Finance your higher studies with education loans solution

Education costs are on a rising spree. Each day college fees, hostel and accommodation fees, other expenses are rising sky high. Besides, rising inflation costs is only adding fuel to the already expensive education costs. Therefore, parents and students search for various options like traditional finance, borrowing money, property mortgages, or alternative subsidizations. But these options have to be thought and worked upon beforehand, as it can be time consuming process. Secondly, these finances medium have extremely high rate of interest, limited time to repayment and no flexible options to makes repayments.

Therefore, education loan come as the best helping hand for these millions of students being offered by various private finance firms and government banks at affordable interest rates and flexible repayment options & charges. Education loans are like blessing for deserving students as they provide the money for fees/tuition expenses upfront, come at lower interest rates compared to personal loans, and can be paid-back after you start working.

Indian government banks and private finance firms offer loans with state-of-the-art facilities. While government banks demand for margin money of around 15-20% of the loan amount to approve loans, some 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. They design study loans without setting any cap on finance and provide 100% coverage of education costs, making such young talents of India free from unnecessary burdens.

Your education loans take complete 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. Most students face hardships during admission in foreign university such as display proof of sufficient funds, visa clearance, fund approvals, slow loan processing, incomplete finances etc. So, some of the leading private finance firms come up with unique and friendly solution for customers such as Pre-Visa Disbursement Loan, Pre-Admission Loan, Certificate of Availability of Funds, GRE score based loan, Bridge loan, fast track loan etc. which cater exclusively to students’ particular requirements and set them free from any form of obstacle in their road for career development.

When it comes to repayment these banks or private firms come up with 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. You can look these options and then decide the repayment as per your flexibility. However, repayment is also one of the important part of education finance and you need to clear the debt associated with your loan. As this is the best helping hand that you get during your rainy days of searching finances for your higher studies. Also, bear in mind that your student loan will affect your future credits as well. If you miss payments on your educational loan or default, it will affect your chances of getting other loans in future such as a car loan, home loan, or credit cards at a low interest rate.

It is advisable that you have sufficient prior knowledge about the various education loan scheme and their pros and cons available in the market. Also, it will be good to calculate all the expenses such as tuition fees, books, boarding and lodging expenses, before you avail study loan. Once decided you can approach the relevant finance firm. You need to work on four point module which starts from actually taking a loan to the repayment solution.