Which is the Best Education Loan available?

Posted by raviroy on October 24th, 2019

A good education not only improves your financial position but also enhances the quality of life that you are leading. Access to educational institutions has become easier over the years but making arrangements of funds is still a barrier to the students of middle-class families. Students lack funds and eventually have to compromise with their choices of colleges or university, while some of the students take a year drop to work and then pursue education with money they have earned. This can be avoided by taking education loan from banks or NBFCs. Students are confused about the criteria they should look before choosing the best education loan lender. Here are some of the pointers you should look for:
1) EXPANSIVE COVERAGE: The best education loans fund your tuition fees in college, educational reference books or textbooks which are generally expensive, your accommodation or hostel fees, uniform and also educational trips in that academic year. This will prove to be a great relief to parents as major expenses are included in study loans and will help in saving your parent’s earnings. This saved money can be used for other expenses in the family.
2) CONSIDERS YOUR ACADEMICS: The best education loan lenders are the ones who consider your academic grades and looks for your overall achievement. Based on this NBFCs gives you benefits which will make repaying your loans an easier deal.
3) PROCEDURE IS SIMPLE: As a student, you will consider best education loan lender as the one whose procedure of applying for loan is very easy and does not demand any collateral or guarantee in the form of land’s documents or jewellery. This is advantageous for students since they have no assets on their credit.
4) SUFFICIENT TIME PERIOD: To repay the loans, the NBFCs are quite lenient in terms of providing sufficient time period of 6 months to 1 year after your course is completed so that you can look for secure and good job opportunities which will help you make good arrangements for paying EMIs.
5) LAYING MINIMUM ELIGIBILITY TO STUDENTS: The best education loans lenders are the ones which have simpler eligibility – you should be a citizen of India, your age should be above 18 years and you must have received an admission letter from a recognised university. This eligibility appeals to many and eventually many students can take student loans easily.
6) LESS DOCUMENTATION: Any borrower in best education loan lender should look for minimal documentation for processing your loan. NBFCs demand- two passport size photographs, identity proof- Aadhaar card, residence proof- PAN card and admission letter confirming your place in the institution which should include details of course particularly fees, duration. Minimum documentation helps saving the time of applicant also avoids last minute hassle.
7) NO LIMIT: Student mostly wants to approve lump sum money which will include personal and educational expenses in education loan. NBFCs have no policy of restriction on the amount student want to borrow.
I hope you can figure out the best education loan available around. Choose wisely to change your dream into reality. Wish you the best for future!

RELATED ARTICLE : Everything to know about education loan eligibility calculator


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