Education is one of the most important things in life. Still, its ever-rising cost means that you will need to avail an education loan to ensure that you get the best course possible. Earlier, the definition of education was limited to school and colleges. However, the current scenario is very different. Education from schools and colleges are still important but there are other forms of education as well that are considered to be ancillary. The true purpose of such courses can be to improve current standing or prepare for future education or job. You can still use your education loan for such courses, but some are excluded. So, which courses are eligible for an education loan in India? Let’s find out
Courses Eligible for Education Loan in India
If you are applying to a bank, then majority of the course are eligible for a loan. However, banks do not provide loans for some coaching courses. Additionally, banks do not provide loans for institutes with low reputation. It becomes even more difficult if you are applying for a loan to study abroad as the approval process becomes even more stringent. Moreover, banks do not provide loans for many institutes based on accreditation.
In terms of coaching courses, majority of the banks provide loans for courses such as UPSC, States PSCs, CAs, etc. However, if you wanted to try a vocational course, then you may not be able to avail a loan. Additionally, even if the banks were to provide loan for such courses, then the education loan interest rate would be very high. Still, there is no need for you to panic.
PaySense: Loans for All Education Courses
PaySense is the best option if you want loans for any courses. For example, you can avail a loan for CDAC, online certification courses, vocational courses, courses to improve your skills, etc. Additionally, you will not have to worry about collateral or security. You can avail up to Rs. 2 lakhs of loan for any courses in an instant. The only thing PaySense asks from you is that you fulfill the eligibility criteria. Moreover, they do not charge the mountainous education loan interest rate; instead the rate is dependent on a variety of factors such as credit rating, tenure of the loan, amount, etc.
Apply for Loans of upto ₹5 Lakhs easily using your phone or laptop, and pay back on low EMIs