Bhopal, Apr 6: As the news came that Priti has cleared CAT, her home was filled with happiness. Everyone went ecstatic except her father who was fighting with the idea of arranging the gigantic fees for the course. Many days passed likewise till one day his friend, banker by profession, came and told him that banks were giving loans for higher education that too in easy repayment options. Her, relieved, father straightaway went to a bank and applied for the loan.

Every formality was completed in less than an hour and Priti got the loan. Now everyone in the home is happy.

There are lots of Pritis who can fulfil their dreams of studying at prestigious educational institutions in India and abroad only because of this loan facility being offered by banks. Many students of city see it as the easiest way of fulfilling their dreams.

Student of BSc, Surabhi Chauhan wants to make her career in the field of bio-informatics and for that she will have to go to abroad for higher studies. She can not think of going abroad without such education loan, as fees structure start from Rs 7 lakh in any prestigious University and to afford that is very difficult for any middle class family. But with convenient loan facilities available she might go abroad and make her career.

Chandrakant Jain and Harish Sahu, students of MVM College, believe that with such facility event talented students from poor background can dream bigger and make it happen.

Students of MLB College Priti Sahu and Richa Lalwani say, 'For those who can not pay exorbitant fees this is panacea but there is scope of improvement as far as process of loan procedure is concerned.'

Nikita Sharma, B Com student, believes that if burden on parents could be reduced then it would be better.

Facilities available

To ensure that lack of money can not hinder your career there are separate schemes of different banks. State Bank of India (SBI) provides maximum Rs 20 lakh to the student going abroad for study, where within country the limit is Rs 15 lakh. Rate of interest is more than 13% for foreign cases while 11.25 for in the country.

Punjab National Bank (PNB) has upper limit of Rs 15 lakh and Rs 7.5 lakh for abroad and in country respectively. Likewise, Andhra Bank and Allahabad Bank have the same limit for both categories.

What is required?

Any willing student has to submit some documents before the bank to get education loan.

* Attested mark sheet of class 10th and 12th

* Admission letter

* Fees structure

* Residence proof

* Details of guardian

* Photographs of student, father and the guarantor

* Revenue stamp

Besides these, one affidavit is also required, declaring all the given informations are correct.