Best alternatives for education loan in India

Posted by Shyamoli Shah on September 8th, 2016

So many public and private educational institutes have emerged in our country. This has given new hopes to young aspirants, thereby bringing a positive transformation in the Indian education system. Unlike the olden days, today, education has become a necessity. The growing importance of education has reflected on college/university fees. The cost of obtaining quality education is mounting day-by-day. Regular savings aren’t sufficient to cater to such high educational expenses. Thus, families with low economical settings are taking up education loan in India so that their children are not devoid of higher studies.

The interest rate on an education loan in India is comparatively lower than home loans or car loans to push students to pursue their studies. A loan can be availed for both graduate as well as postgraduate courses. When the loan is furnished for job oriented courses such as MBA, management studies, medical, engineering, etc. the amount is usually higher as the cost of such courses is quite expensive. The most unique feature of a student loan is that it offers a fairly lengthy repayment tenure due to which the student/borrower has to start repaying only once he/she is done with the course. Some leading private financial firms offer a grace period of 6 to 12 months in addition to the duration of the course which provides the student with sufficient time and allows him/her to look for a suitable job.

With the help of an internet connection and a computer, potential borrowers can find the most negotiable deals on education loan in India. Availing a loan through online means has proven to be the most hassle free resource as it saves the beneficiaries time as well as energy and can be carried out by being in the preferred comfort zone. Unlike other finances, the borrower does not have to feel obliged to anybody as the obtained money is his own and nobody else’s which he will return once the course gets over. In India, various government/non-government banks and companies have started offering loans to aspiring students. Thus, obtaining a loan in our country is no longer an issue and can be done with the touch of a button.

To be eligible for an education loan in India, the student has to be between 18 to 35 years of age. He/She should have a secure admission in a college/university recognized by government/UGC etc. Choose educational institutes that provide job placement after the course so that you do not have to seek for a job here and there and easily begins your EMIs to clear off your debt as soon as possible. The borrower must have a current bank accountant the time of availing the loan. Loan disbursement is done in the college/university’s account and hotel/mess charges if any are handed over to the concerned authorities. The bank will intimate you via SMS or a phone call provided you have put all your personal details including your contact number properly while filling the loan application form.

Source: http://youknowitbaby.com/article/16150/best_alternatives_for_education_loan_in_india.html