Need an education loan? Ask lenders these 4 questions

 

Are you looking for the best education loan in India to cover the cost of your higher studies?

Yes, then you are reading the right blog. Education loans have helped many students achieve their dreams of higher studies. Many students finance their education in India and foreign countries like the UK, the USA, Germany, France, Singapore and Ireland using education loans. You can do that too. The easiest way of finding lenders that offer education loans is to type ‘study loan abroad’ on Google and look through websites on the results page. Once you make a list of lenders that you think are the potential financers of your higher studies, ask them these 5 questions.

1.     What are your credentials?

The first step you should take is to check the credentials of lenders. Many students are fooled by fraudsters appearing as legit lenders. To avoid this fate, you should ask lenders for details about students who borrowed money from them and read reviews about them on the internet. When you come to know about lenders this way—learning the praises and complaints people have from their borrowers—you get to see lenders from a better perspective and make the right decision.

2.     What kind of education costs will you cover?

Students do not always study at colleges or universities near to their homes; sometimes they have to leave their hometowns for their higher education. In such a scenario, they will need money to travel to another city and sustain a good lifestyle there throughout the duration of their course. Of course, they will need money to pay their course tuition fees. They will also need money to buy books, stationery and a laptop for educational purposes. You may need money for the same purposes too. So, to get the appropriate education loans, you should ask a lender about the kinds of higher education expenses they cover.

3.     Do I have to pay margin money?

Even though, many lenders finance students’ higher education in India and abroad, they do not do so completely. They may ask students to cover 5 to 10% of the cost of their higher education. They ask students to pay margin money. If you do not have enough money to cover these higher education costs, you should select a lender that covers 100% cost of students’ higher education. You can find such lenders easily on the internet.

4.     Can I get a tailor-made loan?

Students, who intend to study in foreign lands, need funds in a different way than students studying in India. They need money to pay the fees of competitive exams and prep classes. They need money to secure their seats at reputed universities. They need money to get a student visa. Not all students face all of these problems at the same time. Every student faces these problems in a unique way. You may face the same problems too so to save yourself from failure; you should ask lenders if they provide bridge loans, pre-admission loans, and pre-visa loans and so on.

Now you know the 4 important questions that you should ask lenders when you search for education loans. Have a nice day!

 

For more details - Taking a study loan for abroad studies? Check if the lender provides these 6 features