Choose right finance to study in India

Those students who aim for higher studies don’t need to struggle for the finances as there are banks and non-banking institutions that are offering education loans across India. Study in India covers the entire professional, certificate and vocational courses. The universities in India have been offering various courses in arts, science, commerce and literature.

There have been advancements in the field of education since the last two decades. India has become a hub of the educational universities and colleges which offers different types of courses. There are students from the foreign countries to come to study in India due to a lot of reasons. The education in India is comparatively cheaper as compared to other foreign countries.

The prices of education are so high that the parents cannot afford paying the fees with the meager savings. So Education Loan in India is a perfect solution for the students who want to pursue higher studies with financial support. The most important thing is that study loans are given at affordable as well as cheaper terms and conditions. Hence, the study loan is the best option to sponsor to Study in India as well as abroad studies. For study in India loans are given by various banks and nonbanking institutions across India. These education loan cover up all the tuitions fees, laboratory fees, library fees and the expenses of the equipment that are required to complete the courses.The caution deposits, refundable deposits and institution bills and receipts will be covered. Any person from the family could be a guarantor. The study in loans is designed with 100% coverage cost of education which makes it easier for the student to get a loan sanctioned easily.

The minimum loan for Study in India given by the lending institutions is of 1 lakh and there is no margin for the higher limit as they are aware of rising costs of education. The amount of the education loan will be disbursed in the account in Indian currency.  The tuition and the hostel fees are directly paid to the institutions as per the date they are scheduled to. While applying for loan the banks or private finance firms verify the course term, and determine the cost of the entire course, as applicable at that point of time. Once you take the admission after that each year, the applicant is required to submit a form available from the bank  or private finance firm that gives the details of the money required, and then the next installment is directly disbursed to the college/institute. If air fare is covered the amount is given directly to the airlines.

As there is digitalization in every possible field the banking and non-bankinginstitutions have been providing loans to the students online. Where you just have to visit the website of the lending institutions fill in the necessary details, attach the required attested copies. Wait for the customer care executive to call you or visit you. They will explain you the details about the study in India with the help of an education loan.  These banking and non-bankinginstitutions also provide counseling to the students from the experts to clear the doubts and also make them aware of the best field for them.  The loan amount is provided to you by DD: demand draft, cheque and is also disbursed directly into the account.

Choose the best education loan in India for higher studies

The majority of parents wish to provide best of the education for their kids both in India and abroad. It has become a necessity to seek a quality education if you wish to stay ahead in the competition. But due to the creeping costs of higher studies and inflation, it is almost impossible to meet the ever increasing demand of finances with the handful of savings they have. They would either plan to borrow from friends/relatives or approach a traditional finance. But traditional financiers are a way too costly and offer finances at extremely higher interest rates. Therefore, the best way to finance your studies would be taking a study loan.

Many banks and finance companies have come up with the best education loan in India to offer financial aid to the deserving candidates.  Due to the rising costs of education, it has become a necessity to take a loan from a bank or financial firms to meet the course fees and other related expenditure.

Any student who has the required academic qualification as per bank/finance firm but cannot pursue further studies due to financial hurdles can avail student loans. Besides, there are also many aspiring working professionals who need finance to pursue professional degrees in life ahead. These institutions and banks also give loan for such deserving candidates.

A candidate can avail Rs 4 lakhs without any collateral security, only the students and the parents have to sign the documents and no collateral are necessary. If your loan amount is between 4 to 7.5 lakhs, you’ll require third party guarantor. While for loan above 7.5 lakhs, there would be collateral securities in the form of residential property (house/flat/apartment), Fixed Deposits, Life Insurance with surrender value equivalent to the loan amount, Existing house mortgaged and Non-agricultural land can be considered.

While choosing best education loan in India parents are often worried about the loan amount that they can avail. The good part is there are some leading finance firms who offer 100% loan amount for deserving candidate. With proper documentation, the loan could be sanctioned and disbursed to your bank account with as minimum as 4 working days. The rates are kept as low as 12.75% with a mere processing fee of just 1-2% on the loan amount on a case-to-case basis.

