Education loan have become an integral part of students’ lives to fulfill their dreams of studying in India or abroad. Gone are the days when securing a student loan was a daunting experience. Also, when a family had no options but to borrow from their family, friends, sell their piece of land or keep their jewelry mortgaged to arrange finances for their children higher studies.
Educational Loan In India is offered for all postgraduate course, specialist course, management course, vocational courses leading to a professional qualification. It aims to provide the much needed financial aid to the meritorious students for pursuing higher professional or technical education in India as well as abroad. A student who has obtained admission to career-oriented courses e.g. medicine, engineering, management etc., either at the graduate or post-graduate level can avail study loans.
Such loans are a kind of credit advanced to professional scholars and students being designed to help students pay for college tuition, books, laptops, hostel fees and other living expenses.
It differs from other types of loans and the interest rate is as low as 12.75% to 13% and the processing fee is mere 1-2% of the loan amount being calculated on a case-to-case basis.
So, in the current scenario, when you have someone who will be a guarantor of your loan, right documentation and good academic score, you’re assured of getting the loan.
Things to remember while availing a Education Loan:
1) While availing Education Loans India the basic thing you should consider is that the process should be hassle-free, quick with easy documentation.
2)The loan amount should be disbursed quickly to make the admission process on time and easier. While taking admission especially in foreign universities students face own set of problems such as getting a visa clearance, fund approvals, slow loan processing, incomplete finances etc. Some of the leading private finance firms have come up with unique and friendly solution for customers such as Pre-Visa
3) 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. They set them free from any form of financial obstacle in their road for career development.
Education Loans India are available to Indian citizens who fall under the age group of 18 to 35 years.
Factors such as academic score, recognition of the university applied for, gross income, creditworthiness of the loan seeker, course fees, and monthly expenditure are taken into consideration while sanctioning the loan.
Your educational loan gets disbursed directly to the university account so the student must have confirmed admission to the institute before the disbursement of the loan.
Now, one thing to watch out is most financers promise to disburse maximum amount, but expects you to pay the margin money. However, there are some financiers who are ready to fully finance your studies and are willing to approve 100% of the loan amount without setting an upper limit at low-interest rates.
The loan will help you pursue your higher studies and the best part is you have a fair tenure around a decade to pay the debt with various repayment options. You just need a co-applicant who will act as a guarantor and in case of higher loan amount you will need to keep some security in 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. So roll up your sleeves, arrange the required documents, maintain a good credit score by the guarantor and choose Educational Loan In India to pursue your higher studies.