Education loan : Education loans are better than traditional finance

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Education loan
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Education loans are better than traditional
finance
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• Education is getting pretty expensive these days.
  Many people are finding it difficult to fund
  their higher studies and hence opt for education
  loan as the best helping hand for their raining
  days of searching education finance.
• 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 student loan
  scheme.

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• Once you get an admission in your dream college
  and search for right student loan, it is
  important that you properly assess the various
  options available and take into account factors
  such as interest rates, eligible loan amount,
  repayment options and prepayment options if
  available.
• An Availability of the study loan, at the
  appropriate time help millions of deserving
  bright young talents of India to achieve their
  dreams come true.
• In India, all graduation, post-graduation and
  professional courses from institutes approved by
  the state and central government and also from
  foreign universities is eligible for study loans.

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• While taking a student loan often parents and
  children stay concerned regarding the interest
  rates applied to take the loan.
• Due to the high rate of interest they call off
  their dreams to pursue higher studies.
• But private finance firms are understanding these
  concerns very well and offer interest rate as low
  as 12.75 and the processing fee is mere 1-2 of
  the education loan amount being calculated on a
  case-to-case basis.
• For studies government banks offer a loan upto
  15-20 lakhs and for this they charge margin money
  costs of around 15-20.
• But some leading private finance firms have
  designed study loans without setting any cap on
  finance and also there is no margin money costs
  involved in it.

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• Any loan is a liability so its better to clear
  off in time else it might hamper your credit
  score.
• Remember that your credit score is required to
  pursue future loans of life therefore it is
  important you make payments on time.
• Most parents and children are worried on tenure,
  and payments ways to clear off the debt. For
  loan repayment, a window of 5 to 10 years is
  given to candidates.
• There is also a provision of grace period for one
  year (or six months) after the completion of
  studies.
• 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.

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• You can look these options and then decide the
  repayment as per your flexibility. It is
  advisable dont set all your hopes on just one
  bank or private firm.
• Instead apply to multiple places in case your
  education loan application is not approved by one
  of the bank or firm.

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