 

For repayment, a window of 5 to 10 years is given to candidates. Also, a provision of grace period of one year (or six months) after the completion of studies is offered known as moratorium period. Experts advise, students should life a sedentary lifestyle or opt for a part-time job so that they accumulate corpus to pay towards the EMIs. This will lighten the burden on clearing offer their debt.

In today’s time, you don’t have to face hardships compared to traditional financiers. Finance companies are willing to ensure that students get the best help to avail the loan. They are able to concentrate on studies and not worry about the expense, loan disbursement, and other loan relation issues. They offer 100% finances to students who wish to study in India or abroad and don’t require any margin money to be paid to avail the loan. Your Best Education Loan In India amount includes various benefits like discounts on traveling insurance, training session, telecommunication facilities, personality development, etc.

Importance of education loan

The education scenario has changed since past two decades radically.  More and more students are now aiming for higher education in home land as well as foreign country. Education has become one of the most important investments made by the parents and the students. Education loans have proven to be successful in providing financial aid to the students. Education loan India help students achieve their dreams. There are various education institutes in India that offer a variety of courses like art, literature, science, technology and engineering and so on. The cost of education has been rising constantly hence, it becomes impossible to finance the education entirely on the salary or the saving of the person. Borrowing from friends and family is against self-respect. Thought there are a lot of personal finances and traditional finances available the rate of interest charges by them is exorbitantly high.

Education loans or study loans particularly cover the cost of education, the materials that are required to complete the course and the related expenses. Education Loan India is given by various banking and non banking institutions at a lower interest rate of around 12.75 % with a mere processing fee of 1-2 % of the loan amount.  The study loans cover all the expenses like the course fee, library fee, the dorm charges, accommodation charges, traveling expenses up to some extent, and living expenses which is something similar to the pocket money.

Features of the best education loan India :

  • The rate of interest at which the loan is availed from the bank is one of the important thing you should consider while taking up the education loan. The rate of interest is determined by three factors 1) the amount of the loan 2) the tenure of the loan 3) the education institute you are applying in. Each bank or finance company has a different eligibility criteriawhile availing the loan and also the rate of interest.
  • Every bank/finance firm has a different criteria for repayment. Collateral security is required if the loan amount exceeds 7.5 lakhs. Third party guarantor is required if the loan amount is between 4 -7.5 lakh. However, the collateral security should be of the same value as the loan amount. Education loan in India is a boon for the students as there is flexibility in the repayment options of the loan. Which make the study loans affordable and easier for the students.
  • Carefully analyze the costs that are covered in the loan amount. The loan amount should not be too much so it is not a burden for the student. The loan amount should include all the related expenses that are required to complete the course.

Always compare these loans on online comparing website so that you don’t end up paying for a loan. Go for a loan which has lesser interest rate and offers flexibility in the repayment options of the study loan. Education loan India are therefore a key to a successful career ahead. The education loan has thus paved a way for a lot of students who aim for higher education.

 

Features of Study Loan in India

Getting an education loan is a necessity for taking up higher education. Increasing fees of the courses and the raising inflation has made it possible to pay education cost entirely on the savings and income of an individual. Hence, study loans in India particularly focuses on the needs of education like the course fees, the library fees, the traveling expenses, accommodation charges, hostel charges , living charges upto some extent which is equal to pocket money. Education loan is not only for poor and meritorious kids but it is also taken by middle class and students for upper middle class families.

Study loans in India are given by various banking and non-banking financial institutions. The study loans are given at a lower interest rate of 12.75 % with a mere processing fee of 1-2 % of the loan amount. These loans given by various banking and non-banking financial institutions are boon for the students who dream of pursuing higher education in a good college. There is an increase in the number of study loan in India over the past two decades. The study loans given in India are more affordable than the self-finances and the personal loans due to the flexibility in the interest rates, the tenure for the repayment of the loan and the moratorium period which is the salient feature of these education loans.

