Students can get a good loan for studying hotel management. If you are also not able to make a career in this field due to lack of money, then this dream will be fulfilled with an education loan.

If you are dreaming of studying a professional course like hotel management, but are worried about the fees, then there is no need to worry now. Banks and finance institutions provide education loan for courses like hotel management, so that you can not only complete your studies, but can also repay it in easy installments after the studies are over.

How much education loan is available?

Many major banks and NBFCs of the country provide education loan ranging from Rs 4 lakh to Rs 25 lakh for hotel management course. You can get this loan for studying both in India and abroad. The loan amount is decided keeping in mind the institute's fees, hostel expenses, books, laptop and other necessary expenses.

What things are important to keep in mind?

To take an education loan, it is important to first see whether your college or university is recognized by UGC/AICTE or not. Apart from this, the student has to get a minimum of 50% marks in class 12th. Some banks process the loan only after admission, while some can give approval even before receiving the admission letter.

What guarantee has to be given?

No guarantee or collateral is usually asked for education loans up to Rs 4 lakh. But if you take a loan of more than this amount, the bank may ask for a guarantor or security. This security can be in the form of your parents' income, property or fixed deposit.

How is the interest rate and EMI decided?

The interest rate of education loan for hotel management course is usually between 8% to 12%. Banks give students the option of not taking any EMI during studies and for 6 to 12 months after that, which is called 'moratorium period'. After this period, the loan EMI starts when the student gets a job. If you want, you can easily repay the EMI in a period of 5 to 15 years.

How to apply?

Application for education loan can be done online or by visiting the bank branch. At the time of application, you have to submit admission letter, mark sheets, Aadhar card, PAN card, fee structure and parents' income certificate.