A checklist before you avail Student Loans In India

July 20, 2018 | Author: | Posted in Finance

Today, many aspirants wish to get into their dream universities to pursue management studies, Masters or other professional degrees. However, due to the rising inflation costs and a steep rise in the education costs many aspirants may plan to compromise on their career and choose any other job in India.

However, why should students kill their aspiration when lenders are willing to offer education loans? These loans are a kind of credit advanced to professional scholars and students being designed to help a student pay their college tuition, books, laptop, hostel fees and other living expenses.

So, follow the checklists while availing Student Loans In India:

Compare products: Most students in their quest to get admission are willing to go for high-interest rates. However, it would be better to compare the loan deal in terms of interest rates, tenure, repayment flexibility, and other discounts. After a thorough evaluation, you can zero-in on a particular lender. The market is running through a stiff competition and in-directly the benefits are passed on to the consumers. So, relax a good academic score and parents/guardian’s credit score can help you avail loan at fairly low-interest rates and save a huge amount on your pockets. You can get attractive and low-interest rates at around 11-13% with a mere processing fee of 1-2% on the loan amount.

Keep Documents handy: Since the loan is all about giving a credit and money is involved definitely there would be documentation involved in it. When you compare the products, check loan process, be handy with the list of documents you need to apply for education loans. These days with internet-based facilities you can fill-up form online, submit a scanned copy of documents and wait for approval. And all this in the comfort of your home.

Co-signer: Definitely a loan will be a big amount so you will need a co-signer. Any student loan for a value of around 5 lakhs and above will need a co-signer. In most cases, it would be parents/guardian who is considered as the joint owner of the loan. They agree to pay the debt just in case you’re unable to pay the money on time. It’s extremely important that your co-signer holds a good credit score to negotiate the interest rates and also need to produce documents for a loan to get approved.

Repayment tenure & clause:  Students Loan have a moratorium period wherein you can start the repayment once you’ve finished your course or six months within the time you get a job after course completion. However, it’s better to check each and every clause carefully as you need to pay the money on time and it should not be a big burden on your wallets. Ideally, experts suggest you can start paying your interest rates so that it saves a lot on the overall costs of your loan. Right from the day, you borrow finance you will have around 10-12 years for loan repayment. So, strategize well, discuss the job prospects with an expert and then enroll for your dream course.

Student Loans In India are a boon for those millions of aspirants who wish to fulfill their dreams but struggle to manage finance due to a low economic background or other financial contingencies. Attain good position in your career and live with better amenities, lavish lifestyle and possibly make a mark of India on the global platform.

Apply for study loan online, now!

 

Please follow and like us:
0
About Author
Manali Kore is a finance student who loves to write during her spare time. She has considerable information about the education loan. Through her work, she has provided valuable information about smart borrowing when it comes to this loan.

Author:

Manali Kore is a finance student who loves to write during her spare time. She has considerable information about the education loan. Through her work, she has provided valuable information about smart borrowing when it comes to this loan.

This author has published 1 articles so far.

Leave a Reply

Enjoy this blog? Please spread the word :)