The rising competition in our country has opened new doors for students. There are a lot of study programs and courses emerging in the education sector as a result of the importance of education. There are two sides to every coin. Similarly, with the growth in competition, the cost of education has also taken an upward leap. For a student belonging to a middle class or a lower middle class family, pursuing higher studies is next to impossible just by the means of his parent’s regular savings. This is where a student loan comes handy. There are no two ways about the fact that the government has always introduced schemes for funding the education of needy talents across the country. However, the Indian financial market has been gradually improving with more and more private finance companies emerging to lend loans for students. You can compare and calculate these loans by the means of online tools, one of which includes an education loan calculator India.
Availing education loans have become comparatively easy these days. A potential borrower can visit the relevant banking website to know more about loans that suit his/her requirements. To find the best education loan, you will have to conduct a thorough research about the topic. Try and find out what are the current market trends regarding education loans. A few factors that need to be considered before availing an education loan include, interest rates, repayment tenure, amount to be borrowed, credit history. Best Education Loan In India should help you calculate interest rates from any city across the country. The repayment tenure is the time given by the lender within which the borrower has to return the debt with the said interest rate. Longer the repayment tenure, better are the chances for the borrower to save and accumulate money for the same. Take a look at your credit history before you think of applying for any kind of a loan. Higher the CIBIL score, more are your chances of obtaining the loan with a much cheaper interest rate. If you have a low CIBIL score, it might affect your chances of getting a loan. Lenders are likely to charge a high rate of interest to borrowers with a bad CIBIL history.
Education loans are availed for students and it is quite understood that students do not have a steady source of income. Thus, they require a guarantor while availing an education loan. A guarantor or a co-borrower helps increase your chances to qualify for a loan. A co-applicant can be the student’s spouse, siblings, parents or guardian.Co-applicants are essential in case of availing student loans, so that the lender has adequate number of people to look for in case the borrower doesn’t show up or fails to repay the funds within the repayment tenure. There is not just one tool (education loan calculator India) but a lot of other similar tools over the internet that will help you in figuring out how much interest you will have to pay on a certain amount for certain months within the given number of years.