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If you have skills but there is financial constraints, then there is no need to worry. You can study diploma by taking a loan. Let us know...

In today's time, given the increasing cost of education, education loans have become a big support, especially for those students who are financially weak. Not only degree courses but now education loans is easily available for diploma courses as well. If you also want to do a diploma course from a government or private institute and have stopped due to lack of money, then this news can be very helpful for you.

For which diploma courses can you get a loan?

Education loan is not limited to degrees like engineering or medical. Now banks also give loans for technical, non-technical, vocational and skill-based diploma courses. Whether you want to study ITI, Polytechnic, Hotel Management, Photography, Fashion Designing or any other short-term professional diploma course, loan is available.

How much loan can be availed?

If you are pursuing a diploma course in India, banks can offer a loan of Rs 50,000 to Rs 7.5 lakh. For diploma courses abroad, this amount can be Rs 20 lakh or even more, provided the course and the institute are recognized.

On what factors does the loan amount depend?

Total course fees

Expenses for living, books and equipment

Recognition of the institute

Past academic record of the student

Financial status of the guarantor or co-signer

Will any guarantee or security have to be given?

No security of any kind is required for loans up to Rs 4 lakh.

For loans from Rs 4 lakh to Rs 7.5 lakh, a guarantee of parents or guarantor is required.

For loans above Rs 7.5 lakh, some banks may ask for collateral (such as land, house, FD etc.)

Interest rate and repayment method

The loan interest rate for diploma courses usually ranges between 9% to 14%, depending on the bank.

The loan repayment starts 6 months to 1 year after the completion of the course.

The EMI period (Repayment Period) is usually 5 to 7 years.

How to apply for a loan?

Go to your nearest bank branch or apply on the bank's website.

Submit documents like course admission letter, fee structure, identity card, address proof, mark sheet etc.

The bank approves the loan after checking your eligibility and the validity of the institute