There is no second thought that in today’s competitive world, education comes under the basic needs of an individual following food, shelter, and clothing. A quality education will help an individual grow to unmatched heights and help him make a better person.
The importance of quality education and ever-increasing competition has caused the costs of education to rise by leaps and bounds. But thanks to some of the reputed private finance companies who have started financing the higher studies of students who have bigger educational dreams but stuck with smaller pockets. For such students who wish to complete their higher studies without putting a financial burden on their parents, education loans would be the wisest options.
Education loans are categorized under different types such as Education loan for study in India, overseas education loan, executive education loan, students loan re-financing, loans for MBA, medical, aeronautical, and lot of other reputed degree course. You can visit the relevant lender site and get information about available loans, its terms and conditions, interest rates, hidden charges and other pros and cons of the loan. Generally, study loans cover only the tuition fees, exam fees, lab and library fees, caution deposit, travel, books and equipment, projects and study tours.
The best part of education loans is since there are catered to the young aspirants the interest rates are fairly low, with flexible repayment options and a tenure of around 7-8 years for repayment. The principal amount repayment begins once you finish your course, thereby giving you the head start you require. In a way they let your parents retain their financial savings for family contingencies as well as for investment purposes.
There are several factors based on which you will be sanctioned a particular loan amount such as students’ academic score, parents/guardian credit score, the country you choose to study, the university ranking, course, job prospects, age, and other important factors. Once the lenders verify these parameters they will offer you a loan amount with a particular interest rate. A good academic score and parents/guardian credit score will always help you to negotiate for better interest rate deal.
Most finance companies understand the priority of money on time for managing fund therefore ready to give 100% education finance. This is a big relief for aspirants who wanted to fly high but often caged with poor financial conditions. If the documents are in proper place the loan gets approved in less than 24 hours. They come up with unique and friendly solutions such as pre-admission loan, Pre Visa Disbursement loan, score based products, 100% funding for meritorious students, wider course and country coverage, bridge up loan, etc. Students applying for US university can get “Certificate of availability of funds” that is required while applying for admission to a US university.
Comparison of interest rates, loan disbursal amount, convenience for loan transfer and reliability of the bank or company you choose are some of the factors that you need to focus on before approaching any particular finance provider. You can ask for a checklist from the loan provider to know about the loan eligibility criteria and other important terms and conditions of the study loans provided by pioneer players in the education finance segment.