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3 things about an education loan most students are unaware about

There are some things about en education loan that are well-documented and most students are very aware of. For example, most students know that these loans offer 100% funding, come with moratorium periods and the interest rates applicable are usually in the 10 to 16 percent range. All these things make student loans the perfect choice when you need to finance your further education costs. <br>https://www.incred.com/education-loan.html<br>

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3 things about an education loan most students are unaware about

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  1. 3 things about an education loan most students are unaware about Name – Pravin Khatri Email-ID - khatripravin445@gmail.com Company – Incred Finance Visit us - https://www.incred.com/

  2. There are some things about an education loan that are well-documented and most students are very aware of. For example, most students know that these loans offer 100% funding, come with moratorium periods and the interest rates applicable are usually in the 10 to 16 percent range. All these things make student loans the perfect choice when you need to finance your further education costs.

  3. However, there a couple of things that not everyone knows in regard to an educational loan and a lack of knowledge with respect to these things could cause turbulence during your loan process. To prevent this from happening to you, the following article will throw light on some of these factors and give you a wider perspective of student loans before you go ahead and apply for one.

  4. 1. The terms and conditions of 100% financing.Sure, you can get an education loan with 100% financing but there are some conditions to this. To understand these conditions you first have to know that when you take out a loan, you are risk to the lender. Different students present different levels of risk. So though all lenders will provide you 100% financing, your risk level will determine the conditions applicable.

  5. For example, if you are a stellar student with an exceptional academic background, excellent entrance exam result and a decent financial backing, you’re a relatively lower risk in comparison to an average student with an average financial backup. Keeping this in mind, most lenders will be ready to provide you 100% financing at a lower interest rate without any collateral. The average student with a weak financial capacity might be asked to provide collateral or maybe levied with a higher rate of interest to avail 100% financing.To conclude, you’re academic record, financial backing and whether or not you provide collateral play a pivotal role in deciding how easily you get that 100% financing.

  6. 2. Applying for an education loan will cost you.That’s right; simply applying for a loan will cost you money. This is because when you have to apply, you have to pay a processing charge. This charge is usually a percentage of the loan amount you are applying for, usually between 1 and 2 percent. This amount is also non-refundable, meaning you will lose on this money, regardless if your loan application is approved or rejected.

  7. 3. Moratorium periods add to your total payable.Moratorium period is one of the best features of a student loan. The fact that you do not have to worry about repaying your loan until 6 months after finishing your course or finding a job proves that an education loan is truly designed with the needs of students in mind. However, you should know that this feature is provided to you at cost. Because for the years you do not make any repayments, all lenders will apply simple interest and add the amount to the principal amount. You could avoid this by paying the interest component of your loan.

  8. Even after these 3 points, you should know that an education loan is still one of the best finance options available today. And as long as you go into the decision to opt for one completely informed, you will enjoy a smooth, hassle-free experience. Good luck and all the best.

  9. Thank You

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