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My father, the sole breadwinner of the family passed away last week. It is now me, my mother & two younger sisters. Up until this point, he was paying for my college but after his passing, we are left with no steady source of income. Accordingly, we are considering an education loan.
I’ve had until this juncture rather limited interaction with banks. I have an account in SBI and from what I’m aware, can get a loan up to 20 lakhs without a tangible collateral security. Further, SBI provides 0.50% concession on the interest rates to girl students, so there’s that.
Can anyone kindly simplify the nitty gritties of the process? Explain how exactly does floating interest rate works? I would be immensely indebted if someone can take time off and provide an example, hypothetical or personal of the process and the repayment, just a gist would suffice.
I haven’t confided this news to anyone at college as I personally need more time to collect myself but I plan on confiding to a professor soon.
I’m also exploring other avenues to finance my education which I feel professor(s) can guide me better to but not withstanding that, I would be beyond grateful to have my question w.r.t education loan answered.
Thankyou.
Take the loan from SBI as they also give you an interest holiday for a year after you graduate till you find a job. Making payments on the loan will also help you build a credit score well.
Education loans are sensible debt and you should take them if you need them. Since you are at an NLU you'll get a Scholar loan without collateral.
Speak to your branch manager at SBI. It will take a day or two to process. Fees will directly be released to the University.
My condolences for your loss. My thoughts and prayers are with you and your family in this troubling time.
I'm a senior at NLUJ myself. I can honestly say this, that our college has an amazing alumni base. In such times and being a alumni myself, I tell you that we are ready and willing to help you out. We would be more than happy to assist our brother NLUJ lawyer.
Please approach a senior student (4th or 5th year) and get in touch with NLUJAA (Alumni Association). A few rounds can be conducted to raise some funds. While it may or may not cover everything, we would be honored to help out.
Stay strong. You have to make it...
Education loan may need not necessarily require a collateral but please do note that you can seek a loan against your father's PPF (if there is one).
I would suggest that you take up a job (part time) whatever it may be to pay for your fees.