Education loans are offered at low-interest rates of around 11-15% with a mere processing fee on it. It definitely saves a lot of money on interest outgo compared to traditional finance and personal loans. Women applicants are offered a special concession of around 0.5% on the interest rate to empower them with quality studies.
Every lender has its own terms and condition and eligibility factor to sanction the education loans. However, some common eligibility factors would be your age, academic records, parents/guardian's credit score, income details, IT returns, country, university reputation, and the collateral you can pledge to avail study loan. Experts say an excellent academic record and credit score of the co-borrower will help you negotiate with the lenders for better interest rate deals.
Thanks to the internet era, today you can compare quotes of reputed players’ online right from the cozy corners of your homes or colleges. Expert’s advice the time you get while preparing for entrance exam should be utilized to compare quotes in terms of interest rates, processing fee, collaterals, documentation, principal amount, interest outgo, etc.
