Education Loans Facility

An education loan is a loan taken to help pay for an education, usually at a college or University school, but may also be used to pay for private schools or prep schools as well. These loans are available in several different types. These are student loans, parent loans and private loans. Loans are also either guaranteed or unguaranteed. Student and parent loans are most likely to be guaranteed by the government, though many agencies work for the government in this respect. Unguaranteed or unsubsidized loans are usually from private lenders only, and usually can only be obtained if one has a good credit score or significant equity. The student loan is usually the best choice education loan for a student whose parents cannot pay for his or her education. While the student remains in school, interest on this type of loan accrues and is paid for by the government. When the student stops attending school, the loan is usually paid off in payments. These payments can be quite large if the loan is large, so students should borrow only what they need.

Nithyashree co-op offers Education Loans at affordable interest rates. Objective of the scheme: The scheme aims at providing financial support to deserving /meritorious students for pursuing higher education in India.

Eligibility criteria :

  • The applicant should be regular member or nominal member of Society.
  • Applicant/parents should have regular relation with our society.
  • The student should be an Indian Resident.
  • The student should have secured admission to professional/technical course in India through entrance test /merit based selection process.
  • Courses through Educational Institutes / Organizations of repute & recognition will be eligible for loan limit.

Quantum of Finance : Amount of loan

  • Studies in India Max. upto Rs. 7.5 lacs.
  • Studies Abroad Max. upto Rs. 15 lacs.
  • Rate iof Interest 18.5%.

Expenses considered for loan:

  • Fee payable to college/ school/ hostel.
  • Examination/ Library/ Laboratory fee.
  • Purchase of books/ equipment/ instruments/ uniforms.
  • Caution deposit, Building fund/refundable deposit supported by Institution bills/receipts, subject to the condition that the amount does not exceed 10% of the total tuition fees for the entire course.
  • Travel expenses (for abroad only) / passage money for studies abroad.
  • Purchase of computer essential for completion of the course.
  • Any other expense required to complete the course like study tours, project work, thesis, etc.
  • Please contact us for more details 9008436222.