Nursing Education loans are the most cost-effective way to further your education without jeopardizing your financial situation. This has resulted in an increase in the availability of financial aid programs designed specifically for nursing students at all levels of education. While grants and scholarships can be helpful, education loans are still the foundation of every student’s college fund.
Nursing students have an advantage in many ways when it comes to obtaining low-interest student loans. Because of the high demand for qualified nurses, a variety of low-cost loans have been developed to meet the educational needs and career goals of students entering the healthcare profession.
Furthermore, many state governments offer loan forgiveness programs that allow licensed nursing professionals to repay their nursing school loans if they agree to work in designated critical need facilities or communities.
Check out all of the information about education loans, including eligibility, required documents, the application process, interest rates from popular banks, and dos and don’ts when applying for loans, right here.
Types of Education Nursing Education Loans
Domestic Nursing Education Loan
This loan type is available to students who want to study in India. Only if the applicant is accepted into an Indian educational institution and meets all other lender criteria will the loan be approved.
Overseas Nursing Education Loan
Such loans assist students in realizing their dream of pursuing their desired course of study at a foreign institution. Only students who meet the eligibility criteria are eligible for the loan, which covers airfare, lodging, and tuition.
Nursing Loan Based on Course
- Undergraduate Nursing Education Loans
This type of education loan is available to students in order to provide financial assistance so that they can complete their undergraduate degrees. An undergraduate degree is typically a three to four-year course with a variety of specializations. Individuals with an undergraduate degree are more likely to land a good job and begin earning money.
- Postgraduate Nursing Education Loans
Many undergraduates want to continue their education with a postgraduate course, which is typically a two-year course in India. An advanced degree is required to gain more in-depth knowledge in the field of interest.
- Career Development Education Loans
Many professionals who have worked in corporate jobs for a few years prefer to take a break and pursue professional courses and training in order to improve their employment prospects. Such people would work hard to gain admission to prestigious business and technical schools in order to hone their skills and advance in their careers.
Loan Based on Collateral
- Loan Against Property, Deposits, and Securities
To obtain the necessary financing for education, you can pledge immovable assets such as agricultural land, residential land, flats, house, and others, fixed deposit certificates, recurring deposits, gold deposits, bonds, debentures, and equity shares.
- Third-Party Guarantee
A guarantee letter from a bank employee or a home bank can assist the student in obtaining an education loan.
Eligibility For Nursing Education Loan:
Banks will also take into account the institution you have chosen to further your education. They will not lend money to any university or course. When granting you a loan, the bank must ensure that you will be able to complete your course and find a good job. Most banks have a list of reputable and pre-approved universities on their website.
- Admission/invitation from a university to a degree/diploma course at an approved university/college.
- For an undergraduate course, you must have completed 10+2 (12th grade) and a degree for a postgraduate course.
- Colleges/universities accredited by the UGC/Govt./AICTE/AIBMS/CMR offered approved courses leading to graduate/post-graduate degrees and post-graduate diplomas.
- If the course is pursued in India, a degree/diploma in nursing or any other discipline approved by the Director General of the Indian Nursing Council or any other regulatory body is required.
Documents required for an Nursing Educational Loan
Students seeking a loan for in-country studies can submit the following documents.
- Duly-filled application form.
- 2 passport size photographs.
- Graduation, Secondary School Certificate, or High School Certificate or mark sheets
- KYC documents that include ID, address, and age proof.
- Signature Proof
- Income Proof of parents or guardian
- If collateral is required, documentation for Immovable property, FDs, etc.
Study Loan Repayment System
After completing the course, some lenders offer a 6-month grace period to find a suitable job and begin the repayment process. This grace period may differ depending on the lender. If you find work within this time frame, you may begin the repayment process in the form of EMIs.
You can contact the bank officials, and the bank officials will recommend an EMI based on your monthly income. If you agree with this proposal, you can begin making monthly payments. Otherwise, you can haggle over the price. In any case, the maximum repayment period is generally eight years.
Features and Benefits Of Nursing Education Loan
- International students can borrow up to Rs.1 crore, while domestic students can borrow up to Rs.50 lakh.
- For certain conditions, 100 percent financing is available.
- Other expenses, such as student exchange travel and a laptop, are covered by the funding.
- For international transfers, preferential forex rates may be available.
- After six months of completion of the course, the loan repayment period can be extended to 12 years.
- The education loan should be co-signed by both parents.
Top Nursing Education Loan Rates In India 2021
|Bank Name||Interest Rate (% p.a.)|
|Bank of Baroda||6.75|
|Union Bank of India||6.80|
|Central Bank of India||6.85|
|Bank of India||6.85|
|State Bank of India||6.85|
|Punjab National Bank||6.90|
|Bank of Maharashtra||7.05|
|Indian Overseas Bank||7.25|
|Karur Vysya Bank||10.75|