How Education Loans Are Helping Students To Study In India

Posted by smit on June 29th, 2019

The amount of capital required to obtain an educational degree, from a premium institution is something that has comprehensively increased in recent years. Therefore, there are many meritorious students who are unable to pursue higher education in the field of their choice due to the lack of financial resources. However, now they can easily fulfill their dreams and obtain a higher education by making use of study loans given out by financial institutions. There are a ton of financial institutions that give out education loans at way lower interest rates than the ones given out by the traditional financiers and loan sharks. The new-age financial institutions even provide an additional discount of 0.5% interest rates for meritorious students and women applicants; this has further encouraged students to study in India and achieve success.

  • Self-funding: The best thing about an education loan is the fact that you get to self-finance your own studies without depending on anyone for financial assistance. The reason being; parents often exhaust their entire fortune in order to sponsor their child’s education and help him with his career. Thus, many-a-time, parents gamble on their future; however, you can stop this by opting for an education loan and study in India on your own.
  • Complete finance solution: education loans in india covers a number of study-related expenses such as the costs of your tuition fees, travel expenses, living expenses, etc. These loans also cover all the other miscellaneous expenses that you incur while pursuing higher studies.
  • Repayments: The best thing about applying for an education loan is that you get to make flexible repayments in the form of EMIs (equated monthly installments); thus, you can easily plan out and repay the loan amount over a period of time. These EMIs are calculated on the basis of the principal borrowed amount, interest rates charged by the financial institutions and the repayment tenure opted by you.
  • Online tools: The financial institutions even provide you with an EMI calculator; you can make use of this tool and calculate your installments. Thus, you can easily study in India without any sort of worries. These tools are available free-of-cost and have an extremely user-friendly interface.

However, the financial institutions offer you monetary assistance, only after determining the risk-factor involved in lending you with the capital. The eligibility criteria given out by the financial institutions are here as follows:

  • You need to be an Indian citizen in the age group of 18 years to 35 years (for most of the financial institutions) to opt for an education loan and study in India.
  •  There must also be an earning member of the Indian society willing to co-sign the loan amount. This co-borrower can be any of your family members such as parents, siblings, etc. The co-borrower shall be the primary debtor of the loan amount.
  • The financial institutions also check your academic background; along with the income, credit score, and history of the co-borrower.
  • Further, the financial institutions also check your letter of confirmation from the university, documents, the course of your choice, etc.

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smit

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smit
Joined: June 29th, 2019
Articles Posted: 1