How the education loans in India have changed over the years
Education is must to not only succeed in life but also in order to become a better human being. Thus, today’s youth always strives to obtain the best form of education available. However, there are many meritorious students who are unable to obtain a quality education from a premium institution due to the sky-rocking fees. But now they can rest be assured, as they are many banks and NBFCs (non-banking financial institutions) that have started offering education loans in India for students to pursue higher education. The interest rates offered by these new-age financial institutions are way lower than the ones given out by traditional financiers and loan sharks. There are also a discount of 0.5% on interest rates provided for women and meritorious students in India. However, the education loans in India, as we know them have changed greatly over the past few years and the reason can be attributed to the growth in the technological and digital sector. These changes are here as follows:
- Quotations: In the earlier days, we would have to make a number of visits to banks and NBFCs (non-banking financial companies) in order to inquire and get quotes. This would prove to be way more time and energy consuming in comparison to the new-age methods. Thanks to the easy access to internet and availability of electronic devices, people can obtain quotes from the comfort of their home or office. This electronic device can be any of your laptop, computer, tablet, etc. Thus, obtaining quotes for Study Loan in India has become a lot easier today, in comparison to the past.
- EMIs: The repayment pattern of the education loans is the best thing about them; it is done in the flexible form of EMIs (equated monthly installments). These EMIs are calculated on the basis of the principal borrowed amount, interest rates charged and the repayment tenure opted by you. Unlike the earlier times, when you would have to make numerous visits to the financial institutions to obtain and understand them; now you can simply visit their online websites. Almost, all the financial institutions providing education loans in India have started offering their services online.
- Comparison: Even the way you compare the education loans has changed over the years. Earlier the people would have to physically exhaust themselves by visiting financial institutions and asking other people about the various education loans available in the market. However, now all they have to do is make use of the EMI calculators on the online websites or visit the aggregator sites. The students can even read reviews on the social media sites and find the best one for them.
Loan repayment and documents: There are a number of online gateways through which you can repay the loan amount. Thus, you are saved from going through the hassles of traditional payment methods. Also, compiling the documents physically is a cumbersome task in itself; however, you can simply make use of the digital means and save yourself from the task of keeping the documents safe.
