Want to turn your study dream into reality? Opt for education loan
However, the spiraling costs act as a major hurdle in the way for students to attain higher studies. Parents don't have sufficient finance to pay for the entire studies and thus many aspirants end up compromising on their career. Traditional finance will come at exorbitant interest rates. One of the best ways to tide over the financial situation is to opt for an education loan from reputed private finance company or banks. There are leading lenders out there in the market that offer customized loan solution for aspirants based on their financial requirements and one that fits into the budget.
You can avail loan with interest rate as low as 11-15% with a mere processing fee on it. Private lenders offer an unsecured loan up to Rs 40 lakhs with instant loan sanction with a day or two.
Every company or bank has its own strategy to counter the problems associated with funding the studies. While some companies might require producing margin money to get education loan to get the loan approved, there are others out there who offer 100% education finance at attractive interest rates.
The loan amount would cover your expenses such as 100% tuition and exam fee, hostel and mess charges, funds for purchasing book, laptops or computers and other study materials, travel expenses ( to a certain extent), educational tours, project funding and other expenses related to higher education. Thus, it helps the student to live a financially independent life thereby not place any burden on their family for higher education funding. These finance companies keep you away from repayments hassles as well.
The repayment of your education loan starts after six months to one year of the course completion and it is termed as moratorium period. Experts’ advice students can opt for a part-time job and start repaying the interest rate and it will significantly bring down the education loan costs.
For education loan amount under 5 lakh you don't need any guarantor, however, if it exceeds more than 5 lakh you will be required to have a co-signer someone like your parents, siblings, spouse or caretaker who has to sign the loan for you. They will agree to pay your debt just in case you fail to do so. If your loan exceeds to 7.5 lakh and above you would have to offer collateral security such as residential property (house/flat/apartment), fixed deposits, life insurances with surrender value, or mortgaged property etc. Don’t settle down for your unfulfilled dreams when you can carve your own future path with help of education loans.
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