Get the right education finance for your higher studies

Education is an integral part of individual’s success. We all aim for good education, better career opportunities and lavish family lifestyle. For this our parents start saving right from scratch, at times even before the child is born. But due to the rising inflation costs and education expenses it has become difficult to finance studies with the little resources that we have in our hand, especially higher studies. Although, there are options like scholarships, traditional finances, 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. At times, its reputation of your parents that come to stake while borrowing finances.

Education loan have come as the best helping hand to manage finances in the easiest way for your higher studies. They aim to provide the much needed financial support to deserving students for pursuing higher professional or technical education in India and abroad. The education loan would be provided to those students who have obtained admission to career-oriented courses e.g. medicine, engineering, management etc., either at the graduate or post-graduate level. Beyond this, it’s the pride and reputation of parents that stays intact before borrowing from other people for children higher studies. Today, every student aspires to get admission in the best of the courses and institutes which incurs a lot of money not just for the education but also the stay and logistics. Therefore, education loan would be perfect way to finance higher studies in India or abroad.

Let’s understand why one should prefer to go for study loan? Often personal loans or traditional finance medium have extremely high rate of interest, limited time to repayment and no flexible options to make repayments. This leaves very stringent ways to clear of the debt and added burden on parents as well. But such is not the case in study loan. Today, leading private finance firms offer Education loan 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 loans without setting any cap on finance and provide 100% coverage of education costs, making such young talents of India free from unnecessary burdens. The loans are granted on the name of the student along with guarantor for higher amount and thus ease the documentation process.

Usually for study loans up to Rs. 4 lakh, no collateral security is required. For loans ranging from Rs. 4 lakh to Rs. 7.50 lakh, collateral in the form of a satisfactory third party guarantee is required. 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.

When it comes to repayment 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 could look for the option and choose the best suitable for your needs. However, repayment is one of the important part of Education loan 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.

Today, these finances are widely available and cover mostly all courses in domestic sector & abroad. People with a desire to excel in their career can apply for Education loan and sort the easiest way for financing higher studies. They have proved to be a boon for those needy student who wish to fulfill their dreams of higher study and attain good position in their career for better amenities, lavish lifestyle and possibly an opportunity to make a mark of India on global platform when opt to live abroad.