4 Benefits of Taking an Educational Loan in India You May Not Be Aware Of

 Many students dream of completing their higher studies at the top universities in India. But, one thing that often stops people from pursuing this dream is the funding that they require. With the help of an educational loan in India, however, they can get the required funding and fulfill their dreams with confidence. While many may be aware of the funding part of these loans, there is a multitude of other benefits which the general audience may not be aware of. In this article, we look at 4 such benefits. 

 


1. Ensures the savings of the family stay intact

To fund the higher education of their children, many parents and guardians often end up spending their hard-earned savings or break into their retirement funds. Opting for an educational loan in India can help families retain these savings and assets intact, which they can use for their future. Moreover, these days, there is the option of unsecured loans as well. This means that the applicant does not have to provide any assets to the lender as security against the loan. So, the family’s assets stay where they should - with the family. 

 

2. Helps you have a good standard of living during your studies  

If you are planning to seek higher education at a well-known learning destination in India, then you would be aware that you would have to pay a considerable amount for the standard of living there. Simultaneously with the course fees, you will have to bear the essential costs related to housing rent, study materials, travel fare, and so on. A good educational loan in India will help you meet the standard of living by offering coverage for all these expenses. 

 

3. Helps you make more eligible for better credit in the future 

If you are diligent with the repayment of the educational loan in India, you can build up a good credit profile and begin your credit journey on a positive note. A solid credit score symbolizes that the individual is a trustworthy borrower and thus, is suitable for better deals on loans and credit in the future. This can help you when opting for a home loan or something similar. 

 

4. Motivates you to study harder

Unlike a car loan or a home loan, your educational loan in India does not have any tangible security, unless you have opted for a secured loan. Your potential and dedication for studying and gaining a well-paying job are what acts as a kind of security against the loan. You can make the most of this situation by committing yourself to your studies so that you obtain better marks and perform well academically. During the journey of repaying the loan, you will receive a lot of lessons regarding the responsible handling of finances. Once the loan has been repaid successfully by you, the ‘self-made’ tag can be rightfully showcased! 

 

Do keep in mind that the features and documents required for education loan purposes will vary as per the lender. Kindly read the policy documents carefully for a thorough understanding of your loan’s terms and conditions. 




Original Source - 4 Benefits of Taking an Educational Loan in India You May Not Be Aware Of

Comments

Post a Comment

Popular posts from this blog

How to calculate your MBA education loan EMI value?

Image
  Do you want to earn an MBA degree? If yes, then study hard in your undergraduate years and clear the MBA entrance exam with flying colours. Along with that, find different ways to fund your MBA education. Many students confirm their seat at B-schools by taking an education loan for MBA studies to pay its fees because pursuing an MBA degree is an expensive affair. To help you estimate your total MBA education costs and help you estimate the EMI values to repay it, we have written this blog. Let us look at the costs you would want your education loan to cover. First, you will need money to pay your course tuition fees every year of the course. If your MBA college is not in your hometown then you will have to relocate to a hostel near your college. You will need money to travel to the city where your college is based. You will need money to sustain a good lifestyle in that city for the duration of your MBA course. If you need to relocate to a foreign city for your MBA educati...
Read more

3 features of education loans for the wards of defence forces

Image
  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. Zero processing fees To keep the cost of the debt in control for those wards, some lenders offer the education loan for stu...
Read more

5 Features to look for in education loans

Image
  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 .   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.   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 ...
Read more