Getting an\u00a0education loan\u00a0is 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 \u2013 time courses are eligible to apply for this type of loan. Some Indian banks which provide education loan for part \u2013 time courses are State Bank of India, Oriental Bank of Commerce, IDBI Bank, Avanse, Bank of Baroda, etc.<\/p>\n
The details of two such loans are mentioned below:<\/strong><\/p>\n Education Plus by State Bank of India:<\/strong><\/em><\/p>\n State Bank of India offers a term loan called \u2018Education Plus\u2019 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 \u2013 Time or Distance Education course to be eligible to apply for this loan.<\/p>\n When people apply for \u2018Education Plus\u2019, they have to provide a letter of consent from their employer to the bank. Through \u2018Education Plus\u2019, 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\u00a0SBI Education loan\u00a0and the eligible courses, please contact the bank.<\/p>\n Education Loan for Working Professionals by Avanse:<\/strong><\/em><\/p>\n Avanse is another financial institution that provides education loan to working professionals. To avail an\u00a0education 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.<\/p>\n Baroda Career Development by Bank of Baroda:<\/strong><\/em><\/p>\n 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\u00a0Baroda Career Development, please contact the bank.<\/p>\n Oriental Bank of Commerce Education Loan Scheme for Working Professionals:<\/strong><\/em><\/p>\n The name of the scheme clearly states its purpose. This scheme is a special\u00a0education loan offered by Oriental Bank of Commerce\u00a0to 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 \u2013 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.<\/p>\n