Quality education is a must for every individual to lead a successful life. Many students today work hard during their higher secondary schooling days and score good marks. They dream to graduate from a prestigious university/institution, however, the skyrocketing prices of education acts a major barrier. The cost of education has increased manifolds in the last couple of years and it has become difficult for parents to fund their child's higher studies with the little savings over the years. Most parents might invest in ULIPs, mutual funds or fixed deposits but it might not guarantee to take complete care of educational finance. In such a circumstances education loans in India would help you bridge the gap between spiraling costs and shortfalls.
What are education loans?
It’s the money borrowed from non-banking finance companies and banks to fund your higher education. They are issued to students for pursuing higher education in reputed universities or colleges. There are private finance companies who are willing to offer 100% education loans with interest rates as low as 11-15% on the principal amount. Private lenders are keen on offering customized and speedy loan solutions with one-day loan sanction.
This segment has seen tremendous development and acts a perfect platform to aspirants to fulfill their educational goals. There are private finance companies who offer tailored study loan solutions for you. They make the entire process of applying for education loans in India so simple and hassle-free that you won't even sense the slightest of worries which would normally seem to be a roller coaster ride until a couple of years ago. These financial firms understand how important role right funding would play in student's lives, especially when they travel overseas for higher studies. With the customized and innovative loan solutions, all you have to worry about is your entrance preparation and securing admission in top-notch university/institute in India or abroad.
Education loans in India offered by banks and non-banking finance firms cover your 100% tuition fees, Exam and Library Charges, equipment charges such as a computer, laptops, book and study material, traveling expenses to a certain extent, project funding, thesis work, and educational tours.
Lenders will provide education loans to students who have secured their admission in professional and career-oriented courses like engineering, architecture, management, aeronautical, merchant navy, hotel management, etc either at a graduate or postgraduate level. Students who wish to obtain study loan will need to submit the admission letter or offer letter to the bank or non-banking finance companies. Else it would be difficult to obtain a loan.
Some factors that would determine your loan eligibility would be your age, academic history, parents/co-borrower's credit history, the country you visit to study, university/institute reputation and the collaterals to offer. Lenders offer a special concession of 0.5% to women applicant's to empower themselves with quality studies.
Thanks to internet facilities you can apply for education loans in India online with much ease and comfort. Before applying it's better to compare apple-to-apple on aggregator sites in terms of interest rate, EMIs, principal amount, processing fee, loan tenure, and other important parameters.
Take education loans in India and climb up the ladder of success leaving all your financial worries aside now!