Educational fees and other costs related to pursuing higher studies have increased greatly in recent years. Thus, many meritorious students are unable to accumulate the required funds to obtain education in the field of their choice. Even the parents are finding it difficult to support their child’s educational dreams; even after exhausting their life savings. However, now they can put all of their worries to rest by simply opting for educational loans.
In recent days, there are a plethora of new-age financial institutions that provide study loans at way lower interest rates than the ones given out by traditional financiers and loan sharks. Other than that, let us understand the different ways in which a study loan is helping students to fulfill their educational dreams, and a few of them are here as follows:
An education loan takes care of a number of different study-related expenses such as costs of college fees, tuitions fees, living expenses, travel expenses, etc. Further, educational loans even cover the other miscellaneous expenses that the students incur while pursuing higher studies from a premium institution.
There are also a number of other discounts on interest rates and processing fees provided for the women applicants and meritorious students by the financial institutions. Many-a-time, the banks and NBFCs (non-banking financial companies) even offer special discounts on their interest rates during special occasions such as children’s day. Therefore, make sure that you always check social media platforms such as Facebook, Twitter, etc.
The best way in which educational loans are helping the students is that they help them to self-finance their study-related expenses. Therefore, now they can cover their educational expenses without having to rely on anyone else for financial assistance.
The repayment of an education loan is done in the flexible form of EMIs (equated monthly installments) over a period of time. Therefore, you can easily plan out and repay all of your debts without any form of hassles. The financial institutions calculate your installments on the basis of the principal amount, interest rates and the repayment tenure.
Further, the new-age banks and NBFCs (non-banking financial companies) have even taken the digital route. Meaning, now the financial institutions provide online loans. Thus, you don’t have to exhaust yourself in those endless queues and spend those extra hours in front of the financial institutions; you can easily do so from the comfort of your home or office. A sturdy internet connection and an appropriate electronic device are the only things that you need for that. You can not only obtain online quotes for an educational loan but even the loan amount is directly disbursed into your account. Further, even the repayments are done online and the softcopy of the documents is made available to you in your mailbox.
The financial institutions even provide you with an EMI calculator on their online websites. These online tools are available for you at free-of-cost and can be used by you to not only obtain the quotes but also compare amongst the various lenders providing educational loans in India. Thus, you can find the loan product that is the best for all of your needs.