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How to Avail an Education Loan for BSc Nursing
In this competitive world, investing in quality education is the only way to invest in your future. However, as important as education is, the expenses associated with it are extremely high and unmanageable for many. If you are studying BSc nursing, an education loan for BSc nursing can help you fund your dreams without struggling. It is your best option to continue your education without endangering your finances.
If you are wondering, 'can we get education loan for BSc nursing?', the answer is yes. However, the procedure to apply for an education loan for BSc nursing in India can be complex and full of paperwork. From eligibility to features, here is everything you must know when applying for an education loan in India.
Education Loan for BSc Nursing in India
The availability of financial aid programs created especially for nursing students at all educational levels has increased recently. Even while grants and scholarships have their uses, education loans remain the main source of funding for each student's educational expenses. Due to the increased need for trained nursing professionals, a range of affordable loans have been created to fulfill the educational requirements and professional aspirations of students pursuing careers in healthcare.
The loan amount for BSc nursing varies, according to the lender and the student's financial situation, ranging from INR 50,000 to INR 1 Cr or more. In India, school loans for Bachelor of Science in Nursing usually have interest rates between 9% and 15%. Financial institutions, commercial banks, and government banks are some of the places from which these loans might be acquired.
Eligibility Criteria
- An applicant must be an Indian citizen
- Signing up for a full-time Bachelor of Science in Nursing degree at a respected Indian university
- Age: 18-35
- Minimum Qualification: Completed undergraduate degree
Education Loan for BSC Nursing in Abroad
The loan amount for BSc nursing abroad varies from INR 50,000 to INR 1.5 Cr, based on the lender. Education loans for BSc Nursing students studying abroad usually have interest rates between 4% and 12%. Financial institutions, commercial banks, and government banks are some of the places from which these loans might be acquired.
Eligibility Criteria
- Indian citizenship
- Good credit history
- Confirmed admission to a respected overseas university
- Good academic record
- Stable revenue or a source of repaying income
- Age: 18-35
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Education Loan for BSc Nursing Documents Required
In order to apply for an education loan, you must fill certain sets of both educational and personal documents. For an unsecured education loan, the standard required documents include:
Application form
To apply for an education loan, complete and submit a loan application form, together with the applicant's signature and two pictures, as stipulated by the loan officer.
Student Documents
- ID proof such as Aadhar and PAN
- University admission letter
- Utility bills (e.g., electricity or property tax)
- Academic records (10th, 12th, and degree).
- Competitive exam scores (IELTS, TOEFL, and GRE)
- Gap certificate (where applicable)
- Work experience letter (if relevant)
Co-applicant Documents
In addition to identification documents, various financial documents are also required as part of the loan application procedure. These include:
If Salaried
- Latest 3 months salary slips
- 6 months bank statement
- Company ID
- Form 16 of the last 2 years
- ITRs of the last 2 years
If Self Employed
- ITRs of last 3 years
- 6 months bank statement
- Balance sheet and P&L account (last 3 years)
- Proof of Business address
Additional Documents
- A letter of responsibility from the co-applicant, in the format requested by the loan officer, indicating their willingness to pay for expenses not covered by the loan.
- Bank statements for both the co-applicant and the student must be confirmed.
- An invoice for the loan amount, including expenses for travel and a laptop.
- Receipts as proof of prior payments.
- Statements of outstanding loans from the previous year.
- An explanation letter for any anomalies, including a sample on Rs. 100 stamp paper.
- An explanation letter for the absence of a co-applicant (if appropriate) and a completed tax return.
Eligibility For Nursing Education Loan
Banks will also consider the university you have selected to continue your education at. The lender won't sanction the loan to an unregistered college or program. The bank must be certain that you will be able to finish your degree and find employment before offering you a loan. On their websites, the majority of banks mention credible universities that have been pre-approved.
- Admission to or an invitation from a university to a course leading to a degree at an authorized college or university.
- You need a degree for a postgraduate course and completion of 10+2 (12th grade) for an undergraduate course.
- Universities and colleges with UGC, Govt., AICTE, AIBMS, and CMR accreditation provided recognized courses that may be used to earn graduate or postgraduate degrees as well as postgraduate diplomas.
