In India , there are large number of alternative like CA , IWAI , CS , MBA Finance and M.Com. for getting higher educations in the field of Accounting. After increasing the cost of living , accounting education at higher level is not affordable because 60% illustrious students who are interested in Accounting field belong to middle level and due to this problem , they leave their education after 10+2 level and find middle level jobs .
Now , after liberalization of financial sector in India , large number of banks are providing education loan specially the students who want to make career in the field of Accounting and Finance . Current system of giving education loan has become so easy which was not available in some years back .Many nationalized banks like Allahabad Bank , Bank of Baroda, Central Bank of India, Indian Bank, Punjab National Bank, United Bank of India have started new schemes for providing education loans without large paper formalities . Indian private banks also starts fantabulous schemes for developing students in the field of accounting and finance by supporting education loan .
Both private and public Indian banks provide education loan with following rules regulation which you should know :
1. Basic Eligibility Criteria for Students
Students seeking education loans should be an Indian National.
Student gets admission to professional or technical course in India or abroad through an entrance exam or a merit-based selection procedure.
Main accounting education will be B.COM , Master Degree courses and Ph.D programs ,CA, ICWA and CFA .etc
Diploma and degree courses offered by various colleges and universities which are approved by UGC, or other recognized national and private institution .
Age between 18 to 35
2. Amount of Education Loan from 4 Lakhs to 20 Lakhs.
Education loan of maximum Rs 10 lakhs for studying in India and Rs 20 lacs can be borrowed for studying in abroad. The amount may increase in special cases.
3. Other Rules
- If you borrow a loan of above Rs 4 lakhs, then you should give the bank with a guarantee of a 3rd party.
- If the amount is more than Rs 7.5 lakhs as loan, then the co-obligation of parents or guardian of the student along with a collateral security need to be guaranteed.
- The loan can be repaid in 5 to 7 years.
- Repayment will be from future income of the student after his appointment in company .