Key Things You Must Know About Education Loans
Introduction
Education loans are quite helpful when a family's income and resources are insufficient, but the student aims high to achieve his dreams. These loans cover not only the cost of a student's education but also living expenses abroad and other additional expenses if required. Students can easily take loans to study in India or abroad if they match the eligibility criteria.
Eligibility criteria
If you wish to take a loan, you must go through the guidelines related to eligibility for this loan:
Must be an Indian national. If under 18 years old, the applicant’s parents will have to take out the study loan for abroad studies. Have a strong academic record. Get admission to a reputable overseas university, institution, or college. The chosen course must be technical or professional.
Choose the Best EMI Plan
Select an EMI plan that does not cause financial problems in the long run, and always have a backup. Consider your budget and use an AMI calculator to devise a plan for future payments. Do not miss any instalment date, as it may affect your CIBIL score, and the bank may impose a penalty for the same. Also, find a lender that offers a loan at a feasible interest rate for easy repayment.
Refinancing a loan
You can even get your education loan refinanced in case you are dissatisfied with the customer care services of your lender. By opting for this option you may even get a better interest rate on the same loan that you were already paying for.
02 Conclusion
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By taking an education loan, you can complete your degree programme without encountering any financial issues. But make sure to choose a lender that offers flexible terms and conditions in the moratorium period and in the repayment.
