The Meghalaya Co-operative Apex Bank understands the importance of quality education, offering Education Loans to those who need it. Read on to know more!
The Meghalaya Cooperative Apex Bank Ltd has a diversified portfolio of loans. The bank provides loans for agriculture and allied agriculture needs, procurement and marketing, consumer goods, handloom and weaving, transport, consumer durables, tourism development and various other viable economic activities.
These loans are extended under the brand of farm & non-farm sectors and are designed to give the economic condition of the borrower a boost. The bank offers attractive Home Loans, Educational Loans and Personal Loans among others.
Additional Reading: Top 4 Farming Loans Available For Farmers In India
Purpose
Students who want to pursue higher studies in Indian or abroad can apply for an Education Loan at the Meghalaya Co-operative Apex Bank. Parents too can apply for an Education Loan on behalf of their children. Meghalaya Co-operative Apex Bank gives Education Loans against the security of collateral.
Eligibility
Anyone applying for an Education Loan at the Meghalaya Co-operative Apex Bank should be a citizen of India. Students applying for a loan, or for whom the loan is being procured, should have an excellent academic record and must have secured admission to a professional or technical course in India or abroad.
Expenses Considered
An Education Loan given by the bank will cover fees payable to the college, school, hostel etc. It will also cover the cost of purchasing a computer, library fees and expenses for books, laboratory fees, equipment, implements, cost of uniform etc.
Guarantee or Surety
To avail an Education Loan from Meghalaya Co-operative Apex Bank the applicant must provide personal guarantee of one or two person(s) depending upon income or means.
Repayment
The repayment of the Education Loan will start one year after the completion of the course or six months after securing a job, whichever is earlier.
Now that we have looked at an overview of Education Loans from Meghalaya Co-operative Apex Bank, let’s understand the reasons and benefits of applying for an Education Loan.
Additional Reading: Education Loan – A Quick Overview
Why Should You Take An Education Loan
The advantages of taking an Education Loan are listed below –
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Education is Expensive
It is a matter of instant availability. A comprehensive Education Loan frees you from the task of accumulating sufficient money to fund your education or that of your children. Completing a course from an institute of repute is an expensive affair. A good Education Loan lets you pay for your education without having to worry about inflation or depleting your savings.
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Specialised Help
The expenses incurred during the duration of a course are many. These include deposits, library fees, building deposits, laboratory fees, etc. With a comprehensive Education Loan, individual facets of the course can be better addressed without the risk of running out of money. In short, things are more organised and seamless with an Education Loan.
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Widely and Easily Available
Education Loans are a priority product in most banks’ arsenal of products and the RBI lists them as part of the priority sector lending of banks. Conforming to some basic requirements and confirming your ability to repay the borrowed amount is all it takes to get on board.
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Timely Assistance
Often, good intent isn’t backed by in equal measure. However, a good Education Loan offers timely help when needed. A full-fledged Education Loan puts you at ease so you can pursue your goals without worry.
Additional Reading: Still Paying Off Your Education Loan? Here’s How You Can Save Some Tax
Features & Benefits of an Education Loan
While the features and benefits or an Education Loan may differ from bank to bank, here are a few common ones:
- An Education Loan can be availed to pursue any type of academic course, in India or abroad. The courses include graduation, post-graduation, vocational courses and other certificate courses.
- Loan amounts can vary from bank to bank. A common amount sought by the borrowers is between Rs. 10 Lakhs to Rs. 15 Lakhs. For studies abroad, banks can provide loans to the quantum of Rs. 20 Lakhs.
- The applicant’s annual family income and the course pursued are primary determinants for the applicable loan amount.
- Usually, female students are offered discounts and/or lower interest rates when it comes to Education Loans.
- Government sponsored subsidy schemes, such as ‘Central Scheme to provide Interest subsidy (CSIS)’ helps students from the economically backward sections of society to avail the benefits of a large loan amount.
- The applicant need not repay the borrowed amount immediately. Repayment starts post completion of the course. The repayment tenure can be between 5 and 7 years.
- Generally, you do not require a guarantor for loan amounts of less than Rs. 4 Lakhs.
- Banks, in their individual capacity, will offer a whole suit of exclusive features and benefits. Check the same before zeroing in on the one that best complies with your requirements.
Additional Reading: 5 Things To Know Before Taking An Education Loan
Why Apply for an Education Loan on BankBazaar?
BankBazaar lists almost all the Education Loans offered by the various banks and other financial institutions in India. The simple comparison option allows you to choose the loan that best suits your requirements.
From important details such as education loan eligibility, documentation and the basic terms and conditions, to informational bytes that relate to the latest happenings across the Education Loan landscape in India, BankBazaar is a treasure trove of helpful information. This will give you more confidence with your application process.
Additional Reading: 5 Things To Keep In Mind While Taking An Education Loan
Not just Education Loans, we can help you pick the right Personal Loan, Car Loan or Home Loan for yourself. So start exploring now.