Education Loan

Education loan at lowest interest rates

Whether you need to buy a house, a car or pursue higher education, these days there are loans available for everything.

With an unmatchable hike in college fees, even students have no other option but to avail an education loan to continue their further studies.

Usually job-oriented courses such as management studies, engineering, medicine, etc cost up to lakhs where availing a loan becomes a must.

(Private colleges have much higher fees as compared to Government colleges) To simply define, an education loan is a financial help provided to students who wish to pursue higher studies but run short of capital.

These days, students can even apply online for a study loan. Loans are of various types and come with different rate of interests. However, it is up to you to figure out how much to borrow as per your requirement.

While availing an education loan, you need to have a co-applicant which can be your parents, siblings or spouse. The applicant should be 18 years or above.

Usually the age criteria lies between 18-35 years. Loans between INR 4 to 7.5 lakhs demand a third party guarantor and loans above Rs. 7.5 lakhs require a collateral security in any form of residential property agreement, a collateral security such as life insurance with surrender value, valuables (ornaments/jewellery) etc.

Rate of interest (ROI): Interest rates may vary based on factors such as the loan amount, duration of your course, etc. Interest rates as low as 12.75% are offered by some of the leading private financial firms.

The amount of the loan depends on the course and the college/university that you choose. Generally, if you have secured admission in a reputed institution, you should not find much difficulty in availing an education loan.

Repayment tenure: The time given by the firm to repay the loan is utmost important.

This time can be used to find a good job after which you can start your EMIs without any worries.

If the borrower fails to repay the debt within the given duration, it may affect his as well as the co-applicants credit history.

Also, if the student flies to a different country, without clearing the debt, the loan will be recovered from the co-applicant.

If the student opts for a course abroad, insurance is mandatory. While studying in a foreign country, an education loan alone might not be sufficient, so look for part time jobs or sponsorships/scholarships.

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