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Educational Loans

All public sector as well as private sector banks offer educational loans for the students aiming for higher education in foreign countries or in India, but due to global meltdown prospectus of jobs have declined, even peoples are getting pink slips and after finalisation of next central government the process of cost cutting will increase so what should be the precautions while you are taking loan. How do you know about it.

First of all it is very difficult to compare the rate of interest charged. It is common phenomena peoples think that private banks charges more interest but they provide loan and quickly without any hassles while government / public sector banks charges less interest but to getting loan from these banks is very difficult because of formalities involved and bureaucracy. Normally securities like your house, jewellery, fixed deposits, other assets are asked against disbursement of loan. In public sector banks may be you need to pay commissions (actually bribe) to the concerned authorities through the mediators.

Secondly are you sure what are the chances of placement after completion of course. What package you will got and what is repayment plan for loan availed.

Thirdly, does the bank offers any discount or charge interest as per availed period if you pay early or before completion of specified time period.

Frankly if you see all those things you will be not able to avail loan because it is a time consuming process and no bank will provide all this information. Actually when bank gives you loan, they shows that it is a obligation which irritates every person availing loan because he is paying interest and giving loan is a investment by bank so why they shows that it is a obligation?

Send me your views on same.

Educational Loans

We all know about the facility of educational loans available through public/private banks in India. In last 10 years a number of peoples have availed this facility for arrangement of quality higher education for their children's especially middle class service personnel's by mortgaging their personal saving/assets in the hope that on completion of education when their wards will get good job and they will be able to repay the liability of educational loan. Currently due to global meltdown/financial crisis all the good companies have stopped their recruitments and withdrawn appointment / offers given to freshers. Today news of Satyam for deferring joining dates 9000 freshers came to picture. it is leading to unemployment and frustration for all candidates and their families. they are worried about the repayment of loan.

The most important point is that if their are no opportunities available for our young educated force what measures/policies government has framed. I think that government must give them some relaxation and private banks must be instructed that they do not use wrong methods of recovery and must give some relaxation time for repayment of loans.

If the relaxation is not provided and something goes wrong with these family/candidates then it may lead to diversion of youth into wrong / unlawful / criminal activities which will be biggest blunder for our society. We all knows very well about the danger of terrorism. Many terrorist organizations are working on their strategy to engage / recruit the trained youth for the terrorist activities so to stop and save the society Government must act fast and provide some means and ways for relaxation / repayment of loans availed by them.