Here’s all you need to know about study loans

The dream of pursuing higher education from a prestigious university/institute in India as well as abroad is catching like wildfire amongst the youth. However, the skyrocketing price of higher studies has let dreams of young aspirants come to a standstill. Relax! With study loans, it seems to be well within your reach. Education loans are fast emerging as financial support for pupils offered by top banks, financial institutes across India. These lenders have teamed up with recognized universities and college worldwide so that aspirants get access to funds at better interest rates.

Study loans are often seen as an investment tool for socio-economic development through technically and professionally skilled people. Lenders are keen on providing education loan with an interest rate between 11-15% and customized solutions. Compared to public banks, private lenders make the entire process of availing study loan so simple and convenient that you won't feel slightest of worries which is a roller coaster ride with public lenders.

Any Indian citizen who is between 18-35 years along with a confirmed admission can apply for a study loan. It is granted in the name of the student along with a co-borrower who could be parents, spouse, or co-guardian. These loans are usually cheaper compared to traditional finances or personal loans. A lot of banks and private finance companies give guidance through the loan process and idea on how to tackle the interest rate, opt for flexible repayment options and tenure to settle the loan. With online facilities, you can compare apple-to-apple and make a wise call.

You don't have to run pillar to posts, waste your valuable time and energy on collecting information leaflets, compare quotes of each lender, and finally rush to submit application forms at the last moment. Everything is handled at your fingertips!

Here’s all you need to know about study loans

When it comes to flying overseas, private finance firms come up with a unique and friendly solution for customers such as Pre-Visa Disbursement Loan, Pre-Admission Loan, Certificate of Availability of Funds, GRE score based loan, Bridge loan, fast track loan, etc. It will cater exclusively to students’ particular financial requirements and set them free from any mental stress and focus on preparing for their higher studies. They also counsel students and parents and suggest the best option based on their financial position and requirements. The aim of private lenders is to lay a path of sufficient finance to help every child achieve his or her dream in life and who has the right potential to achieve it.

You don't have to immediately start repaying your study loans. Instead, you can wait till six months to one year of the course completion and then plan to make the loan repayment. It is termed as a moratorium. However, an expert suggests it would be wise if you start clearing the interest only because it will significantly bring down the loan costs.

Study loans will help you lay a strong foundation for your career and make your journey to attain quality education quite smooth. Lenders believe in you and thus place you in an accountable position making you the primary borrower of the loan. If you invest in the right knowledge today, you can reap the benefits throughout your life.

Last updated:9/7/2019 12:22:48 AM


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