Education loans

This is for the want to-be erudite.

Literacy rate in India today stands at 53% of the population.
While education is free till college for the girl child, the boy child has to pay for college and even at schools. The public sector banks and the Cooperative banks have been providing educational loans for higher studies for a number of years now. Realising the need of the hour is for higher studies and the large number of students opting for the same, even in high grade expensive institutes, the private sector banks have entered the foray.

The Idea is a tough one to sell in India, as people generally do not take up loans, let alone educational loans. However, things are now changing. With tax sops being provided, courtesy of the finance minister and today's generation getting more and more expense conscious, we see the youth are not willing to let their parents pay for it. They work side by side and earn and repay their loans. They are not willing to be a burden on their parents. This has benefited in a few ways. The habit of earning can be inculcated in today's youth. They can be made more independent and responsible for their actions. Since educational loans form a part of the priority sector lending, disbursements have also increased. The formalities involved are also reduced and it is a lot easier and even cheaper today to get a educational loan for your Childs bright future. And the southward movement of interest rates will only be icing on the cake.

Major banks that provide the education loan in India are :