After students complete their school, funding for higher studies is a big dilemma faced by parents. The costs of higher education are now getting sky high with inflation costs only fueling up the costs. While borrowing from friends/family members is against your will, traditional finance is way too costly with extremely high rate of interest, stringent payments measure and very less time for repayment. Thanks to the leading private finance companies and banks that have introduced higher education loan to finance the needy students. These student loans have come in as much-needed financial succor to help talented and meritorious students realize their dreams of studying in top-notch institutes/university in India or abroad. The most alluring feature of education loan is that they can be repaid after the course completion. Your loan generally cover all expenses incurred towards tuition and other fees, library charges, hostel and mess charges, costs of books and equipment, maintenance, caution fund/building fund/refundable deposit and cost of passage (for studies abroad), etc. Students who wish to apply for higher Education Loan In India can approach any banks or private finance companies that offer loan for professional studies in India or abroad. Before approaching them, it is crucial to have sufficient prior knowledge about the various loan schemes, their pros, and cons. All the possible expenses should be calculated, the interest rate applicable, processing charges and other costs incurred. It will help you arrive at the precise amount you need to take as loan. To be eligible for higher education loan, you should be an Indian national and must have obtained admission in an approved professional or technical course at leading education institution in India/abroad. Lenders are willing to offer a financial resource to students who have a consistently good academic record. Loan applicants should have parents or guardians who earn with good credit score. The exact loan amount will be subject to the individual repaying capacity of the parents or students. Higher Education Loan India has a repayment period that ranges around 7 to 10 years. The best part of education finance is that the monthly installment starts after one year of your course completion or six months after the loan applicant secures his or her job. So, it's advisable that student lives a sedentary lifestyle or start doing a part time job to save as much as possible towards loan EMIs. It will help them reduce the burden in an easy manner.
If you secure a well-paid job on course completion, the repayment can be accelerated to repay your debts quite quickly. Thus, you can maintain your credibility, as well as save on your first earnings. Significantly, students can prepay study loans without any penalties liable as well. Student loans are handy options, especially for those underprivileged students who wish to fly in success skies but are often restricted with a financial burden. NBFC and government intend to make it available for all those who qualify on the basic parameters, irrespective of their financial status. These loans are offered without stringent scrutiny, unlike other loans. But defaulting on higher education loan will adversely affect the borrower’s as well as the guarantor’s creditworthiness.
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