Opt for education loan to fund your higher studies.

A quality education will be your ticket to better prospects. It will help you provide a launch pad to shape up your mid-career and thus achieve professional studies. Today, most MNCs and government sectors demand individuals with exceptional talents and it can be achieved by pursuing quality higher studies. However, it comes at a high price tag. The ever-escalating cost has made it nearly impossible for parents to fund their child's higher studies with little savings. Therefore, most people opt for education loans to meet the costs especially when they opt to study at top-notch foreign university/institutes. 

What is an education loan?

Just like home loans, car loans, personal loans, there are education loans to fund higher studies of millions of aspirants who find it difficult to arrange the necessary finance. The purpose of education loans is quite distinct and well defined compared to other forms of loans such as traditional borrowing or personal loans. The money can be used to fulfill an educational degree or meet the associated expenses. Ideally, your Abroad Study Loan includes tuition fee, exam fee, lab and library fees, caution deposit, project funding, study tours, books and equipment and traveling (to a certain extent). Since these loans are offered to students they come at low-interest rates and tenure of around 8-10 years for repayments. Women applicants are given special 0.5% of concession to empower them with a quality education.

Study Loan

Private lenders are on their toes to offer customized solutions for individuals. With proper documentation and a good credit score of the co-borrowers, you can get your loans sanctioned within 24 hours. They customize your loans as per your specific needs and requirements. Most finance companies are willing to offer unsecured loans up to Rs 50 lakhs which turns out to be a big boost for many aspirants who don’t have sufficient collaterals to take a loan. In fact, with an exceptionally good academic score, a credit score of co-borrowers and collateral you can avail 100% education finance as well.

For individuals who wish to pursue higher studies abroad, they need to show sufficient 'proof of funds' in the bank account. Failing this, you won't be able to study in the desired university overseas. Therefore, some private firms have come up with unique and friendly solutions such as pre-admission loan, pre-visa disbursement loan, score based products, 100% funding for meritorious students, wider course and country coverage, bridge up loan, etc.

To know more about the Education Loan Eligibility click here.

How does education loan work?

You can qualify for students’ loan once you have an admission letter from an accredited institute/university. The admission letter will be considered to evaluate the creditworthiness for financing. Once the institute is able to provide a total estimate and associated costs, the nature of degree such as engineering, architecture, MS or management studies will determine whether you worth for sanctioning particular loan amount. It means whether you will be able to secure a job to repay your money in the near future. Lenders require a guarantor or co-signer to ensure loan security. Education loans will require a tangible property put up against the loan amount secure the repayments. The disbursement of your Higher Education Loan will be done directly to the desired university and students need to interact with the financial aid office to manage their other expenses like books and equipment, project funding, hostel and mess charges, living expenses, etc.

Chase your dreams instead of looking for finances to meet the higher study costs. Apply for education loan online, now!