Education is extremely expensive these days, especially for people who wish to study abroad. There are a number of prestigious colleges and universities in India or abroad that one can opt for. But the fees charged are very high. Traditional finances are one of the ways to pay the fees but they come with extremely high-interest rate and stringent repayment measures. The best way for a student is to opt for a Study Loans in India. Student loans are ideally for those students who could not get a scholarship to study at the University of their Choice. There are several factors one should be aware of while availing an education loan in India.
A student loan in India is available to Indian citizens who fall between the age group 18 to 35 years. Factors such as academic score, recognition of the university applied for, gross income, credit worthiness of the loan seeker, course fees, and monthly expenditure are taken into consideration while sanctioning the loan. The loan gets disbursed directly to the university account so the student must have confirmed admission in the institute before the disbursement of the loan.
Education loan will not only look after your tuition fees but also other fees like library charges, hostel and mess charges, the cost of books and equipment, maintenance, caution fund/building fund/refundable deposit and cost of passage (for studies abroad), etc. Taking an education loan proves extremely beneficial for the student. Not only does it help them afford their education but also helps them build their credit score over the future. One should read about education loan and the types available before applying to ensure they get the most out of their loan.
Education loan in India for higher studies like MBA, doctorate, engineering or other technical courses etc. are getting increasingly popular among public due to extensive benefits of this loan projected to student and parents by authorized financial bodies through marketing channels. Students wish to seek high salaries at the end of their courses and likely to attain a peak positions in their verticals which make study loans favorable amongst them. Besides by attaining such good position they can repay it comfortably in the end.
Finance companies work hard to ensure students applying for education loan India, pupils are able to fully concentrate on studies and not worry about expenses related to the course, food, travel and accommodation while studying. They offer 100% finance to students and do not require any margin money or down payment. The loan amount also includes additional benefits like discounts for insurance, etiquette training, telecom services, travel assistance and personality development.
Comparison of rates, convenience and reliability are some of the factors that need to be focused on before approaching any particular finance provider. You can ask for a checklist from the loan provider to know about the eligibility criteria and most important terms and conditions of the education loan provided by the lender. The best part of the repayment is that it starts after your higher studies. You also get a relaxation time known as moratorium period under which you can repay the loan six months later of course completion if you get a job or one year later till the time you get a good job offer. So, it gives you ample time to get a part-time job during studies and start saving up in advance.