Educational Loan: Your helping hand to climb up the ladder of success

Educational Loan: Your helping hand to climb up the ladder of success

Education is the most profitable investment one can make in his or her life. A quality education will help you reap the benefits such as well-paid jobs, be a successful entrepreneur, good designation in MNCs, or government sectors and thereby attain new zeniths of life. When we start working mere basic education won't help us to get promoted or succeed to fulfill our ever aspiring needs. It will be the higher studies possibly executive studies that would help us enhances our growth prospects. For pursuing executive studies you have two options; either you have to be brilliant enough to avail a seat as well as bank a scholarship or take an educational loan. However, even though you get a scholarship the growing inflation rate, costly fees, ultra amenities offered by world-class universities and institutes will create a rift between your educational dreams. Thus, it would be wise to opt for educational loans.

Today, there are leading private finance companies and banks who offer educational loan for such needy professional and students who wish to excel in their career through mid-career management programmes, professional or technical programs, online and correspondence courses such as MBA, MCA, technical programs, etc. which can give much needed breakthrough in life.
Here are a few factors to consider while taking an educational loan:
The primary criteria would be your dream courses you would like to pursue should be recognized by UGC, AICTE, AIBMS, ICMR or the Government. There would be some cut-off marks for last qualifying exam for the student as well (A good academic record improves chances of the loan and the amount). Educational loans are disbursed directly to the bank account of the university or institute. Private lenders offer speedier approval within one day and loans get disbursed instantly.

Eligibility

A student must be a citizen of India and need to have confirmed admission to avail the loan. Students who qualify for top ranking Institutes in India or abroad will get the added advantage of 1.00% on their interest rates as a concession for qualifying for IIM, IIT, AIIMS, AFMC, IIFT, ISB, NIT, XLRI, SPJIMR, IISC, SPJIM, MDI and so on. Women applicants are given a special concession of 0.5% on the interest rate to empower their growth in several verticals.

Expenses Covered

Ideally, an educational loan   would give full funding for your admission fees, annual fees, exam fee, library fee, lab charges, hostel, and mess, etc. However, private lenders take a step ahead offer added coverage in the form of educational tours, project funding, thesis work, books, laptops, computers, travel expenses (to a certain extent), etc. There are lenders who offer 100% education finance as well for the meritorious students who wish to aspire high but struggle with the financial burden.

Repayment of the Educational loan

The best part of a student loan is that you don't have to make the repayment right from day one. Instead, you can start repaying it from six months to one year after the course completion. It's termed as moratorium period. There are educational loan EMI calculators online that can help you determine the exact monthly installment, your principal amount, interest outgo, etc.
Experts opine although the rate of interest would be the decisive factor for your eligible loan amount, however, it’s better to check other aspects as well such as repayment options, collaterals you can offer, prepayment penalties, margin money you can offer, etc.

Don’t let financial obstacles come in your way of fulfilling education dreams. Apply for an educational loan online now!  

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