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.