Car loan and Home loans cheaper than education loan in India
By anil02
@anil02 (24688)
India
May 8, 2011 11:03am CST
In India higher education is much expensive. Govt. collage are few here. So if some one want to became a doctor or engineer he have to join private collage. To pay heavy fees of private collage banks give loans here. But these are costly than car and home loans. Is this policy is appropriate.
4 responses
@JenInTN (27514)
• United States
22 May 11
Education is very expensive here too. I am going to a private college and thank goodness that the company I work for pays for it provided I keep certain grades. My classes are $820. a piece. That doesn't even include the books and materials I need. They can be very high too. Those are my responsibility though. The catch is that I have to work for the company for a year after they pay for my last class and it has to be something work related. It really does equal a car or a house payment to get a good education.
There is a lot of help though if a student that doesn't have my options needs it. There are school loans and grants. It is still hard to afford to go though.
@anil02 (24688)
• India
22 May 11
Yes in you country education is expensive but you have more per person income than India. Education in India is less expensive than UK but average Indian cannot afford it. India govt not help in higher education although here are some government sponcer collages but these are not enough.
@JenInTN (27514)
• United States
22 May 11
I think that here in the US that the population has maintained pretty constant. I know that India is experiencing a population boom. I see what you are saying about the per person income. I hope that everyone who wants to further their education gets the chance to do so. Take care.
@gjsna2008 (155)
• India
9 May 11
I have one education loan for B.Tech and also have Home loan..and your saying very true...Education loan is on very high interest rates..you know why as every one got freedom on 15th August, 1947...ha ha ha ha
@SHAMRACK (8576)
• India
8 May 11
Dear friend,
I feel that the entire education should be made free of cost, as one student at an average needs may be not more than 10.00 lakhs and India gets a hunge amount in crores as education funds from other countries also India is spending a huge amount in other aspects also. If India do think of boosting its develoment I feel more able and capable people should come out, if these students who are effecient is given free of cost studies I feel it would help India's develoment a lot. In private colleges which at times is just profit based is mostly concerned on the managements developments. Once could get a degree by paying even a huge amount.
@anil02 (24688)
• India
9 May 11
Hello friend, in fact free education to all students at all level is not possible in India. Although up to schooling free education is available but standard is not so good. For development of any country education is pre-requisit. For effecient student help in study available by different means but India's beurocracy is haradle in it. Our cast system also responsible for it. Govt. aids available only for some specific cast not to all.
@kiran8 (15348)
• Mangalore, India
8 May 11
Hi anil, No doubt that education is very expensive in India especially professional courses.But I feel that educational loans are about the same as car and home loans.In SBI it is actually cheaper than car loan and home loan, but it is not easy to get it since there are too many formalities...I feel that educational loan should be easily available so that a student can study further instead of getting discouraged by the expenditure involved
@anil02 (24688)
• India
9 May 11
Hello Kiran, the rate of interest are not same in all banks. Basic rate are same but all banks charged as per their norms. In SBI education loans are less equal to car and home but their terms and conditions are much stick. In OBC interest rate for education loan is more than 11% but for home and car it is less than 10%. As per guide lines of RBI formalities are not to much, particular banks impose these. Up to 4 laks loans are available without any guarantee. But bank officer have power to refuse any one because of repayment problem.
@kiran8 (15348)
• Mangalore, India
9 May 11
Thanks a lot anil for the BR 
...You seem to know the terms well.In my case I had enquired about education loans last year at SBI and now that there is some change in the interest rates I am not sure about it.If I am not mistaken, there has been quite a few changes in the interest rates in the past one year - all the best and happy mylotting
...You seem to know the terms well.In my case I had enquired about education loans last year at SBI and now that there is some change in the interest rates I am not sure about it.If I am not mistaken, there has been quite a few changes in the interest rates in the past one year - all the best and happy mylotting