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Education Loans

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Everyone in today’s date is talking about the rise in cost of living. But if you notice the cost of education within India or overseas education the cost has increased drastically and thereby making it unaffordable for many parents to fulfill their child’s dream and ambitions. Only solution is to apply for education loans from various banks and financial institutions.

  1. Before applying for education loan there are few important things that the students and parents needs to be aware of –
    1. Rate of interest – The ROI varies for every bank and FI’s and thus proper evaluation of offers needs to be done before getting your loan disbursed.

    2. Processing fees – What are the processing fees and other charges applicable.
    3. Pre-payment charges – What are the forclosure charges and penalties applicable.
    4. Coverage – What all education cost are covered in the Education loan product offered by bank – e.g. Tution fees, accommodation cost, medical and others.

    5. Installment terms and condition – does bank allow installment free period till time of course completion or any other feature which will help

    6. Collateral and security – Most of the financers ask for collateral and guarantees for processing of loan, so check the process and documentation formality before hurrying into original document submissions

    7. Tenure – Look into the tenure offered and evaluate the EMI payable. Accordingly decide on financer

Best of luck for your future and hope you get the loan processed at the quickest possible time.