Educational loans provide young aspirants the financial leg up they need to chase their dreams. The convenience they provide has made them extremely popular with students. The increasing demand for these finance solutions has caused many lenders to crop up.
On one hand, this influx of finance companies & banks has created a lot of competition amongst them and that’s always beneficial for student. However, it has given student the daunting task of choosing one out of the many lenders out there. Keeping this in mind, the following article will highlight some of the better features on the best educational loans will provide you; hopefully this will make the task of choosing between them a little easier.
1. Start to end financing.
The better Educational Loans will cover you, from start to end. They will ensure every single cost is taken care of and you never have to worry about the shortage of funds on your education journey. They will cover the course fees, any entrance exam fees; they will provide the proof of funds for visa (in case of an overseas education), they will provide for the purchase of books, study material or a laptop, pay for your travel & living expenses, pay any deposits that need to be paid, and more!
2. No collaterals.
Some banks will require you to provide collateral if the loan amount exceeds a certain limit. However, the best Education Loans in India will offer collateral-free financing. Some will provide loan amounts as much as 30 or 40 lakhs without requiring any security.
3. Fewer and lower charges.
Charges are a part of every educational loan. However, the number of charges and the extent of these will differ with every loan. This makes it very important to compare the charges associated with each lender. Look for lenders will lower processing, late payment, cheque bounce and prepayment charges. Also look for lenders with fewer charges in general.
If you were an outstanding student & scored will on your entrance exams, it makes sense to look for an Educational Loan that will reward your hard work. Some loans do offer reduced rates, higher loan amounts and even longer tenures for student that’s excelled in their education till date.
5. Good review & rating.
The better educational loans will always be spoken of highly. Moreover, you can get insights into your experience with a certain lender by judging the experience of others with the said lender. This is why it is so important you quickly sift through the reviews & rating on aggregator sites. If possible, try and speak to other students who have taken educational loans.
6. Interest rates.
The best educational loans will score well in all the above factors and also provide low interest rates. However, just low interest rates on their own aren’t a sign of a great lender. They should tick all the above boxes and be affordable at the same time.
These were some features on the best educational loans in India will provide. We hope this help you efficiently compare your options and find the right loan for your needs. Good luck and all the best!