Education is a basic need for everyone.
An Education loan is a loan that is designed to finance education for students who want to pursue an academic degree. Banks offer an education loan to deserving and meritorious students.
These loans are designed to boost careers and give people a chance for education that they would otherwise not be able to afford. It not only covers your university fees, but it also covers other expenses associated with education such as books and tuition fees.
Education loans are available at substantially low-interest rates. Not everybody is eligible to avail for an education loan.
Some of the eligibility criteria the banks verify include the reputation of the institution the student proposes to study at, whether or not a student is capable of offering a collateral, whether parents, guardians or any other acceptable third party can be the guarantors or co-borrowers of the loan, the qualification of the student, and the student academic track record.