Study loan in India, When it comes to laying a strong foundation for a successful life, nothing is as important as quality education. But, education loan in India imparted by acclaimed and influential educational institutes/universities is skyrocketing high. It’s not easily available to everyone- especially to the aspirants who belong from the middle-class section of the society. A study loan for higher studies through traditional finance would cost a bomb on your parent’s wallet; else they might have to break retirement funds, surrender policy thereby risking their future. Relax! Nothing as such is required when you have education loans – the best helping hand to meritorious students to climb up the ladder of success.
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Advantages Of Study Loan:
Education loans offered by leading banks and private finance companies come at attractive interest rates of around 11-15% with a mere processing fee on it. There is a special 0.5% for women applicant to empower their growth in different verticals.
Why choose Study loan? Here are a few advantages to choosing an education loan:
Education is Expensive:
Education is skyrocketing high especially in these times of inflation and an education loan frees you from the task of accumulating sufficient money throughout your life to fund your son/daughter’s higher studies. There are some leading private finance companies that offer 100% Study loan/education loan finance and grant unsecured loans up to Rs. 50 lakhs instantly within 1-day sanction.
Covers All your Educational expenses:
It’s not just your exam fee, tuition fee, caution deposits, library deposits, but a Study loan takes complete care of your travel (to a certain extent), books and equipment, projects, thesis work, and educational tours.
Customized loan solutions:
Some private firms have come up with unique and friendly solutions such as pre-admission loan, Pre Visa Disbursement loan, score based products, 100% funding for meritorious students, wider course and country coverage, and bridge up the education loan. As per your financial requirements, you can opt for the desired education loan for abroad studies option.
Gone are the days when an individual had to apply at least a month prior with banks and credit unions to get the money credited to the bank account. Pioneer players in the markets offer education loans with one-day loan sanction and disbursed within a couple of days into the university account. All you need is a good academic score, a good credit score of the parents/co-guardian, and the right collateral to offer. Confirming some basic requirements such as your age, academic history, course details, job prospect, university reputation, and ability to repay the borrowed money is all it takes to get on-board.
A good Study loan will offer timely help when it comes to lay the foundation of the most crucial pillar of life – higher education. It puts all your worries at bay and focuses more on your entrance preparation and securing admission to your dream university.
The best part of an education loan is you don’t have to start repaying the money from day one. You can start repaying the money after six months to one year of the course completion. It is termed as ‘moratorium period’. However, experts suggest you can opt for a part-time job and start repaying the interest rate it will significantly bring down the education loan in India costs.