How much education loan can be availed for M.Tech studies? Know EMI and easy payment methods.

If you are dreaming of studying M.Tech and money is becoming an obstacle, then this news is for you. Today we will tell you how much loan you can get for your studies...

If you are dreaming of studying M.Tech, but the worry of fees is not leaving you, then this news is very useful for you. Nowadays, many government and private banks across the country are providing education loan facilities to students for professional courses like M.Tech. This includes fees as well as hostel, books, laptop and living expenses.

For postgraduate courses like M.Tech, students can take education loan ranging from Rs 10 lakh to Rs 25 lakh. Usually a loan of 10-15 lakh is sufficient for studying in India, but for studying abroad, a loan of up to 25 lakh or more is also available as per the need. In government banks, loans for certain special institutes (like IIT, NIT, IISc etc.) are available quickly and at a low interest rate.

Documents required for loan

Admission letter (from college or university)

Fee structure of the course

Student's identity and address proof

Previous educational certificates (10th, 12th, graduation)

Parents or guarantor's income proof

If the loan amount is high (above Rs 7.5 lakh), then the bank may require security (like land or property).

How much will be the EMI burden?

Suppose you have taken an education loan of Rs 10 lakh and its interest rate is 9% per annum. The bank usually gives you a moratorium period of 1 to 2 years, that is, you do not have to pay EMI during the studies and for 6-12 months after that. After this, if you repay the loan in 7 years, then the EMI can be around Rs 14,000 to 16,000 every month. If you want to repay early, banks also provide you the facility of pre-payment, which can reduce the interest.

What to do for easy payment?

Plan to get a job soon after studies so that your income is ensured before the EMI starts.

Keep earning some money with the help of internship, part-time job or scholarship.

Use auto debit or ECS facility to pay EMI, so that no installment is missed.

If it is taking time to get a job, then you can appeal to the bank to extend the moratorium.

Government's help is also with you

Under the Credit Guarantee Fund Scheme of the Government of India (CGFSEL), education loan up to Rs 7.5 lakh can be availed without any guarantee. Apart from this, under the Interest Subsidy Scheme, some selected students also get relief in interest, especially if the family income is less than Rs 4.5 lakh.