The rising costs of educational fees have caused a decline in the numbers of students applying for educational courses in the country. Thus, there are many meritorious students who are unable to bear the burden of the rising costs. Therefore, the parents lack funds in order to financially support their child's education even after splurging all of their life's accumulated wealth. However, thanks to the financial assistance; in the form of loans, provided by banks and NBFCs (non-banking financial companies), students can pursue a course of their choice. The education loan for students, provided by these banks and NBFCs have way lower interest rates than the interest rates for the traditional loans. There are many banks and NBFCs (non-banking financial companies) which offer education loans online, thus, students can make use of this feature and compare; the education loan which is best suited for them.
The various benefits of opting for an education loan are as follows:
• The study loans cover all the costs of your education whether you are studying in India or abroad. The various courses covered under the umbrella of study loans are science, arts, commerce, MBA (masters of management studies), mass media, marketing, economics, engineering, medicine, etc. The various costs such as college fees, tuition fees, and costs of residence, travel expenditure as well as all the other miscellaneous expenses are covered under the education loan for students.
• The students can fund their own education by opting for study loans and thus, save their parents from the hassle of exhausting their savings in the form of jewelry, land, cash, etc.
• The flexible repayment pattern provided by the banks and NBFCs (non-banking financial companies) help the students to plan out their future installments in advance. Thus, helping them to plan out their future wisely and to live risk-free. There is also a feature of the moratorium period, given by the banks and NBFCs (non-banking financial companies) to the students in order to find a job. The moratorium period can be anywhere between 6 months to a year, and during this period, the students cannot repay the principal amount of the loan. However, they can repay the piling interest rate of the loan.
• The financial institutions also provide the facility of Education Loan For Students online. Thus, students can enjoy the facilities of quick approval, online management of account and no branch visits by making use of the online feature. Thus, by making use of the online facilities, all of your information is secure as well as within the palm of your hands.
The people who can apply for an education loan are:
• All the citizens of India who are between 18 to 35 years of age can apply for an education loan.
• The banks and NBFCs (non-banking financial companies) also check the academic background of the student, thus, only the meritorious students are funded by the financial institutions.
• An earning member of the Indian society must be willing to become co-borrower for the loan amount. He or she can be a relative, family member, parent, sibling, etc. However, the co-borrower will be the primary debtor for the loan amount.
• You need to keep collateral with the financial institution in order for you to procure an Education Loan For Students. This collateral can be a residential property, life insurance policy, savings in the form of fixed deposits, or any non-agricultural
Manali Kore is a finance student who loves to write during her spare time. She has considerable information about the Education Loan For Students. Through her work, she has provided valuable information about smart borrowing when it comes to this loan.
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