- A degree or diploma in nursing or any other associated discipline approved by the Director General of the Indian Nursing Council or any other regulatory authority is necessary if the course is pursued in India.
Study Loan Repayment System
Some lenders provide a 6-month grace period after the course completion to help borrowers find suitable employment and start the repayment procedure. Depending on the lender, this grace period could be different. You can start the repayment process using EMIs if you find employment within this time limit.
If you get in touch with the bank representatives, they would suggest an EMI based on your monthly salary. In the event that you accept this offer, you can start making monthly payments. If not, you can bargain over the cost. In any event, eight years is usually the maximum repayment time.
Benefits of Education Loan for Nursing
The ability of prospective BSc Nursing students to pursue their academic goals unhindered by financial restraints is greatly facilitated by education loans. The following are the main advantages of student loans for BSc Nursing:
- Easy Education Financing: You can finance your nursing school affordably without compromising your financial security by taking out student loans.
- Flexible Loan Amounts: Depending on their educational demands, students can borrow different amounts from lenders. Some give up to Rs. 50 lakh for domestic students and up to Rs. 1 crore for international students.
- Extensive Coverage: To guarantee that all facets of education are financially supported, education loans cover not only tuition but also other costs like computers, travel for study abroad programs, and more.
- Extended Repayment Period: Students usually get a six-month grace period following course completion before beginning the repayment process. This grace period can be extended for a maximum of twelve years, giving them more flexibility in how they manage loan repayments.
BSc Nursing Salaries in Different Countries
Nurses play a key role in worldwide healthcare systems, providing vital care and support. The pay of BSc Nursing experts varies greatly between nations due to factors such as demand, cost of living, and healthcare policies.
India
In India, the nursing profession is very important, and nurses are essential to the provision of healthcare. In India, the pay scale for BSc Nursing professionals is dependent on many aspects, such as employer type, geography, and experience. In India, a professional with a Bachelor of Science in Nursing typically earns INR 2.6 lakh annually.
United States
Nurses in the United States may expect to earn between $81,220 and $1 lakh per year on average. Travel nursing in the United States is popular because of good compensation and flexibility.
Canada
In Canada, BSc Nursing professionals earn approximately $70k - $93 CAD per annum, which accounts for 4.75 lakh Bsc nursing salary in Canada per month in Indian rupees. The country provides a competitive salary for nurses.
Australia
Australia offers an average salary of $35 to $45 per hr Registered Nurses, which accounts for 6 lakh Bsc nursing salary in Australia per month in Indian rupees. The country provides good opportunities for nursing professionals.
Dubai
Nurses in Dubai earn salaries ranging from 7,500 AED per month, which accounts for 1.70 lakh Bsc nursing salary in Dubai per month in Indian rupees. When converted to Indian Rupees, this amounts to approximately INR 10,500 to INR 33,200.
Fund Your Dream of BSc Nursing with Propelld
We at Propelld understand the value of education and are aware of all the hurdles you, as a student, face in your journey. That is why we offer tailored finance solutions that help you get the education loan for BSc nursing quickly and easily. We are committed to helping you successfully apply for a loan. We also offer you:
- Super Easy Loan Process: Our super easy and all-digital process guarantees a satisfactory experience. We take the hassle of documentation and application away so that you can focus on your study.
- Moratorium: We make the repayment easier by giving you the convenience of paying in smaller EMIs.
- Income Share Agreement: You don't have to pay anything until you find a suitable job for you.
Final Takeaways
Pursuing a BSc in nursing can be a very gratifying and satisfying career decision. However, many students may find the financial element to be a source of stress. Education loans offer a practical way to pay for your studies and reach your nursing career objectives. Making an informed choice requires having a thorough understanding of the many loan alternatives available, the terms of repayment, and interest rates.
On this journey, Propelld ensures that your financial goals don't get in the way of your academic goals by offering affordable interest rates. We also make it helpful by offering flexible repayment alternatives and speedy approval processes. You won't have to worry about paying for your education with Propelld, allowing you to concentrate on your coursework and future profession.
