Now a days a large number of banks are giving educational loans.They have many educational loan schemes for which the students can apply. While aiming for higher education outside india, many students get disappointed by their financial hurdles.Educational loans are available even for professional courses in india.

Some of the educational loan schemes provided by indian banks are:

Allahabad Bank

Eligibility Criteria:
Studies in India:
Normal Graduation Courses – B.A., B.Com., B.Sc., Microbiology, etc.
Professional Courses: Engineering, Medical, Agriculture, Veterinary, Law, Dental, Management (including Hotel Management), Computer/ Information Technology, Journalism & Mass Communication, etc
Courses conducted in India by reputed Foreign Universities.
Courses leading to diploma / degree etc. conducted by the Colleges/ Universities approved by UGC / Govt./ AICTE / AIBMS / ICMR etc

Studies Abroad:
Graduation: For job oriented professional / technical courses offered by reputed Universities.
Post Graduation: MCA, MBA, MS, etc.

Quantum of Loan:
Need based finance subject to repaying capacity of the parents/ students with following ceilings:
Studies in India: Maximum Rs 7.50 lacs
Studies abroad: Maximum Rs.15.00 lacs

Repayment:
Repayment Holiday / Moratorium is Course Period + 1 year (in case job is not obtained) or 6 months after getting job, whichever is earlier.
Loan to be repaid within a maximum period of 7 years after commencement of repayment.

Security:
For loan upto Rs 4.00 lacs: No collateral security is required.
For loan above Rs 4.00 lacs and upto Rs 7.50 lacs: Satisfactory third party guarantee is required.
For loan above Rs 7.50 lacs:
(a) Collateral security of suitable value.
(b) Co-obligation of parents / guardian / third party alongwith assignment of future income of the student for payment of instalments

Others
a) The parent / guardian would become co-borrower with the students and application for education loan will also be signed by the parent / guardian alongwith the student while availing loan under Educational Loan Scheme.
b) Education Loan should be sanctioned through the branch situated close to the permanent residence / place of domicile of the borrower student

Group Life Insurance cover
Under the plan a low cost group life insurance cover will be provided for the loan liability of Educational Loan borrowers (students) during entire period of loan (i.e., course period & moratorium period plus repayment period), in case of his unfortunate death.     Click here for more

Capability Certificate
Some of the foreign universities require the students to submit a certificate from their bankers about the sponsors’ solvency/financial capability , with a view to ensure that the sponsors of the students going abroad for higher studies are capable of meeting the expenses till completion of studies. Accordingly branches can also issue the capability certificate for students going abroad for higher studies. For this financial and other supporting documents may be obtained from applicant, if required.

For more information visit
http://www.indiaedu.com/education-loans-india/index.html