Your guide to education loans.
Higher education in India is not cheap, and most parents in India struggle to fund higher education of their children, who want to go in for some professional degree in India. However, with planning, preparation, and of course the right information, higher education is accessible to most Indian students.
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It’s comparatively easier get education loans today (compared to what it was few years back), mainly because of the push by the central government to popularize such loans, and also due to increased competition among lenders (thanks to NBFCs who now provide education loans).
Though better education loan availability is a plus, borrowers should carry out ‘due diligence’ before taking an education loan. It’s common to find loan desks of private institutions on the premises of B-schools. However, you should not choose an institute or course based on easy availability of loans; instead the decision should be based on what you want to become in the future. More tips here.
Funding higher education of students is also the responsibility of the government. That is why there are so many scholarships that provide financial assistance to ‘meritorious students’. Both the Government and Non-Government educational institutions provide financial assistance to students (most of it is in the form of scholarships in India.)
You can check out the several trusts and scholarships in Mumbai (and in other places in India) that provide educational assistance for those students who want to pursue higher education in India.
Some organizations pay ‘tuition fees and/or give ‘stipend’. Students may also opt for ‘Education Loan’.
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