How to get the best modern day education finance?
An education loan is one of the best financial securities in modern day times to pursue higher studies in India or abroad. Traditional finances are very expensive compared to education loans and regular savings will always prove insufficient to bridge the huge demand of education expenses. Today, government and various leading private finance firms have taken concrete steps for providing better education facilities to the youth of our nation. In order to make sure that no student is denied of pursuing higher education, they have come up with state-of-the-art facilities for educational loans scheme. So bank a suitable opportunity now and create your own world of successes by pursuing good and quality higher education in India or abroad.
An Availability of the education loan, at the appropriate time help millions of deserving bright young talents of India to achieve their dreams come true. In India, all graduation, post-graduation and professional courses from institutes approved by the state and central government and also from foreign universities is eligible for education loans.
While taking a student loan often parents and children stay concerned regarding the interest rates applied to take the loan. Often due to high rates they call off their dreams to pursue higher studies. But private finance firms are understanding these educational costs concern very well and offer interest rate as low as 12.75% and the processing fee is mere 1-2% of the education loan amount being calculated on a case-to-case basis.
For studies government banks offer a loan upto 15-20 lakhs and for this they charge margin money costs of around 15-20%. But some leading private finance firms have designed education loans without setting any cap on finance and also they are no margin money costs involved in it. They provide 100% coverage of education costs, making such young talents of India. They study the viability of the borrower based on personal discussions with the student, family’s assets and annual income, the nature of the course and reputation of the institute.
Education loans take complete care of your expenses incurred towards the tuition and other fees, library charges, hostel and mess charges, cost of books and equipment, maintenance, caution fund/building fund/refundable deposit and cost of passage (for studies abroad), etc.
In case of studying abroad it is quite costly affair and many parents find it tough or impossible to finance their children’s higher education in a foreign university. Many times a bright student with exceptional academic record has to leave his dream of studying abroad due to costs involved. Therefore, some leading private finance firms have come up with unique and friendly solution for customers such as Pre-Visa Disbursement Loan, Pre-Admission Loan, Certificate of Availability of Funds, GRE score based loan, Bridge loan, fast track loan etc. which cater exclusively to students’ particular requirements and set them free from any form of obstacle in their road for career development.
For repayment, a window of 5 to 10 years is given to candidates. There is also a provision of grace period for one year (or six months) after the completion of studies. The documents required for applying education loan would be complete loan application packet, identity proof, income proof, residence proof, six months record of the passbook, the guarantor’s note and other supporting documents such as letter of admission, mark sheets, education records etc. as specified by the bank or private finance firm. It is advisable don’t set all your hopes on just one bank or private firm. Instead apply to multiple banks, in case your loan application was to get rejected by one of the bank or firm.