Education loans by NBFCs v/s banks
NBFCs give higher amounts since it is the only line of business for them unlike banks, which have several other products
)
Largely it is the public sector banks that are active in the education loan space since they have a bigger network. But there are couple of non-banking finance companies which you can consider. Avanse, which is a subsidiary of DHFL and Credila, which is a subsidiary of HDFC Ltd.
Easier to get
NBFCs have easier terms and conditions than banks and will give loans even if you are applying for an off-beat course like music or photography. A PSU bank may not because it will look at the job prospects after completition of the course.
NBFCs also give higher amounts since it is the only line of business for them unlike banks which have several other products.
Better service, hand-holding
For the same reason NBFCs offer better service and give value-added services such as help with visa or counselling, especially for students going for foreign studies. These services may not be offered by banks.
Easier to get
NBFCs have easier terms and conditions than banks and will give loans even if you are applying for an off-beat course like music or photography. A PSU bank may not because it will look at the job prospects after completition of the course.
Higher amounts
NBFCs also give higher amounts since it is the only line of business for them unlike banks which have several other products.
Better service, hand-holding
For the same reason NBFCs offer better service and give value-added services such as help with visa or counselling, especially for students going for foreign studies. These services may not be offered by banks.
More From This Section
Don't miss the most important news and views of the day. Get them on our Telegram channel
First Published: Jul 22 2015 | 3:52 PM IST