Education Loans — A Boon For Aspiring Talents
Education expenses are soaring high and it is more or less impossible to fund higher studies with the limited savings and prior financial commitments. However, the good part is along with this the number of lenders offering education loan have increased exponentially. The ever so growing cost of education and the rising competition makes study loans the most easily accessible financial options for aspirants.
Due to the growing competition, students have to fasten their belts and become a part of the race to grab good job or entrepreneurship opportunities and attain new zeniths of life. Many take a step back because of the escalating costs and study loans helping you to achieve your educational dreams with ease and without worrying about your finances.
Getting a student loan is quite easy and convenient because of the online facilities. All you need is an internet connection and a laptop or smartphones. You can apply for loan right from the cozy corners of the homes, colleges or while on the move. By visiting the relevant site of lenders, you can check the loan eligibility, interest rates, processing fee, terms and conditions which is needed to avail a loan. A few years ago, banks used to follow an age-old process and take months to sanction the loan. However, it’s the private sectors who are gaining the edge by offering fast loan approval and quick disbursal. With proper documentation, a good academic score of students and collaterals, the loan can be approved within a day or two. Lenders are keen on offering customized solutions for you every individual. They are ready to sanction unsecured loans up to Rs 40–50 lakhs to pursue graduation, post-graduation including regular technical and professional degree/diploma courses in colleges or university being recognized by UGC/ AICTE/IMC/Government. Masters, management studies or course like Aeronautical, pilot training, shipping approved by Director General of Civil Aviation/Shipping/ concerned regulatory authority, architecture, MBBS and so on from universities across India or abroad. To apply for the loan, students have to be above 18 years and less than 35 years of the age. He or she has to be a citizen of India and secure admission in a recognized college or university.
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Today students can opt for courses of their choice and fulfill the dream of pursuing higher studies in the best colleges across India or abroad and all thanks to the student loans. These loans come at low-interest rates of around 11–15% and a processing fee of mere 1–2% on the loan amount. For educations below 4 lakhs you don’t require any form of collateral security and for ones between 4 lacs to 7.5 lacs they require collateral in the form of a satisfactory third party guarantee/guarantor. For availing a loan above Rs. 7.5 lacs, the borrower has to produce collateral security such as residential property agreement, life insurance with surrender value, valuables such as ornaments/ jewelry etc.
If you’re worried about the margin money costs relax there is some private finance who offer 100% education finance. If you happen to be a newbie, it’s better to take an expert guidance before you avail a loan. Your loan has to be affordable on your pockets in the long run else it will impact your credit score and put your collaterals in the long run. You can compare quotes of leading provides online, do thorough research and make an application online. If you have any doubts you can always clear them by chatting with customer service team online or calling them up.
Education loans repayment can be started six months or one year after the course completion and it is termed as a moratorium period. Experts say its better you opt for a part-time job and clear the interest rates as much as possible. It will help you bring down the loan value to a significant extent.
Don’t let a financial obstacle stop you from chasing your dreams; apply for education loans online now!
