bank. The margin on this loan is 25 percent and the applicants have to provide a personal guarantee to the bank during the application process. They have to pay their EMI every month through the Auto collection, Standing Instructions or ECS facility. The loan amount is dependent on the fee structure of the course, which along with the interest has to be repaid to the bank by the borrowers in a maximum of 15 years. If the amount of loan taken by the borrowers is up to Rs.7.5 Lakhs, then they have to repay the money in a maximum of 10 years. To get more details about the loan and the eligibility criteria, please contact Oriental bank of Commerce.
IDBI Bank Education Loan for Non – Vocational Courses:
Through this scheme, IDBI Bank offers an education loan to students and working professionals or executives. Working professionals, who have secured an admission in an executive management program offered by NIIT Imperia in association with premier Indian Institutes are eligible to apply for this loan. The maximum amount of loan that working professionals can avail under this scheme is Rs.20, 00, 000. If an applicant takes a loan of up to Rs.7.5 lakhs, then he or she has to repay it in a maximum of 10 years and if he or she takes a loan of more than Rs.7.5 lakhs, then the money has to be repaid by him or her in a maximum of 15 years. The bank may ask the applicants to provide a security when they apply for IDBI Bank Education Loan for Non – Vocational Courses. To get more information on this loan and the eligible courses, please contact IDBI Bank.
Compare and Apply
It is advisable to always apply for a loan after comparing the loan schemes offered by different banks. You can do so by using third party websites such as BankBazaar. BankBazaar allows you to not only compare the various loan schemes, but helps you find out the ones you are eligible to apply for. Once you select the education loan, you can apply for the same on BankBazaar. You can also calculate your EMI by using the EMI calculator present on the website. If you have provided all the documents and the correct information in your application form, then your loan can be approved by the bank and you will receive an e- confirmation on your email id.