Benefits of opting for an educational loan in india to pursue higher education

1. Benefits of opting for an educational loan in india to pursue higher education Indian society has gone through some major changes in recent years. The emphasis on education has increased tremendously. Thus, students are struggling to procure higher quality education and succeed in life. There are a lot of choices in front of students to choose from- they can either study in India or pursue education abroad. However, even though they have a plethora of options in front of them yet they can’t make use of them to the fullest; the reason being the problem of lack of funds. However, unlike the earlier times, students can now borrow money from banks as well as NBFCs (non-banking financial companies). The interest rates of an educational loan in india provided by financial institutions are way lower than the ones provided by traditional financiers and loan sharks. There are also a number of other benefits such as: An educational loan in india covers all the expenses incurred by the students while pursuing higher education. The different expenses included under study loans range from the cost of books, college fees, tuition fees, living expenses, travel expenses, etc. Even the costs of other miscellaneous expenses are covered by the study loans. The different types of expenses covered by the study loans are in the fields of science, arts, commerce, mass media, management, medicine, engineering, etc. Thus, students have a number of options in front of them to choose from. Also, there are a lot of banks and NBFCs (non-banking financial companies) which provide special discounts on interest rates for meritorious students. The repayment of an educational loan in india is done in the flexible form of installments. Thus, the students can plan out their current as well as future repayments in advance. The financial institutions have also started providing different tools such as an EMI calculator on their online websites. Thus, you can simply make use of them and calculate your interest rates. The collateral required for a study loan is equal to the principal loan amount disbursed and the loan repayment period. This collateral can be any of your residential properties, life insurance policy, fixed deposit, non-agricultural land, etc. Thus, you can easily acquire a study loan by providing a suitable collateral amount. The financial institutions provide various other services such as proof of funds, pre-visa disbursement, etc. They are given out in order to ease your admission process. Who all can make use of a study loan? All the Indian citizens in the age group of 18 to 35 years can apply for an educational loan in india However, there are a few eligibility criteria you need to fulfill:

2. You need to have an earning person who is willing to co-sign the loan amount and become a co-borrower. This co-borrower can be any of your family members, relatives, siblings, etc. The financial institutions also scrutinize your university of choice, course, the country in which you are studying and will determine your eligibility on its basis. Make sure that you have all the valid documents with you. Different documents such as your past academic certificates, pre-requisite exam results and the letter of confirmation from the university.