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Nursing Education Loans in India, Eligibility, With Collateral, Without Collateral, Types of Loan

Nursing Education Loans in India: Getting education in BSc Nursing (Bachelor of Science in Nursing) degree may requires a lot of financial investment, however it can also benefit a fulfilling career in the industry of healthcare to the students. In order to afford the financial education, certain types of education loans are available in India to help students finance their education.

With the assistance of education loan one can cover tuition fees, books, and other expenses regarding the education, through which students can focus on their studies without worrying about the tuition fee and other expenses. This post covers an overview of the education loan options available for nursing in India, its features, eligibility criteria, applying process and repayment options.

Nursing Education Loans in India Rates

Bank Name Interest Rate (% per annum)
Bank of Baroda 6.75
Union Bank of India 6.80
Central Bank of India 6.85
Bank of India 6.85
State Bank of India 6.85
Punjab National Bank 6.90
IDBI Bank 6.90
Canara Bank 6.90
Bank of Maharashtra 7.05
Indian Bank 7.15
Indian Overseas Bank 7.25
UCO Bank 7.30
HDFC Bank 9.55
Axis Bank 9.70
Federal Bank 10.05
ICICI Bank 10.50
Karur Vysya Bank 10.75
Karnataka Bank 12.19
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Nursing Education Loans in India Eligibility Criteria

In order to avail the nursing education loan, the student must belong to the Indian Citizenship. Moreover, he/ she has signed up for a full-time Bachelor of Science in Nursing program at a renowned Indian University. His/ her age should be between 18- 35 years. Meanwhile, the students should have earned an undergraduate degree.

Without Collateral Education Loan

You can obtain a loan without security however, it should not require collateral, but a co-signer with definite qualifications is required. Loan taker should be a close relative of student (parent or spouse) and they must have a good credit score, stable income. The loan taker must be willing to repay if student fails. They should produce personal/ financial information and a proof of income
A person who takes loan is equally responsible for repayment. Reviewing loan terms and considering the ability of student repayment before co-signing.

With Collateral Education Loan

A loan that requires collateral can be acquired with assets for instance property, deposits, bonds or insurance.

Collateral Necessity –

Fixed property: House, Non- agricultural land, Flat
Liquid securities: Government bonds, Fixed deposit, LIC policy

Value of collateral –

Liquid security valued 1.1 times loan amount
Fixed property collateral valued 1.25 times loan amount.

Eligibility Criteria for Abroad Education

To obtain a education loan in India for pursuing BSc in Nursing degree program abroad, a candidate has to satisfy some of the basic eligibility requirements such as having Indian citizenship, fulfilling minimum age necessity, Good credit history, candidate should get admission to recognized foreign university, he/ she possess must good academic record and having a stable income or source of repayment income is must.

Nursing Education Loans in India Features and Benefits

International students are eligible to take up to Rs.1 crore as an education loan, whereas domestic students can get up to Rs.50 lakh.
For specific circumstances, 100 percent financing is obtainable. Some other expenses, for instance a laptop and student exchange travel are all covered by the funding. In case of international transfers, favored forex rates may be accessible. Once the six months of the course completion, the loan repayment period can be increased up to 12 years. Both parents need to sign the education loan.

Study Loan Repayment System

Pos the course completion, some lenders provide a 6-month grace period to the student in order to find a suitable job and start the loan repayment process. However, the grace period completely depends on the lender. If the student is able to find work within this time frame, then they can start the loan repayment process in the form of EMIs.

For accurate loan details, you should contact the officials of the bank and they will recommend an EMI on the basis of your monthly income. If you find this proposal good, then you can start making monthly payments. Or else, you can negotiate over the price. In any circumstances, the maximum loan repayment period is normally 8 years.

How to Apply for Nursing Education Loans

If you wish to apply for an education loan via digital methods, then you need to visit the official website of the loan company or fill out the application form to start off your loan application. You will receive a call where you will be asked to provide your loan details to the financial officer. The financial officer will then assess your profile completely and create a loan file for you. Then obtain the document checklist from your financial officer and assemble all your documents requisite as per the checklist. After that, upload your documents on the document portal of the website or directly submit them to the bank to initiate the loan processing by the bank. Report to the bank to complete the required document formalities which is mandatory. If you are opting loan via NBFCs or private banks, then you will acquire your loan approval letter after 2- 4 days of submitting the documents. In case of a public bank, the receiving can take up to 15-20 days.

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