As Image Creative Education is now partnered with NSDC, the students of Image Creative Education are now 100% eligible for Educational loan from many Nationalised banks in India. Such banks are now committed to provide Educational loans to prospective students for pursuing vocational education and training courses that are offered by institutions supported by the National Skill Development Corporation (NSDC). Such nationalised banks include Bank of Baroda, State Bank of India, Punjab National Bank, Centralised Bank of India and many others.
Eligibility to Seek Educational Loans
The educational loans can be obtained for any course with a minimum duration of 2 months and a maximum duration of 2 years.
The loans are issued to students of any age. In case of a student being a minor, the parents of the student will be asked to execute the documents and a letter of ratification will be obtained from the student upon attaining majority. For others, no Collateral or third party guarantee will be obtained, except that the parent will execute loan document along with the student borrower as a joint borrower.
Most of the banks are now ready to offer loans from Rs. 20,000/- to Rs. 1,50,000/- depending on the total fee of the course including the Tuition fee, Library/Laboratory fee, Examination fee, Caution Deposit, Book fee and any other reasonable expenditure mandatory to complete the course successfully.
Rate of Interest
The rate of interest for such loans varies from 12.5% to 13.25% depending on the policy of the banks. Some banks also provide a concession of 1% in the rate of interest for the entire tenure of the loan, if the interest is serviced during the study period. Also, some banks offer an incentive in the form of 1% Interest Concession for girl students.
The repayment period of the loan amount might commence from 6 to 12 months from the completion of the course, depending on the duration of the course or 6 months from the date of getting a job, whichever is early. The repayment period can be from 2 to 7 years depending on the duration of the course.
Role of Image Creative Education in Loan Processing
The students are free to choose their bank of choice to process their loans. Image Creative Education will not pose any constrain on this regard. Also, the loan agreements and all the attributes of the agreement, including the loan amount, rate of interest and repayment period shall be executed directly between the bank and the student. Image Creative Education will support the students with the necessary documents like Proof of Admission and details of the course fee that has to be submitted to the banks. The personal documents of students required by the banks vary from bank to bank; students are advised to choose a bank and produce the necessary documents along with the application from. All the processing is to be personally done by the students. Image Creative Education is not liable in any issues related to the loans.
For more guidance and details about the loans, you can contact the Centre Counselor at nearest Image centre.