Education loan : Education loan for young aspirants

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Post on 16-Apr-2017



Economy & Finance

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<ul><li><p>Education loan for young aspirants </p><p>All of us are born with a unique personality and education just adds a bit more to the charm. </p><p>Without education, it becomes impossible to have a broader outlook towards life. Education </p><p>gives a clearer view about all the problems in life. It is but natural that to earn something you </p><p>have to pay a certain amount. Same goes to education. It does not come for free. And these days </p><p>education costs more than how much we can afford. Although, basic education can be completed </p><p>with the help of Government aid, pursuing higher studies seems to be an unachievable task with </p><p>such high education fees. But, there is always hope in some or the other form such as education </p><p>loan. </p><p>India being a developing country, also has a lot of aspiring students who wish to reach new </p><p>heights. Students who have bigger dreams but lack the needed financial support can always </p><p>apply for an education loan. It is one of the safest and fastest method of obtaining money when it </p><p>comes to pursuing higher studies-be it in India or abroad. All thanks to technology and the </p><p>growing popularity of the internet, applying for loans has become a lot more easier as compared </p><p>to the previous times. Also, previously there were only a few kinds of education loans, but now-</p><p>a-days, private firms have also fastened their belts to give students some of the best possible loan </p><p>schemes. There are competitive and customized loan structures designed keeping in mind </p><p>students belonging to various classes of the society. </p><p></p></li><li><p>The tenure provided by such firms to repay the funds is comparatively high. This could also be </p><p>the possible reason why more and more students these days opt for an education loan to complete </p><p>their higher studies. Traditional methods of generating money are losing importance because </p><p>unlike an education loan, they do not offer flexibility in repayment. Also, these methods do not </p><p>cover expenses other than the basic academic fees. </p><p>Education loan up to Rs. 4 lakhs, do not require any form of collateral security. Loans between </p><p>Rs. 4 lakhs to Rs. 7 lakhs demand collateral in the form of a satisfactory third party guarantee. If </p><p>the loan seeker avails an amount more than INR 7 lakhs, he will have to produce collateral in any </p><p>form of residential property (flat/apartment), existing house mortgaged and non-agricultural land, </p><p>fixed deposits, life insurance with a surrender value equivalent to the loan amount. </p><p>When it comes to repayment, you can start it after the completion of the course or during the </p><p>course itself. In addition to the duration of your course, firms offer a maximum grace period of 6 </p><p>to 12 months to repay the loan. Opt for part time jobs along with your studies so that you can </p><p>gather enough funds to start paying your debts within the given time frame. Those who delay </p><p>their EMIs, usually have a negative CIBIL score, which shortens their chances of availing any </p><p>kind of loan in the future. </p><p>Source : </p><p></p></li></ul>