Lowest education loan interest rates in banks

The PM Vidyalakshmi scheme is available to all those students who secure admission in the top 860 Quality Higher Education Institutions in India, designated by the National Institutional Ranking Framework. While students from all income groups are eligible to get an education loan, and there is no upper limit on the loan amount, students who are already receiving other central or state government scholarship will not be eligible for this scheme. Read on to know how you can avail the benefits of PM Vidyalakshmi scheme.

While education loan may help you achieve dream education however it comes with a cost in terms of interest payment. The mechanism of interest payment differs among the lenders. The type of education loan you opt for and how you utilise your moratorium period, will decide how much repayment burden you will have when you start paying EMI.

Have your considered all the options and made the right decision on funding her higher education?

Taking an education loan may be a good idea. It is important, however, for parents as well as children to understand the modalities and implications of this step.

Should you withdraw from your Provident Fund, or take a loan against your house? How will it affect your future as well as the funding needs for her daughter?

To get an education loan, you first need to secure admission to an accredited college or university. First, you need to check with the lender if the course or university you are planning to attend is on its approved list. One should keep in mind that while public sector banks typically offer a lower rate of interest, private lenders score on convenience and quick disbursal. So, which one should you go for?