Factors to keep in mind when looking for executive education loans.
Posted by mangesg91 on June 11th, 2019
Executive Education Loans are a great way to build your future. They help you with the funds you need to cover MBA, executive management, post-graduate and other specialist/management courses. These loans usually offer high loan eligibility and easy repayment terms allowing you to take your career development to the next level with ease and without worrying about the costs. However there are quite a few options available to you and to help you choose the best one, this article will highlight some factors to keep in mind when comparing the market.
1. Loan eligibility.
Look for lenders that are providing the highest loan eligibility. Some lenders will offer 100% financing, without any collaterals. Some will go a step further by covering all education-related expenses such as the cost of living and expenses such buying a laptop or books, even any security deposits & entrance exams costs will be covered by certain loans.
2. Interest rates.
Sure enough, the cost of the loan is very important. Therefore, some loans by the interest rate they are accompanied by. However, always keep in mind that low rates are important but they shouldn’t come at the cost or with any terms or conditions. Also, ensure that your search for low interest rates doesn’t cause you to settle for an inferior education loan.
All Educational Loans will have charges. Different lenders will have a different list of charges. Moreover, how much each lender charges under each of these fees will differ. Therefore, it is very important you compare charge when looking for an education loan.
4. Processing fee.
This is a non-refundable amount that needs to be paid in order for your application to be evaluated. The lender uses this fee to cover the cost of scrutinizing your loan eligibility and financial worthiness. However, this is a non-refundable fee, meaning it won’t be given back to you, even if your application does not go through. Mostly, lenders charge between 1 & 2 percent of the loan amount as processing fees, so compare this too while checking out our options.
5. Turnaround time.
Most students need Executive Education Loans in a timely manner. Some lenders might let them down in this regard by taking days if not weeks to get things moving forward. On other end of the spectrum, there are some lenders that will go from application to sanction in just a couple of days.
6. Ease of applying.
Considering that you might be working, it might be difficult to get leave to visit a branch office to fill form & submit applications. If so, it makes sense to look for lender that have online services or some sort of doorstep assistance. This will ensure you can have the representative come home or to office for any formalities.
These were some of the factors to keep in mind when looking for executive education loans. We hope this article has been helpful. If you have any further doubts or need any clarifications, there are numerous lenders out there waiting to help you. So just pick up the phone and get your questions answered.
Good luck and all the best, study hard!
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