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The rising need for education loans for a better life
The rising need for education loans for a better life

It is said that “life is, what we make out of it”. Thus, you are the one who is solely responsible for the quality of life that you are living. And the only one who has the power to change it for the better. The students of today’s times have realized this and are trying their best to succeed in the modern-day life. Education is one of the important tools which will help them to achieve this goal. However, there are a number of meritorious students who are unable to obtain quality education because of the high costs of higher studies. But thanks to the Educational Loans given out by banks and NBFCs (non-banking financial companies) students can now pursue higher education with their financial assistance.

A study loan takes care of all the financial costs incurred by the students while pursuing higher education. The different costs covered by these loans range from the living expenses, cost of study material, tuition fees, travel expenses, as well as all the other miscellaneous expenses. The interest rates charged by financial institutions are lower when compared with the ones charged by the traditional financiers and loan sharks.

Also, by applying for education loans, you can enjoy a number of other benefits. They are here as follows:

  • The repayment of an education loan is done in the flexible form of EMIs (equated monthly installments). This helps the students to plan out their loan repayment in advance and ensure that they never default on any loan repayment. This helps them to maintain a good credit score in the future.
  • The collateral required for obtaining a study loan is the quantum of the borrowed amount and the primary debtor’s credit history. This collateral can be any of your residential properties, fixed deposits, life insurance policies, non-agricultural land, etc.
  • The banks and NBFCs (non-banking financial companies) also provide a moratorium period along with Education Loans in India. This moratorium period starts when the loan amount is disbursed by the financial institutions and ends when the person starts making repayment on the loan amount. This period is given by the financial institutions to ease the repayment process.
  • There are also some additional features given out by the banks and NBFCs (non-banking financial companies). These features include pre-visa disbursement, proof of funds, etc. They help you tremendously with your admission process.

However, in order to make use of a loan for higher studies, you need to meet the pre-requisite eligibility criteria given out by these financial institutions. The eligibility criteria given out by banks and NBFCs (non-banking financial companies) are:

  • You need to have a letter of confirmation from the university.
  • You must have cleared all the pre-requisite examinations.
  • The banks and NBFCs (non-banking financial companies) also scrutinize the course you are opting for, the country of your choice and your academic background.
  • You must be an Indian citizen in the age group of 18 to 35 years (for most of the financial institutions) to become eligible for education loans. There must also be an earning member of the Indian society willing to co-sign for the loan amount. This co-borrower will be the primary debtor and can be any of your family members, relatives, siblings, etc. The financial institutions also consider the co-borrowers credit score, income, and history.

 

Related Article - Benefits of Education Institution Loans: Must for Edupreneurs

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