Educational Loan: Helps You To Create A Ladder Of Opportunity.
Quality education is a must in today’s life. For many, it’s equivalent to graduating from a top tier institute. However we all know that the cost of education is increasing day by day; in fact, the cost of education in foreign institutes is already quite high. Keeping this in mind, parents try to support their children but despite this, one may encounter a shortage of funds.
Here comes the Educational Loan which plays a vital role in such scenarios and helps to bridge the gap between the shortfall and the required amount. The loan covers the tuition fees of your colleges, accommodation cost, exam fees and other miscellaneous charges that you may encounter while completing your educational course. With opportunities growing across the globe, many Indian students are aspiring to study in popular destinations like in India, USA, UK, New Zealand, Australia, France, and Ireland.
The maximum amount offered for an Education Loans in India varies a lot from one lender to another. The loan can be taken for graduation or for post-graduation in the field of engineering, management, medical, hotel management, architecture etc. So, the loan can be very crucial in framing the career of a student. The lender provides education loans which aim to finance students who choose to pursue higher studies in India or abroad.
There are many Public, Private and Non- Banking Financial Institutions that offer customized education loans at over 1000’s of universities across the world. When it comes to customized loan solutions, they offer various features such as pre-visa disbursement loans, pre-admission loans, certificate of availability of funds and fast track loans. In order to avail an education loan to study abroad the borrower needs to submit their KYC documents, course fee, academic history, a letter of admission from the institute declaring secured admission, collateral documents and details of examination scores like GRE/GMAT/SAT to the financial institutions. Most of the lenders ask for collateral if the loan amount is bigger. There will be a co-applicant to ensure that in case if you are not able to repay the loan amount, there must be someone who will take care of it.
Finance Pundits suggest that before opting for an education loan, one must compare online regarding different interest rates, repayment period, documents required, processing fee, minimum loan amount and time taken to disburse the amount. The lender directly transfers the loan amount to the institution account. Generally, the minimal loan amount sanctioned for study in abroad is INR 1, 00,000; however, the maximum limit varies in accordance with the borrowers’ needs.
Before applying for an Educational Loan you need to check some factors like: loan amount eligibility, institution that can provide you loan with zero margin. Apart from this, always compare the interest rate offered by varied banks and Non-Banking Financial Institutions. You should also check the repayment options and types, what kind of flexibility they can offer; in order for you to maintain a good credit score. So, the best form of financial assistance towards your education is to avail a study loan that can act as a stepping stone in your career.
Hope this information gave you an overview on educational loan and if you are still looking for more info, you can compare and check online on various parameters.
