3 features of education loans for the wards of defence forces

 

The defence forces of India spend tiresome sleepless nights defending the borders of our country against all kinds of external threats. They look after the safety of the Indian land, the Indian nautical borders, and the Indian airspace. And most of all, they are there to guard Indian interests—be it in the Indian mainland or away from its shores. At times, these men and women sacrifice their lives in the line of duty. The men and women in the defence forces have families and they are not able to be there with them all the time. To help make the future of the wards of these men and women bright, lenders offer education loans. These education loans are aimed at helping those wards achieve their higher education aspirations with flying colours. In this article, we will tell you the features of these overseas education loans—even known as privilege loans.

1. Zero processing fees

To keep the cost of the debt in control for those wards, some lenders offer the education loan for study in India or abroad with zero processing fees. Lenders usually levy processing fees on education loans like service charges, pre-processing fees, statements of accounts, and so on. These costs are dropped for wards of defence force employees when they avail education loans. This reduces the total charges levied on the principal amount of education loans which saves money in the pocket of the wards when they start repaying the education loans.

 

 

2. Student-tailored education loan

Some wards may choose to study in India while others may choose to study abroad. Universities would judge them based on their merit, and ask them to show proof of finances to pay the course fee before they give them a seat at their campus. Some countries may ask these students to show proof of funds to pay the living expenses in their country before giving them student visas. These necessities may differ from one student to another. To help them with the financial support they need, lenders offer student-tailored overseas education loans. Lenders offer those wards education loans with clauses and conditions aimed at solving their higher education financing obstacles.

 

3. Hassle-free education loan

To make the process of getting education loans easier for those wards, lenders offer doorstep services and lesser paperwork. They help those students by sending representatives to their house to fill education loan application forms, ask for and attach relevant documents to the application forms and process their applications further. This saves students’ time and efforts which would gone in the commute to the lenders’ office at every step of acquiring an education loan for study in India or abroad. Lenders also keep the acquiring process hassle-free by reducing the amount of paperwork needed to get an education loan, and by digitizing the whole process.

One more service that lenders provide to those wards is fast-loan approval. This reduces the amount of time taken to process the education loan from the application phase to the disbursement phase.

So, these are the features of overseas education loans for defense forces’ wards or as some lenders call, privilege loans. Apart from these services, these wards also get other services that are commonly available to regular students. Have a nice day!