In the second of the series on general awareness we do raise an important issue of awareness on Education Loan
What you got to do!
Play the challenge in OUST
Post the best education loan prospect in a bank, with experience & upload it our Facebook page https://www.facebook.com/OustLabs
You can upload any number of suggestions
Prizes will be picked on the basis of the topping the leader-board and/or the loan comparision. We want you spread the awareness on Education Loan
Top 3 chosen will prizes in the form of Flipkart/Amazon vouchers
Education loan awareness is low. Hence, let us understand more of the same!
About Education Loan: When it comes to all the building blocks that form a complete and successful life, nothing is as important as quality education. However, education in India, at least the commonly perceived ‘quality education’ as imparted by acclaimed and influential educational institutions, is decidedly costly and not easily available to everyone- especially those who deserve it based on merit alone. Thus, education loans are vitally important. A barebones explanation for an education loan is thus, ‘funds offered by financial institutions to meritorious and/or deserving students so that the latter can pursue their basic/higher education, in India or abroad’. Almost all banks in India offer education loans, and the demand for it has remained stable with the Indian student community. Why Choose Education Loan? The question should ideally be, why choose an education loan over a personal loan, or the money accumulated in your savings account? The versatility and advantages of education loans are listed below-
Education is Expensive-It’s a matter of instant availability. A comprehensive education loan frees you from the task of accumulating sufficient money to fund your son/daughter’s higher education. And, with inflation and shifting prices, can you ever be 100% certain? A good education is expensive and the expenses aren’t changing in a predictable curve. A good education loan scales accordingly and helps you be safe from unexpected surprises.
Specialised Help-The expenses incurred through a standard study course are many, caution deposits, library fees, building deposits, laboratory fees, etc. With a comprehensive education loan, individual facets of the course can be better addressed without the risk of running out of money. It’s more organized and seamless with an education loan.
Widely and Easily Available- Comprehensive education loans are a priority product in most banks’ arsenal of products and the RBI lists them as part of the priority sector lending of banks. Conforming to some basic requirements and confirming your ability to repay the borrowed amount is all it takes to get on-board.
Timely Assistance- Often, good intent isn’t backed by good monies. A good education loan offers timely help when it comes to a crucial pillar that promises a successful life- education. Nullifying the worry that accompanies the need to gather up the requisite amount, a full-fledged education loan puts you at ease.
Features & Benefits of Education Loans: When it comes to a complete education loan, the features and benefits offered are the designated deal makers. Commonly, the following conveniences are offered as part of the education loan-
Universally available. Anyone with a will to study can apply.
Education loans are provided to pursue all types of academic courses, in India and abroad. The courses include graduation, post-graduation, vocational courses and other certificate courses.
Loan amounts can vary from a minimum of Rs.10 lakhs to a maximum of Rs.15 lakhs. For education abroad, banks will provide loans to the quantum of Rs.20 lakhs.
The applicant’s annual family income and the course pursued are primary determinants for the applicable loan amount.
Usually, female students are offered discounts and/or lower interest rates when it comes to education loans.
Government sponsored subsidy schemes, such as ‘Central Scheme to provide Interest subsidy (CSIS)’ help students from the economically backward sections of society avail the benefits of a robust loan for education.
The applicant need not repay the borrowed amount immediately. Post the completion of the course, the repayment tenure can stretch upto 5-7 years.
Generally, loans below Rs.4 lakhs do not require a security or guarantor.
Banks, in their individual capacity, will offer a whole suit of exclusive features and benefits. Check the same before zeroing in on the one that best complies with your requirements.
Refer here for more information:
Rules for the contest are as follows:
Who can participate?
All students are invited to participate in the Oust
There is no negative marking for the questions
Scores are determined based on time taken to answer the question and if the question was answered correctly
Students will know their score as soon as they finish a challenge of 5 questions and in total 10 challenges
Analytics for Students
Students will also have access to their analytics of their performance at the end of the event
Appeal Process or Revaluation
All decisions regarding winners are final and binding and there is no revaluation or appeal process.
What is required to participate in the contest?
Students can only participate in the contest via the Mobile Phone (only Android devices with version 4.0 or higher). Only one entry per person allowed.
Oust will be collecting personally identifiable student data of all students registering for this contest
All student data collected during this contest will be owned by Oust Labs
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