Education is the most essential step to make a bright future. It is an enlightenment to an unthinking mind who dwells on the bright ideas and brings a remarkable change to make this place a better place. However, education has become so expensive especially from a reputed institution that it is not possible for everyone to afford it. It becomes impossible for the students who get selected on merit. Therefore, an education loan is a respite for the students whose ambitions purely rest on education. The students who are hardworking only know the value and the hard earned money they spent on it adds more value to their education.
Who Applies for an Education loan?
A student is a primary applicant and his/her caretaker, parents, guardian or guarantor can be co-applicant. The co-applicant has to take the responsibility to repay the loan amount.
What all Expense does an Education loan cover?
Education loan covers the entire fees of the course, examination fee, accommodation fee and all the other expenses associated with the course.
Why do we need an Education loan?
High cost of Education
Pursuing professional courses or higher education is a lot more expensive now as compared to the older times. College fee is divided into several components, tuition fees, library charges, computer room charges, etc. all are separate. Education has gained more respect in recent times and big banners are what most students run after. Big brands mean big amount, therefore, education loans have been offered as a financial aid to students who find it difficult to pay this big an amount at one go.
Financial assistance is the biggest help at the time of need. Sometimes even if a student gets through a well-reputed institution based on the merit, it gets difficult to pay the fees. You don’t have to worry now, education loan is there for your help. Get the best offers and avail assistance immediately.
Education loans are easily available. One has to just apply and fulfil basic formalities to get the loan. After ensuring that the amount will be paid back, the loan amount gets credited in the borrower’s account from where it can be used.
Assistance on Time
A help is off value if given at a right time, education loans are available when it is actually needed. It is not that you applied it at the beginning of the course and you get it after you finished it. It has a fast approval rate considering the borrower is genuine.
Education Loans are Beneficial!
- Education loans are universal, you can avail it anywhere. You should only be willing to study, fetching funds is easy.
- Banks provide a loan of up to 15 lakhs, it can be more if you plan to study abroad. Don’t stop yourself from dreaming big and studying more, money is no more a problem.
- Available for a type of study program, there isn’t any defined set of courses rather it is open to all.
- Loan amount offered depends on the annual income of the applicant and the course pursued. Choose the best that fits you are needs and the requirements are fulfilled.
- Interest rates vary, women get loans on lower interest rates and are also offered special discounts.
- Education loan doesn’t require immediate repayments. The amount is usually to be paid post completion of the course and the duration can further be extended.
Different banks have different benefits and features for offering a loan, it is always a smart move to know, speculate, clarify and then finalise the best offer that best fits your need.
Following Checks Before Finalising the Loan Offer?
- Interest rate compare, usual rate varies from 13% -16 %
- Coverage charges confirmed
- Duration or extension of a loan
- Clarity on bank charges; processing fee, pre-payment, EMIs, etc.
What are the Documents required Subject to Eligibility?
Make sure you have the following documents before applying for a loan.
- Admission letter from the university or college.
- Attested mark sheets of the courses completed
- Id proof
- Address proof
- Proof of income, salary slips, bank statements and ITR of guarantor or parent
- Passport sized photo
- In case of studying abroad, entry permit, admission letter, visa and passport
- If the applicant plans to work in abroad then an employment contract is also required.
Loans are not good if they are unwanted but it’s a great help to those who are weak or under some crises. It’s a respite to the needy who can dream and also make those dreams come true. Education is a ladder to success and everyone has the right to get the best education possible, therefore, one must not miss a chance to hunt for the best loan offer and avail one to make a bright future.
Also Read : Best Education Loan Providers in India