The pros and cons of an education loan in India

Posted by Shyamoli Shah on October 19th, 2016

To cope with the growing competition, many aspiring students are going out of their way to find out resources that would provide funding for their higher education.Better prospective and better employment, are the two things that can be achieved with higher education. This type of education always comes with a high price tag which not most of the students can afford. In order to enroll in the best universities, it becomes essential to apply for an education loan in India. A loan specifically designed for pursuing higher studies within the country will help you in receiving your educational degree from the college that you wish to. In order to avail an education loan, the student will have to satisfy the set criteria by the lender which usually changes from lender to lender. The changes aren’t major ones; they are more or less the same with a bit of changes here in there.

Half the population in our nation avails an education loan to complete their studies. These loans put them in a huge amount of debt. However, it is for a good cause. Student loans have become a big part of our lives especially because it is becoming difficult to manage the rising cost of education. The fact that education cannot be neglected due to the growing competition has made it more expensive. If you too wish to opt for a best education loan in India, do not forget to take into account what you would like to be offered by your lender. The best lender is the one that makes your loan availing process a rather painless one. A bad lender on the other hand may put you in a huge economic trouble. These days, even private lenders have started offering loans as beneficial as government banks. Private lending bodies now-a-days have come up with innovative loan schemes in order to gain more and more borrowers.

The EMIs can be repaid with the help of automated monthly payments. Automated monthly payments help you make your repayment on time.But, the borrower has to make sure that he maintains sufficient amount of cash in his/her account so that it gets deducted on the given date. Mostly, the successive monthly payments are done with the help of internet banking from the borrower’s bank account typically within 12 to 48 months. One missed out payment can harm your credit score thereby bringing down your chances of availing any type of loan in the future.

Education loan in India has a certain borrowing limitation up to which the maximum loan amount can be availed. The terms and conditions may also vary from lender to lender so make sure to carefully go through the relevant website of the lender. Track down lending bodies that have an excellent past record when it comes to handling customers and providing convenient and feasible student loan schemes. Do not rely on a single lender. Instead keep your alternatives handy so that you do not have to run out of choices in case your application gets rejected by one lender, you can always turn towards another option.