01/02/2016
Role of financial institutions in providing educational loans for overseas study
Much to the relief of aspiring students, banks & large scale financial institutions are coming up to provide monetary help to such students.
It is worth noting that such institutions have expanded their range and variety of educational loans.
Privately run overseas banks are even coming forward to grant financial assistance in forms of scholarships on counts of merit.
While nationalized banks impose variable rates of interests, privatized banks generally prefer fixed rates of interests on educational loans for overseas study
Certain Indian banks including the State Bank of India offers an option between fixed & variable rates of interest.
As far as the specific interest rate is concerned- it obviously varies from bank to bank. The sum and the kind of loan you have applied for also influence the interest rate.
For loans exceeding Rs. four lakhs banks require the guarantee of a security