Features of Study loans in India:

  • Interest rate will be charged as per the base interest rate of the particular bank or the financial institutions. Interest will be applicable till the duration of course and the commencement of the repayment of the loan. Women candidates also get concessions on the Study loan in India.
  • You can apply for Study loans in India, after receiving the confirmation of admission from the college, the bank or the financial institution will send an acknowledgment number. You can also apply online for the loan by just going on the website, filling in the required information. Uploading the scanned copies of the mark sheets and the required documents.
  • Repayment of the loan will be after completion of the course or after 6 months of getting a steady job. The student can also take up a part time job and save money. Usually at the start of the career the salary is meager hence, the banks provide the stepping EMI facility. The stepping EMI facility makes the EMIs smooth and burdens less. The equated monthly installment will be low generally during the start but will go on increasing eventually.
  • Usually parents are the joint borrowers, but incase if the candidate is married then the spouse will be the joint borrower of the study loan.
  • Top up loans are available if the candidate decides to take up further studies during the interval of course. The repayment of the study loan will be available after the completion of the study.

Before availing Study Loans In India always check for the available options so that you avail for a studyloan with a lower interest rate and the loan offers flexibility in the repayment options.

 

 

 

How to get an education loan in India

Over the years, education has become absurdly expensive. As a parent, you want your children to have the best education possible, but that is often beyond your immediate means. Professional courses, such as engineering or medical, can set you back by Rs 5-10 lakh a year. And if you want your children to study abroad, it’s even more costly.

Educational Loan In India are one way to fund their education, and are a great investment in their future. Most banks offer attractive education loans. You can get an education loan for a variety of courses, be it graduate or under-graduate or professional or vocational. So what do you need to keep in mind while seeking an education loan?

Loan application process

To get a loan, you will first need to get your documentation in order. Here’s what you will need:

Proof of admission and break-up of costs

Academic records

Identify and address proof

Income documents

You will have to submit these along with a completed application form to the bank.

Quantum and disbursement of loan

For loans up to a certain amount (between Rs 4-8 lakh), banks won’t ask for collateral. For loans above that, you will need to provide security.

Banks usually will lend up to Rs 10 lakh for studies in India and double that for studies abroad. These, of course, differ from bank to bank. So check with several banks before choosing one

The loans are usually disbursed directly to the institution, and you will need to submit a fee request letter from the college.

If the loan is for studies abroad, most banks will insist on insurance, which will add to your cost.

You will have to bear some of the expenses (‘margin’ as banks call them) – 5% for studies in India and 15% abroad

Banks can take anywhere from a week to three weeks to sanction a loan.

Eligibility for loan

Students can’t apply for a loan on their own. They can do so only if the guarantor is a parent, sibling or spouse.

Typically, banks allow repayment of education loans six months to a year after the student has completed studies. The loan is repaid in equated monthly instalments.

In case of default, the student and the guarantor are both held responsible, and their credit history will take a beating.

Loan for approved institutes

You will get loan only for studies in a recognized institution. Check with the bank if the institution your child wants to apply to is recognized.

The quality of the institution and the bank’s confidence in the student’s ability to land a job after completing studies also plays a part in successfully securing the loan.

Interest and tax benefit

Interest on education loans: At present, banks charge between 11 per cent and 15 percent. This depends on the type of institution the student has joined as well as the loan amount. Some banks may offer better interest rates to:

Studies in world-class institutions

Outstanding students

Female students

You can get a tax rebate under section 80E for interest paid on education loans.

Getting an education loan, especially if you have a good credit score, ready documents and admission to a good institute, is easy. But to get the best deal compare offers and terms and conditions from different banks before signing on the dotted line.

Source: http://bit.ly/2qjJSh3

Features of Education loan for abroad

With the recent advancements in the fields of education the cost of pursuing higher studies has been increasing every year. Higher education can be funded through using family savings, borrowing from friends and family, taking up a loan from the traditional finances. But it is always better to take an education loan for higher education as it particularly concentrates on the costs of education and the requirements of the materials to complete the course. In case of abroad studies, education loans are provided by the banks and the non-banking financial institutions.

