What to expect from the best education loan.


To cover their monetary shortcomings, many students opt for student loans and focus their energies on finding the best education loan out there. However, with the number of lenders and loan offerings available today, finding that perfect student loan is no cake walk. It will take days, if not weeks, of research and comparison.

We know that you would rather use this time to prepare for entrance exams or take care of some other education-related formalities. That’s why we’ve provided a checklist of features you can expect from only the best loan offerings – this should streamline and simplify your selection process.

1. Loan amounts without terms and conditions.
The Best Education Loan will give you the money you need, no strings attached. You should be able to tap 100% financing with ease and cover all your education-related expenses without any hassles. Everything from course fees to the purchase of a laptop should be handled by the education loan. Not to mentioned peripheral expenses such as entrance exams fees, deposits payable, visa expenses & proof of funds for the same (in case of overseas studies) and more!
However, with some loans, this is a distant dream. You will be forced to provide collaterals for loans exceeding Rs. 7.5 lakh and even offer a down payment.

2. Rewarding benefits.
The best education loan will appreciate your educational excellence. They will take into consideration exceptional performances throughout your schooling & college life when providing the loan. Even if you have managed to ace your entrance exams, you should expect to be rewarded. These rewards could come in the form of lowered interest rates, higher finance limits, waiver of processing fees, cash back offers, etc.

3. Understands the value of your time.
Usually, all education-related formalities are extremely time bound. Things need to fall into place quickly or you could miss out on opportunities. The best Education Loans will understand this and offer snappy processes to ensure you meet your deadlines. In this endeavor, some of the better loans will offer sanctions within 48 hours even.

4. Good reviews.
The best education loan will have users who vouch for it. You can visit education loan aggregator sites to check reviews and rating. These sites are a great source of unbiased information on these finance solutions. You should get access to feedback from real users that will help you verify the quality of an education loan.

5. Low-interest rates & charges.
The best education loan will offer all of the above at the lowest cost. So, once you’ve found a couple of loans that meet the aforementioned criteria, compare their interest rates and charges to see which one of them is the most affordable. Remember to check processing fees as well as this charge can be as much as 2% of the figure you want to borrow.



Hope these pointers ease your hunt for the best education loan. Once you find the right loan, remember to check all the terms and condition before you sign. Good luck and all the best with your studies!


Related Blog: All You Need to Know About Education Loan Interest Calculator

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