Government Bank Education Loan Benefits For Students

Posted by Dyuthi vuddandam on April 16th, 2021

A government bank education loan is the first choice of many students who wish to study abroad. Government bank education loan from banks like the State Bank of India, the Bank of Baroda,etc. are much more preferred by students and parents alike because of their flexible education loan policies. 

Government Bank Education Loans - An Overview

By now, you all must be familiar with the two different kinds of education loans in India. Although they do grant unsecured education loans up to a certain extent, all government bank education loan schemes mainly specialize in providing secured education loans. Secured education loans are provided on the basis of collateral. To make the entire education loan process easier for loan applicants, all government banks have listed three major categories of assets that can be pledged as collateral against abroad education loans. The 2nd episode of Loanflix lists all the three categories and gives its viewers a detailed explanation about them. So do make it a point to go through the same.

Government Bank Education Loan: Attractive Factors

Factor 1: Lower Interest Rates

Fixed Education Loan Interest Rates

Factor 2: Affordable Processing Fees

Factor 3: Education Loan Subsidy 2021

Factor 4: The Vidyalakshmi Education Loan Portal

Factor 5: Student-Friendly Education Loan Repayment Terms

Factor 6: Flexible Education Loan Eligibility Criteria

Government banks, on the other hand, allow students to name individuals who are retired, those in the farming industry, etc. as co-applicants. As an alternative, the education loan eligibility criteria for co-applicants in government banks allows students to name a third-party (someone other than the prescribed list of primary co-applicants) with a decent income status, as financial co-applicants.