How to get the good education loan interest rate

1. Education Loan Interest Rate

2. How to get the good education loan interest rate?

3. With the rise in the cost of getting a decent education, many students today are opting for educational loans to support their education-related finances while they are studying. If you are planning on taking a loan yourself, make sure you understand your education loan interest ratebefore you apply for it. • The interest rate for educational loan ranges from 11% to 15%. Now, as an applicant, you cannot pick the interest rate yourself. As the student you can decide on the loan amount, and whether you choose to take the moratorium period. It is the lender who will decide on how much interest rate the student gets. Well, if you’re thinking that you don’t have much you can do, think again! The following article mentions a few things that could help you land a lower education loan interest rate.

4. Students’ Academics: • Banks and NBFCs make sure that they help academically excellent student get the needed help. So it is always better when the student has an excellent academic past. The lenders themself will look into your past academic records to check this and according to draw an interest rate that suits you best. • There are lenders who would give you a preferred interest rate when and if you have already secured a seat at a prestigious or a well-known university. If you are looking for loan options early on make sure that you can maintain a good academic record during your entrance exams as that too can land you a good interest rate.

5. The Guarantor and their finances: • Having a guarantor is an important part of the loan. It is usually suggested that the guarantor of your loan be the parent, guardian or any other relative. Now you do not need to have a parent as your co-borrower or guarantor. • While you are selecting your co-borrower, remember that the banks and NBFCs look into the financial background of the co-borrower. This is because the co-borrower is supposed to be someone with a stable source of income. • In many cases, when the co-borrower has a good financial background like having a high paying salary or a good credit score, the student can get the loan amount they want easily and also at a lower education loaninterest rate. If you want, you could also pick two co-borrowers instead of one. This is also known to help get a better interest rate.

6. Stable EMIs: • If you have already applied for a student loan and have a slightly higher interest rate, there is a way out – the floating interest rate. The education loan interest rate is usually annual. So in the first year of your loan repayment, if you have paid all your repayment EMIs on time, in the following year your lender may decrease your loan interest rate. A lot of students who are in their loan period have enjoyed the floating interest rate with timely and/or earlier payments. • You could look into these to check if you can get the education loan interest rate on your loan amount. Hope this helps you. • All the best!

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