Choose the best finance for your higher studies

Education is one of the important tools for individual progress. It helps you compete well in the verticals of your choice so that you attain peak position and thereby live a successful life ahead. It plays a vital role in shaping the society to prosper socially and economically. Therefore, increasing number of Indian students are striving to pursue their higher studies in best of the universities in India and abroad, despite high education and living cost. Parents always try to provide best of the education facilities to children especially for higher studies in India or abroad. But providing education finance involves a focus and a lot of money to prepare for the future right from the cardinal. However gone are the times when one had to run from pillar to post to borrow money to fund his or her higher studies.  With the help of education loan you can fulfill your child dreams with much ease and comfort. These loans are available at low interest rate and flexible repayment options. The best part is student can clear off the debt after the course is completed and they get a job within 6 months or a year. 

Today, government has taken concrete steps for providing better education facilities to the youth of our nation. In order to make sure that no student is denied of pursuing higher education, various banks and private finance firms in India have come up with state-of-the-art facilities for educational loan scheme. So bank a suitable opportunity now and create own your world of successes by pursuing good and quality higher education in India or abroad. Education loan come as blessing for deserving candidates as they take care of your expenses incurred towards the tuition and other fees, library charges, hostel and mess charges, cost of books and equipment, maintenance, caution fund/building fund/refundable deposit and cost of passage (for studies abroad), etc. With e-facilities, availing study loan is as easy as a click of the button on your computers, laptops, tablets or smartphone devices.

Let’s understand some brief tips about student loan in Details:

·         Educational loan are available to any Indian citizen between the age group of 16 to 35 years of age and willing to pursue higher education.

·         They are usually approved for students who have either secured an admission in designated college or educational institute approved by the bank or private finance firms.

·         It covers the entire school fee till the duration of the course and is disbursed to the institute, directly by the bank or private finance firms.

·         Nowadays leading private finance firms give study loan at no margin money costs. The interest rates offered are as low as 12.75% and the processing fee is mere 1-2% of the loan amount being calculated on a case-to-case basis.

·         For repayment there are flexible payment options such as EMI payment course, Interest servicing during course & partial interest servicing during course, EMI repayment Post-Holiday /Moratorium period and Step Up repayment facility

·         Loans up to Rs. 4 lakh have no collateral security; those ranging from Rs. 4 lakh to Rs. 7.50 lakh need collateral security in the form of a satisfactory third party guarantee. For loans above Rs. 7.50 lakhs, collateral in any of the form of Residential property (house/flat/apartment), Fixed Deposits, Life Insurance with surrender value equivalent to loan amount, Existing house mortgaged and Non-agricultural land can be considered.

·         If your existing education loan is slightly costly in terms of processing and interest rates you can approach other leading firms who can switch over your current loan with Balance Transfer and give peace of mind.

Now that you have an understanding of your education funding it is important you get started on the right foot. Don’t wait until the last minute to start saving up for your higher studies. Ask expert advisors who have gone through the process recently. Availing an education loan is the best idea for you to financially secure yourself especially during higher studies in foreign countries.