Education is vital for success and progression in life. While school education is relatively easy to afford, higher education costs can be difficult for most families to bear. Higher education can be costlier if it is being pursued through a foreign university. This is why most parents need to plan ahead and opt for an education loan in order to finance their child’s studies.
With the emergence of the internet, getting such a loan has become easier than ever before. Here are a few steps to follow if you are looking for a hassle-free education loan application procedure.
1. Eligibility
Before you consider anything else, you need to determine if you are eligible for such a loan. The criteria usually differ from one lender to the next, which is why it is best to take advantage of the eligibility calculator present in the website of most of these companies. This will let you know if you are eligible and will also tell you exactly how much you can borrow.
2. How much do you need?
How much you need to borrow depends on how much you can spend out of your own pockets. So, try to determine the state of your own finances before opting for the loan. It will help you enjoy a hassle-free procedure where you will not be encouraged to get a higher loan than you really need.
3. Rate of interest for the loan
The education loan interest rate will determine how much you would need to pay back during the tenure of the repayment. Remember that a higher EMI may be too difficult for you or your child to bear. However, do not judge a lender only by the rate of interest that it charges.
4. Consider the lender based on the course of study
Not all lenders will support every program or course of study. Select the lender only if it lends money for the course that you child has decided upon. There is no point in pinpointing one lender without checking whether that lender suits your particular needs.
5. Use the EMI calculator
The education loan interest rate can determine the EMI, which you would have to pay. However, calculating the same may prove difficult. This is why most lenders include an EMI calculator for education loan in their sites, which can aid you to pinpoint the exact EMI that would be charged, based on the principal, interest rate and tenure.
Ensure that your follow the tips listed above if you want to enjoy a hassle-free education loan procedure.
With the emergence of the internet, getting such a loan has become easier than ever before. Here are a few steps to follow if you are looking for a hassle-free education loan application procedure.
1. Eligibility
Before you consider anything else, you need to determine if you are eligible for such a loan. The criteria usually differ from one lender to the next, which is why it is best to take advantage of the eligibility calculator present in the website of most of these companies. This will let you know if you are eligible and will also tell you exactly how much you can borrow.
2. How much do you need?
How much you need to borrow depends on how much you can spend out of your own pockets. So, try to determine the state of your own finances before opting for the loan. It will help you enjoy a hassle-free procedure where you will not be encouraged to get a higher loan than you really need.
3. Rate of interest for the loan
The education loan interest rate will determine how much you would need to pay back during the tenure of the repayment. Remember that a higher EMI may be too difficult for you or your child to bear. However, do not judge a lender only by the rate of interest that it charges.
4. Consider the lender based on the course of study
Not all lenders will support every program or course of study. Select the lender only if it lends money for the course that you child has decided upon. There is no point in pinpointing one lender without checking whether that lender suits your particular needs.
5. Use the EMI calculator
The education loan interest rate can determine the EMI, which you would have to pay. However, calculating the same may prove difficult. This is why most lenders include an EMI calculator for education loan in their sites, which can aid you to pinpoint the exact EMI that would be charged, based on the principal, interest rate and tenure.
Ensure that your follow the tips listed above if you want to enjoy a hassle-free education loan procedure.
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