What all courses are eligible for getting educational Loans in India?
It seems that qualifying for your dream college is as difficult as paying your way through that college. There is no doubt that quality education in India is expensive and will continue to be so with the cost of education rising every year. Hefty student loans are the ugly truth and unfortunately one that you cannot turn your back towards, especially if like most students you also have a difficult time digesting the notion of the amount that is to be paid throughout your college time.
Although the notion is difficult to come to terms to but the sooner you start planning ahead, the better. These days the student loans are becoming more comprehensible and the government is also doing its bit by taking interest in the students well being.
Before applying for a bank loan for your higher education, remember, there are prerequisites which are required to be fulfilled. One such prerequisite is the course you are applying to for pursuing your higher education. Not all courses are eligible for getting a bank loan from the bank. Let’s have a look at the courses which are eligible in order for you to get a bank loan.
Courses eligible for education loan
Although different backs have different requirements and conditions while issuing an educational loan but most of the guidelines remain the same. Listed below are the courses which the banks give loans against.
- Graduation, Post-graduation including regular technical and professional Degree/Diploma courses conducted by colleges/universities approved by UGC/ AICTE/IMC/Govt. etc
- Regular Degree/ Diploma Courses conducted by autonomous institutions like IIT, IIM etc
- Teacher training/ Nursing courses approved by Central government or the State Government
- Regular Degree/Diploma Courses like Aeronautical, pilot training, shipping etc. approved by Director General of Civil Aviation/Shipping
- Vocational Training and Skill Development Study Courses will not be covered under the regular Education Loan Schemes. A separate scheme for ‘Loans for Vocational Education and Training’ has been launched which covers financing for such Vocational courses
Job oriented professional/ technical Graduation Degree courses/ Post Graduation Degree and Diploma courses like MCA, MBA, MS, etc offered by reputed universities.
Note: There are schemes for vocational courses as well by selective banks under special schemes. For example Bank of Baroda, Punjab National Bank, Vijaya Bank, etc.
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