The education loans are given at a lower interest rate of 12.75 % with a nominal processing fee of 1-2 %. This makes Education Loans more feasible and affordable than other sources of funding the education. By taking education loan you can reduce the financial burden off your parents considerably. Also students get a chance to take up their own financial responsibility.  You get tax benefit under the section of 80 E Act of income tax of India.

Benefits of educational loan given by the banks and the non-banking financial institution:

An education loan will cover up financial costs for pursuing studies such as cover tuition fees, library fees, living costs, traveling and dorm charges.

Education loans have high flexibility in the repayment options that is you can opt for easy EMIs, moratorium period. There is no bulk payment which makes it more affordable.

Taking up a study loan will help you retain your family savings which can be helpful in the time of contingencies and calamities.

Timely repayment of the education loan will help you build up a good credit history. A positive credit history and it will help you avail loans in the future for setting up a business. You can avail a loan at attractive rates.

When you avail for an education loan you get attractive tax benefits. The whole interest amount has tax exemption without any upper limit. This feature is surely not to be missed.

When a student’s takes an education loan he or she values education even more. It helps him or her take a mature first step in taking up a financial responsibility.  This will inculcate the value of money and the student will take up his loan seriously.

When you are taking up an education loan see to it that you take up grants, scholarships which are giving by the government of the host countries. You can also look up for a part time job this will help you reduce the burden off the loan considerably. By doing such you reduce the principal loan amount which you don’t have to repay. Before taking up a loan you should compare those online on the comparing websites. And apply for a loan that best suits you and your needs. You can even check the details about the loans by simply visiting the website. It better to compare loans in terms of interest rates, benefits, repayment strategies, processing fees and other tenure to clear of the debt.

 

How to maximize the benefits of your educational loans?

A study loan is taken by a student to pay for higher education. It is the most feasible method to fund higher education as there is a hike in the costs of education every year. There has been a significant increase in the amount of study loan in India since 2005. An education loans provides financial assistance to students by financing the expenses incurred for admission in a reputed university or educational institute. Study loans in India not only covers college fees, course fees but also covers a lot of expenses like library fees, traveling expenses  and dormitory charges. Unlike other loan education loans provide too much flexibility in the repayment options. There is a holiday period or moratorium period offered by the banks and the NBFCs. It means that the borrower can wait for the repayment till one year after the completion of the course or for six months after securing a job. This provision allows the student to settle down financially.

For availing a Educational Loan in India you need to have a confirmation letter from your university or college. Also you need to have the secondary certificate, and other educational certificates. Depending on the loan amount the bank or the financial institution will ask you for the collateral security.  Education loans have high eligibility guidelines, simple documenting and has a very quick processing which makes study loans more popular amongst the students.

When you apply for a study loans in India it not only covers your educational expenses but you also get tax benefits which reduces the overall cost of the loan.  Apart from loan amount the banks and the NBFCs offer special incentives and scholarships to the students  which are beneficial for the borrowers. Some banks and the nonbanking financial institutions provide special concession to female students and minority students.

How can you maximize the benefits of the education loan?

As an education loan borrower you need to do detailed market research so that you get the best study loan with lowest interest rate and flexible repayment options.

 Make a total cost of the loan that is required to complete the course which includes every single minor and major expenses of the education. Course fee , library fee, a new laptops , books , study and research material, project fees etc.

Decide the mode of repayment. Whether you want to opt for EMI, holiday period or moratorium period.

Do a proper research on study loans in India offered by various banks and the financial institutions. While sanctioning any loan these banks and the NBFCs have certain parameters at which the loans are availed.  Go for the education loan which offers a good amount at a lower interest rate and is also offers good flexibility in repaying. Take into consideration the expenses that will be covered by the loan amount.

An education loan is the key to make your dreams turn into reality. Hence, it is necessary to make the most of the loan.

Source: http://educationloanforstudents.weebly.com/home/how-to-maximize-the-benefits-of-your-educational-loans