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Things to compare while going for educational loans

Educational loans would cover all the expenses like your university admission fee, travel costs, and other major expenses. This is particularly helpful for the deserving students who cannot take on such expenses on their own. With the help of such loans, they are able to get admission into their preferred universities.

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Things to compare while going for educational loans

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  1. Things to compare while going for educational loans

  2. Going for educational loans has become a common step for students who wish to continue with their further studies. In a world where being able to afford anything is getting tougher by the day, taking aid from financial institutions has become an absolute necessity in order to go ahead with whatever you have planned. 

  3. Educational loans would cover all the expenses like your university admission fee, travel costs, and other major expenses. This is particularly helpful for the deserving students who cannot take on such expenses on their own. With the help of such loans, they are able to get admission into their preferred universities. These loans are good for the students, as the repayment of these loans only starts after a certain time period after the course is done.

  4. The things you should check when applying for educational loans:- The different interest rates- Different banks would have different interest rates. Check which banks are offering the best rates, along with the repayment time as that differs from bank to bank too. Another important piece of information that a lot of people are unaware of, is that the banks used to set their interest rates according to the base rate earlier.

  5. Repayment options In the case of educational loans, it is more or less the same for banks as well as NBFCs, where the repayment of the loans begin usually 6 months after the course is completed. If you require more flexibility in the repayment time, then you should look to take a loan from an NBFC. 

  6. Restrictions of the financial institutions-  The banks only approve loans when the applicant is getting admission into a university that is certified by the Government. If not, the banks can reject the application of the loan. The NBFCs are much better in this case. They are more open to give out loans as compared to the banks. We hope that the article has given enough information on educational loans so that if and when you apply for one, you know what to look out for. Related Blog:- Pre-application checklist for educational loans.

  7. Avanse facebook:-https://www.facebook.com/AvanseEducationLoan/ Avanse Twitter:- https://twitter.com/avanseeduloan Avanse YouTube:- https://www.youtube.com/channel/UCcsuUx1EH1C08XmX2embpug Avanse Instagram:- https://www.instagram.com/avansefinancialservices/

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