How much education loan is available for B.Arch studies? Know the whole process in easy language.

For B.Arch studies, students can get education loans from Rs 7.5 lakh to Rs 40 lakh from banks, which covers fees, hostel and project expenses. The facility of repaying the loan is also easy and the interest rates are affordable for the student.

If you want to make a career in architecture (B.Arch), but are worried about the fees, then there is no need to panic. Nowadays most of banks and financial institutions are providing education loan facility to the students, so that they can complete their dream studies without any financial burden. The special thing is that loan is easily available for professional courses like B.Arch.

B.Arch is a five-year course, in which the total cost including fees and other expenses can go up to lakhs of rupees. In such a situation, education loan becomes a big support for the students.

How much loan can be availed?

Government and private banks provide education loans ranging from Rs 7.5 lakh to Rs 40 lakh for B.Arch studies. For studying within the country, most banks provide loans up to Rs 7.5 lakh without any guarantee. For amounts above this, a guarantee or co-applicant is required. The loan amount and terms for studying abroad are slightly different.

What expenses does the loan cover?

Education loan is not limited to college fees only. Under this, students also get help for essential things like hostel fees, books, laptops, uniforms, project work and travel expenses. That is, the loan covers the entire educational journey of the students.

Who can apply for the loan?

The applicant must be an Indian citizen.

He must have passed the 12th examination from a recognized institute.

The B.Arch course should be in a college recognized by UGC/AICTE/COA.

Parents or guardians are required as co-applicants.

Interest rate and repayment facility

Banks have different interest rates, but usually 8% to 12% interest is charged on education loan. This rate is slightly lower in government banks. Under some schemes, girls are also given interest discount.

The process of repaying the loan is easy. After the completion of B.Arch course, students are usually given 6 to 12 months time (moratorium period), after which EMI starts. Students can gradually repay the loan after getting their job.

Which banks can get loan from?

Banks and institutions like SBI, PNB, Union Bank, Canara Bank, Bank of Baroda, HDFC Credila, ICICI Bank provide education loan for B.Arch course