Education Loan

The education loans are nothing but study loans. Studying abroad is a life-changing decision and you should be prepared both financially and mentally to pursue studies abroad. The leading banks of the country offer education loans to students who are willing to study abroad. Education loans are also available for schools and for studying in the country.

Student loans can be a great way to finance your education, but they also come with some disadvantages

Studying abroad is a life-changing decision and you should be prepared both financially and mentally to pursue studies abroad. The leading banks of the country offer education loans to students who are willing to study abroad. Education loans are also available for schools and for studying in the country.

When you take an education loan, the repayment is a crucial aspect of the loan. The loan repayment done on time will reduce the cost of debt and if delayed any further the loan cost might increase rapidly. If you take an educational loan the average tenure of the loan is fifteen years and the interest component is an integral part of the loan.

There are no educational loans with an interest rate of zero per cent in the market. There are some ways that can impact the interest cost of educational loans and make them cheaper than they originally are.

A steady income is important to get any kind of loan and in case you are unemployed, there are still ways to qualify for one. If you are in need of a quick loan, a gold loan will be a good choice. You would just have to pledge your loan as collateral and get the funds you need. Unemployed students wanting to pursue higher education can take an education loan by signing a co-applicant or by pledging collateral. The future income of the student is taken into consideration while when the loan is granted.

The answer is yes, but it depends on various factors. For example, if you have secured an admission into an accredited institution, the lender may not require a guarantor or a third-party guarantee to get approval on the education loan.

Union Bank of India offers Education Loans for studying in the NIFT (National Insitute of Fashion Technology). 

Yes, you can get an educational loan of up to Rs.80 Lakhs to pursue MBBS in India. These are mostly secured loans that require you to pledge equivalent collateral. 

There are many banks that provide a large loan amount for domestic education. For example, ICICI Bank offers up to Rs.50 lakhs for education within India. So, all your education expenses can be met by taking a loan from just one bank. Also, above a certain loan amount, collateral is required for an education loan. In most cases, the banks usually make a DD towards the university or college that you are getting admitted into. The loan amount cannot be used for personal purposes as it does not come to one’s saving account.

Educational loans are provided by a number of banks to help students pursue their higher studies in India or abroad. The interest rates for education loans in India begin at around 9% and can go upwards based on certain factors.

Yes, you can get an education loan for an Undergraduate degree for a B.A. degree in India as long as you meet the eligibility criteria for the same and provide the needed documents to your lender.

The process of applying for an education loan to pursue your higher studies is not a very difficult process. Once you have gotten your admission into your desired college you can:

Education is very important in India and so many banks and Non-Banking Financial Companies (NBFCs) offer education loans. They help facilitate individuals to pursue their academics further, enabling them to get good careers in the future.

The primary benefit of taking an education loan is that the individual gets to afford a good education that can help them life long by helping them get a good career and getting set in life. It helps them achieve academic excellence that adds to the resume to help them get into a reputed company thereby giving them job security and job satisfaction for life.