Education Made Easier study finances
In India education has always been a crucial subject. Many changes and advancements took place in the field of education over a period of time. The central and the state government are still trying to make improvements in the field of education. Education being a key factor for the growth and development of a country.
Since, the government makes sure that primary education reaches masses, higher education is also equally important to sustain in today’s world. Although there are ample of institutes today, the main problem that arises while seeking higher education is of the funds. The availability of funds with the person might thwart and crush the person’s dreams. With exorbitantly high fees it is impossible for some students to achieve their goal.
There is availability of funds through traditional finances, personal loans etc. Funds are available easily but the interest rates are generally high. But again there is no flexibility in terms of Educational Loan repayment and tenure. Hence; educational loans are highly reliable in these cases.
As the educational loan in India particularly focuses on education needs and there is no further bifurcation, and hence it is the best way to support your higher studies. Educational loans not only cover the course fees ,but in some cases ,you can get educational loans that cover up the entrance fees , the tuition fees , the hostel charges and even travelling up to a certain limit.
Educational loan in India are given by various banking and non-banking institutions in India. Here the interest rates are as low as 12.75 %, with a mere processing fee of 1 -2 % depending on case-to-case basis.
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How much education loan can you avail?
When your educational loan is less than 4 lakh you don’t need any collateral. If the amount is between 4–7.5 lakh — a third party guarantor is required. If the amount exceeds 7.5 lakh they ask for collateral security for the loan. It is determined by the quantum of amount required and the credit worthiness of the principal borrower. Residential property, fixed deposits, life insurance with value equivalent to the coverage, non agricultural land etc. is accepted in the form of collateral.
Students should go for scholarships; part time jobs as the funds required are quite high that will help you clear make easy repayments for educational loan in India.
Insurance, yet another important aspect which is to be considered in case of overseas education. The insurance covers sponsor protection, health protection and reimbursements, compassionate visits apart from accident etc. The students might not get a job immediately after the education is done. Here, the moratorium period is considered.
While in India due to globalization there is emergence of new universities and colleges with special courses in arts, science, literature, technology, medical etc. India is now a destination for foreign students who are opting for higher studies. The minimum amount offered as educational loan in Indiais 1 lakh rupee. These study loans meets the domestic needs and 100 % coverage is provided to the students which makes the study in India feasible. The educational loan in India covers 100 % tuition fees and other expenses which include the material required to complete the course like books, laptops course kit etc. Depending upon the needs of an individual fast track loans are also assigned to the students in case of immediate help.
Source: http://articles.org/education-made-easier-study-finances/
