How Does Education Loan Help Abroad Studies

You Need To Know About Education Loan

● Approximately one-fifth of India’s total population comprises individuals between 15 to 25 years of age. ● This demography is expected to increase by 34.33% by the end of 2020, indicating how youths can be the driving force of India’s economy in the upcoming years.

It is also likely to reshape the country’s education industry. With a growing demand for higher education amongst individuals of all ages, the education sector is expected to witness a significant boost in a few upcoming years.

Thanks to the availability of convenient funding via education loans and supporting online tools such as education loan calculator, the fulfillment of education can catch up with its demand.

TAKE YOUR EDUCATION LOAN NOW!

How To Calculate Loan EMIs With An Education Loan Calculator?

Depending on three primary variables, the principal amount (P), repayment tenure (N), and rate of interest (R), it calculates the EMIs via a standardised formula used to calculate the results – [P x R x (1+R)˄N]/[(1+R)˄N-1] Certain mortgage loan calculators even offer additional details at the same time, such as total repayment liability and total payable interest along with monthly EMIs. These can prove significantly helpful while planning a child’s education using an education loan.

The first step to avail an education loan is meeting specific education loan eligibility criteria and submitting required documents to support the same.

Borrowers to submit these few documents to avail a loan against property for education – ● ● ● ●

KYC documents ID proof Address proof Admission confirmation documents ● Bank account details

Why Use A Loan Against Property To Fund Higher Studies? ● High Value Loan Amount - Secured credits like loans against property offer a substantial loan amount to eligible applicants, which can be as much as Rs.3.5 crore. ● Competitive Rate of Interest - Another reason why one should choose a loan against property for education is that it offers competitive rates of interest. ● Extended Repayment Tenor - Loans against property are long-term debts, with repayment tenors ranging from 15 to 20 years depending on the financial institution.

How Does Education Loan Help Abroad Studies?

The expenses for higher education have appreciated substantially in the past few years.

Most of the universities abroad have a steep course fee, which students fail to meet on their own. To alleviate this crisis of funds, many financial institutions offer education loans.

Education and student loans assist numerous students each year to fund their higher studies outside of India. Education loan eligibility is usually kept simple, considering the fact that students are not yet financially established. Loans extended for education meet not only the tuition fees but few related expenses pertaining to the academics.

Thanks Visit Bajaj Finserv’s Website to check more about at https://www.bajajfinserv.i n/education-loan-on-proper ty