Educational Loan

Have you always dreamed of studying at one of the best universities in India or abroad? If yes, then what is stopping you from learning at those institutions? In most cases, money or to be more precise, the lack of it is what stops students like you from learning at those institutions. To solve this, there is one solution: education loan. And they come with interest rates just like any other type of loan. In this article, you will learn 3 tips to bag a lower education loan interest rate. Calculate the potential expenses carefully - The general rule in education loan: Higher the loan amount, higher the interest rate. Understand this and you can find ways to lower your education loan interest rate. Calculate the funds you would need to study at your choice of college—from the college tuition fees to travel expenses, accommodation expenses, library fees, canteen expenses, and stationery expenses. Once you have calculated all the necessary expenses to the last penny, you will be ...

Education loans help aspirants to learn the trades of their choice in good institutions in India or abroad, and thus, build an exemplary professional career. These loans have been helping students for quite a few decades now. Also, they are becoming accessible and fast due to the widespread acceptance of streamlined loan process practices. Today, all you need to do is simply go online and search for “education loans India”, and you are bound to get a huge list of financial institutions that offer loans. But before you go ahead and apply for an education loan, here are 5 terms that you should be familiar with:- 1.  Unsecured loan A lot of students wish to pursue their further education, but many do not wish to provide collateral to get an education loan. Now, banks mandatorily require collateral from students if the loan amount crosses Rs.7.5 lakhs. This is an amount that is quite likely to cross, especially if we are talking about pursuing an education abroad. This is why many ...

An education loan interest calculator is also known as an EMI calculator. It is an extremely useful tool that can help you create streamlined repayment plans and ensure you have a smooth borrowing experience. However, despite this, not many students are aware of these innovative online calculators. Keeping this in mind, the following article will attempt to build awareness around these helpful tools by explaining what they are, how to use them, and the benefits of using them before you apply for a loan. So, what is an education loan interest calculator? As mentioned earlier, an education loan interest calculator is better known as an EMI calculator. It is a simple yet extremely powerful online tool that calculates the equated monthly installments of your education loan. A good EMI calculator will also tell you the break-up of the interest amount & the principal repayment amount of each EMI along with the total interest payable. That’s why the EMI calculator is also known as an ...

Educational loans are a student’s best friend! They provide invaluable financial assistance and help aspirants pursue their dreams without worrying about the cost. However, there are quite a few students who are sceptical about these loans and doubt their usefulness. Keeping this in mind, the following article will highlight 5 major costs that education loans can help you cover. Hopefully, this will shed light on the amazing utility these finance solutions provide to students. 1.     Course fees: This is one of the first and most obvious education-related expenses that you can cover with a students loan . Once your admission has been confirmed and your educational loan is approved, the lender will directly transfer the course fee amount to the university or college you have applied to. 2.     Travel & living expense: In case you apply for an overseas course, then you also need to cover travel & living expenses too. This can be quite difficult cons...

  Education loan eligibility is a crucial aspect of any student loan. It’s something that needs to paid special attention to before sending in your loan application. Keeping this in mind, the following article will tell you everything you need to know about student loan eligibility, including what it is, how to calculate it and even how to improve it. So what is student loan eligibility? Education loan eligibility is a two-part process that determines firstly whether you are eligible to take the loan and secondly the amount of loan you are eligible for. To make it through `part 1 of the education loan eligibility, you need to: -Be a citizen of India and above the age of 18 -Have a confirmed admission in the college or university you plan on studying in -Have a co-borrower that is also an Indian citizen above the age of 18. -Your co-borrower should have bank account that allows him/her to issue cheques. If you tick all these boxes, you can move onto part two of educati...

Students that dream of getting a job in a multi-national company today need to complete their further education. With there being so much of competition in every field, a post-graduate degree becomes more of a necessity. The academic degree of a candidate makes a strong impression on the company that is interviewing them.  Not only this, but even the university that they have studied at has a big impact. Companies are more likely to recruit students that have passed out of reputed universities. This is why many students try and secure admission to one of the best universities in order to improve their career prospects. But as we all know, being able to afford the university fees is not an easy task. If you are aiming for a top university, then your expenses would increase since the tuition fee of such a university would obviously be more than what a normal university would cost you. These expenses would be much more in case you are looking to pursue your education from abroad, in...

In order to pursue quality education, many students aspire to study at top universities. As the fees of such universities are often unaffordable, aspiring students often rely on education loans to finance their courses. Taking an education loan is easy, but you need to be very careful to avoid certain common mistakes that many others make. To help you out, here are 4 mistakes that you must avoid while taking a student education loan. Manipulating your application Bluffing on your student loan application is the biggest mistake you can ever make. Remember that the lender does a background check on the information you provide them with. The university you have got admission to may also carry out a check of your course financing. If you are caught lying, you will not only lose out on the loan but also on your admission. You may also have to pay a fine for giving fake information. So, it is advisable to give out genuine information when applying for a student loan. Not considering...

Repaying your education loan can seem a little overwhelming. Do not worry for you are not alone in feeling this way. A lot of college students feel the weight of debt hit them hard when their first education loan EMI is suddenly due. Now, there is no quick fix that can help you to repay your debt faster. However, by a little bit of guidance can go a long way in ensuring you do things the smart way. To that effect, here are some tips to help you to pay your education loan EMI efficiently. 1.      Take advantage of the moratorium period When you take an educational loan, the bank or financial institution grants you a grace period called moratorium. This period begins after the completion of your course. Your education loan EMI does not start until the end of the moratorium. This grace period is handed out by the lender so that you can find a job and become financially independent. Now, it is advisable to begin paying off some of the interest of your loan during th...