4 Kinds Of Expenses Covered By An Education Loan For Study In India

 

Traditionally, an education loan used to cover expenses related to academics only. However, with changing times and emerging requirements of students, many loan providers are now covering a wider variety of expenses. This is also a result of students now having more choices when it comes to the courses they want to study and the institutes they want to study them at. If you are looking to take an education loan for study in India, then you might be surprised at the expenses that a good loan can cover. Let’s take a look at 4 such expenses. 

 


1. Living expenses 

If you are shifting to another destination to fulfil your educational aspirations, then you will also have to bear the expenses of settling in and living by yourself. The fortunate news is that such expenses are also taken care of by many lenders these days. 

 

2. Expenses related to study equipment 

Studying at a well-reputed institute often means that you will have to buy relevant books and other tools that can help you in the course of your studies. For instance, if you are studying music, then you may have to buy the musical instrument relevant to your course. Or, if you are studying architecture, then you might require multiple mechanical pencils, specific rulers, a drafting board, and so on. The expenses for such tools and equipment are also covered when you take an education loan for study in India.

 

3. Pre-admission expenses 

There are many expenses one has to pay for when they are attempting to take admission into an institute. It could be consultation fees, admission application charges, or entrance exams fees. Such expenses could be quite heavy on the pocket sometimes. You can take the help of an education loan for study in India to deal with such expenses as many lenders often provide coverage for pre-admission expenses also. 

 

4. Academic expenses beyond the tuition fees

There are many charges besides the tuition fees that you may have to pay to the institute. These may include examination fees, library fees, laboratory charges, and so on. You may also have to pay the building fund or refundable deposit to the institute. Such expenses too are covered by a good education loan to study in India. 

 

Do remember that the coverage offered by a loan is an important parameter to consider when selecting. But there are other aspects as well, which you should look out for, such as: 

 

·         The time taken to sanction the loan

·         The customer services provided by the lender 

·         Whether the lender requires you to provide margin money 

·         The option to opt for collateral-free loans 

·         A simple and minimal education loan eligibility criteria 

 

It goes without saying that academic/tuition fees are covered by an education loan for study in India. It is also to be understood that there might be conditions attached to each and every coverage section. Therefore, we advise you to reach out to the lender you have selected and get a thorough understanding of what you require before you go ahead with your financial decisions. Thank you for reading!

 


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