5 Features to look for in education loans

 

Education loans have helped many deserving students get the opportunity to study the course of their dreams. But you need to know what to look for in an education loan to ensure that you get the right funding. In this article, we will tell you the 5 features to look for in an education loans.

 

  1. Covering all education expenses

Education loans should not leave students jumbled about how to manage the finances of their education. They should cover up all the expenses of students’ education. From the students’ course tuition fee to their travel expenses, the lodging and boarding expenses, the exam fee, the library fee, the stationery and laptop expenses and so on.

 

So, look for an education loan that pays all your education expenses and hence, allows you to focus on your studies.

 



  1. Lower interest rate

The interest rate levied on the students’ education loans in India is generally between 9-14%. The interest rate directly affects the amount of money the students pay while clearing off their education loan gradually. A higher interest rate levied on an education loan will end up costing students a huge fortune while they repay their study loans. On the other hand, a lower interest rate will guarantee that the students have a chance to stash savings to secure their future.

 

So, look for an education loan that has an affordable interest rate levied on it than what the other lenders in the market provide.

 



  1. Provides collateral-free loan

Parents save money from their earnings to secure their future financially. But why should students make their parents leverage their future for their children’s higher education? Students can take education loans without having to pledge any collateral to get it. Thus, they can fund their higher education without risking their family assets.

 

On a similar note, students who do not have financial assets to leverage for their higher education can also take education loans. This will give them a chance to study and improve their future lives by getting a job that pays handsomely.

 

So, look for a financial lender that gives you a collateral-free education loan.

 



  1. Generous moratorium period

The lenders do not expect the students to start repaying their education loans as soon as they finish their education. The lenders provide a grace period called moratorium period to the students.

 

The moratorium period usually lasts until 1 year from the time the student completes his or her education or until 6 months from the time the student gets his or her first job, whichever comes earlier.

 

So, choose a lender that offers a moratorium period that is the most suitable for you.




  1. Appropriate EMI value

Lenders consult the students before setting the EMI value of the students’ repayment tenure. If a student gets a high-paying job, he or she can ask the lender to keep the EMI value as high as he or she can afford.

 

On the other hand, if the student gets a decent job then he or she can ask the lender to set an EMI value that is well within the reach of the student every month.

 

So, select a lender that constructs your EMI calendar such that repaying seems easy for you.

 

So, these are the 5 features to look for in education loans. We hope that after reading this article, you know how to select the most suitable education loan for yourself. All the best!

 

For more details - 4 perks of getting an education loan for higher studies

Comments

  1. Micheal ByranApril 27, 2021 at 3:20 PM

    Hi everyone, I saw comments from people who had already got their loan from Anderson Loan Finance. Honestly, I thought it was a scam, and then I decided to make a request based on their recommendations. A few days ago, I confirmed in my personal bank account amounting to $15,000 dollars which I applied for. This is really a good news and I am so very happy that I advise all those who need a real loan and who are sure to reimburse to apply through their email (text or call) +1 719 629 0982. There are sincere loan lenders! They are capable to lend you a loan. Contact Mr Anderson E-mail: andersonraymondloanfinance@gmail.com

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