Education Loan for BSc Nursing

Pursuing a Bachelor of Science in Nursing (BSc Nursing) degree can be a significant financial investment, but it can also lead to a rewarding career in the healthcare industry. To make this investment more accessible, education loans are available to help students finance their education.

An education loan for BSc Nursing can cover tuition fees, books, and other education-related expenses, allowing students to focus on their studies without worrying about financial constraints. This article will provide an overview of the education loan options available for BSc Nursing students, including their features, eligibility criteria, and repayment options. 

These loans can range from INR 50,000 to INR 1 Cr or more, depending on the lender and the student's financial situation. The interest rates on education loans for BSc Nursing in India typically range from 9% to 15%. These loans can be obtained from various sources, including government banks, private banks, and financial institutions. 

The Eligibility Criteria For Education Loan For BSc Nursing In India   

• Indian Citizenship
• Signing up for a full-time Bachelor of Science in Nursing program at a reputable university in India.
• Age: 18-35
• Minimum qualification: Completed undergraduate degree.

A loan that doesn't require collateral can be obtained without security, but a co-signer with specific qualifications is necessary.

• Close relative of student (parent or spouse)
• Good credit score, stable income
• Willing to repay if student defaults
• Provides personal/financial info, proof of income
• Equally responsible for repayment
• Consider loan terms, student's repayment ability before co-signing.

A loan that requires collateral must be secured with assets such as property, deposits, insurance, or bonds. 

Collateral requirement - 

• Immovable property: Flat, Non-agricultural land, House 
• Liquid securities: Fixed deposit, Government bonds, LIC policy 

Value of collateral - 

• Liquid security worth 1.1 times loan amount
• Immovable property collateral worth 1.25 times loan amount.

These loans can range from INR 50,000 to INR 1.5 Cr, depending on the lender and the student's financial situation. The interest rates on education loans for BSc Nursing abroad typically range from 4% to 12%. These loans can be obtained from various sources, including government banks, private banks, and financial institutions.

Eligibility Criteria for Education Loan Abroad in BSc Nursing:

Criteria for obtaining an education loan in India for a Bachelor of Science in Nursing degree program abroad:

• Indian citizenship
• Good credit history
• Meeting the minimum age requirement
• Confirmed admission to a recognized foreign university
• Good academic record
• Stable income or source of repayment income.

Education loans for Bachelor of Science in Nursing programs abroad that do not require collateral come with higher interest rates and must have a co-applicant with specific eligibility criteria.

• They must have a family relationship with the student, such as being a parent or spouse.
• They must have a strong credit history and steady source of income.
• The co-signer will be held responsible for paying back the loan if the student is unable to do so.
• They must supply the lender with their personal and financial details, as well as evidence of their income.
• They may also need to provide a guarantee.
• It's important to note that the co-signer shares the same obligation for repayment of the loan.  

Bachelor of Science in Nursing study abroad loans that demand collateral are called secured loans. The borrower must provide security in the form of valuable assets such as savings or other property. Secured loans generally have lower interest rates compared to unsecured loans, which is a benefit.   

Collateral requirement -

• Immovable property: Flat, Non-agricultural land, House 
• Liquid securities: Fixed deposit, Government bonds, LIC policy(Insurance policies)

Value of collateral - 

• For a secured loan, the value of liquid collateral must be equal to or greater than 1.1 times the loan amount.
• The worth of immovable property collateral must be at least 1.25 times the loan amount.

To apply for an education loan through WeMakeScholars using digital methods, the following steps should be followed:

Step 1: Request a call back on the WeMakeScholars website or fill out the loan form to initiate your loan application.

Step 2: After receiving the call back, provide your loan details to the financial officer.The financial officer will evaluate your profile and create a loan file for you.

Step 3: Acquire the document checklist from your financial officer and arrange your documents according to the checklist.

Step 4: Upload your documents on the WeMakeScholars Document Portal or submit them directly to the bank to start the loan processing from the bank's end.

Step 5: Visit the bank to complete the necessary document formalities.If you are using private banks or NBFCs, you can receive your loan approval letter within 2-4 days of submitting the documents. If you are using a public bank, you can expect to receive it within 15-20 days.

Benefits offered by WeMakeScholars when processing loan applications through them include:

• Free of Charges - The services provided by WeMakeScholars are free and we are funded by the Indian government through the Ministry of IT under the Digital India Campaign.
• Reduced Rate of Interest - WeMakeScholars provides access to reduced interest rates, ranging from a 0.5% to 2% discount, by partnering with various public and private banks in India when obtaining an education loan through us.
• Professional Guidance -  WeMakeScholars provides support to students regarding the loan application process, including document preparation and submission, ensuring students receive the best loan options. Our financial officers also provide regular follow-ups with the lender to track loan processing status, ensuring a smooth and efficient loan process.
• Less Processing time - This is due to our close relationships with banks and NBFCs, allowing us to expedite the loan processing and ensure a smooth and efficient loan experience for students.
• Digitized loan processing - This provides the convenience of applying for a loan without having to visit a bank branch in person, saving time and effort. The process is user-friendly and our financial officers are available to assist with any questions or difficulties throughout the process.   
• End-to-end assistance-  Additionally, a financial officer will provide updates on loan status and keep you informed throughout the entire loan process, ensuring a smooth and stress-free experience.
• Cashback - After loan disbursement, students are eligible for a cashback of up to Rs 3000.

Scholarships are a great way for students to finance their education and pursue their dreams, and this holds true for those interested in a Bachelor of Science in Nursing (BSc Nursing) degree. Scholarships can provide financial support to students, helping them to cover tuition fees, books, and other education-related expenses. By reducing the financial burden of pursuing a BSc Nursing degree, scholarships can allow students to focus on their studies and build a successful career in the healthcare industry. 

There are a variety of scholarships available to students pursuing a BSc Nursing degree, including government-sponsored scholarships, private foundations, and universities. Some scholarships are merit-based, while others are need-based, meaning they are awarded to students based on financial need.And here are some of the scholarships:

• Eamon Molloy Memorial Scholarship 2023
• University of Greenwich Research Studentships And Scholarships 2023
• Donald Munro Armstrong Bursary 2023
• International Student Accommodation Support Scholarship 2023
• International Rocket Award at University of Toledo 2023
• Shandong University Scholarship for International Students 2023
• Washington State University International Academic Award 2023
• Robert Goddard Scholarship 2023
• CU Group Undergraduate Scholarship 2023
• International Development Full Fees Scholarship at University of East Anglia 2023