Pursuing a higher education degree will help you build a successful future. It is the most important thing in the world and in today's competitive time, a mere degree is not enough to lead the race. Many aspirants wish to pursue higher studies in verticals like engineering, doctorate, Masters, Management, Aviation, Architecture, etc. from top-notch universities and institutes in India or abroad. However, the skyrocketing prices act a major barrier between their aspiration and turning it into a reality.
The costs of higher education are far too expensive, and many times students leave their dreams behind to opt for any random career. To ease down the financial burden on parents, most leading banks and private finance companies have come up with customized Education Loan in Indiasolutions for these meritorious students. They are willing to fund the entire educational costs of such young aspirants.
Since these loans are offered to students they come at a low-interest rate of mere 11-15% with attractive schemes and customized loan solutions. Study loan in India will cover your tuition fees, exam fees, lab and library fees, accommodation charges, caution deposit, travel, books and equipment, projects, thesis work, and educational tours. Private lenders are willing to offer collateral-free loans up to Rs 50 lakhs with instant loan sanction in one day. With online facilities, you can compare quotes of leading private players, government banks and zero in a particular loan lender based on your eligibility and requirements.
For higher studies in India, students can borrow loan amount up to 7 lakhs without any collateral security or marginal costs. They would require a third party guarantor.
For the overseas study, you would require a guarantor as well as collateral in the form of plot land, fixed deposits, insurance policy, NSC certificates or property that is worth the loan, etc. When you opt for loans, as a student you would have to submit documents like mark sheets of various exam, secure admission letter, expenses of the course you opt for, credit history of co-borrower and bank account statement of last six months. IT returns and a statement declaring the assessments and liability of the parents/co-guardians.
Just like any other loan, you will have to repay the fund along with the interest rates. However, the best part of student loan is, you don't have to start making the repayment immediately. You can start to repay after six months to one year of the course completion. This period will give you the opportunity to search for a decent job, and build a good financial base before you head towards loan repayments.
With professional studies getting far too expensive, Education loans in India seem to be the most effective way to tide over the financial exigencies.
Private lenders understand the educational space and the complexities associated with the admission process and fund arrangements. Therefore, they do extensive research and utilize their expertize to focus on offering tailored financing solutions to every student. Their experts’ research on top universities/institutes to cater loan to students based on Nature of the course, Institute ratings, Co-Borrower credit details, GRE/GMAT scores, Collateral Security, Student academic history.