If you want to build a bright and successful future for your child, quality education is a must. However, the rising cost of education in India and abroad is a growing concern for students, as well as, parents. If you wish to opt for an education loan, banks and other financial institutions offer them to only deserving and meritorious students. That way the students can fulfil their dreams without any hindrance.
At present, almost all Indian banks and NBFCs provide education loan to students who wish to pursue undergraduate, graduate, postgraduate, professional, and doctoral degrees.
What is the scenario of education loan currently?
Student loans are available at a relatively lower interest rate. Lenders advise students to borrow education loans as per their requirements. The repayment period of such loans can vary to a great extent, depending on the loan amount and the lender.
The benefit here is that you can pay the education loan interest rate after the completion of your course. The educational loan covers the following expenses:
• Tuition fees
• Purchase of books
• Accommodation
• Transportation costs
• Uniform fees
The education loan in India are classified as follows:
1) Undergraduate loans: If you have completed your secondary education, you can take up undergraduate student loans. The undergraduate courses span for 3 to 4 years generally.
2) Graduate loans: If you want to pursue advanced or higher education across the country, you can go for the graduate education loan. However, you have to complete your undergraduate course, to apply for them.
3) Career loans: You can avail such loans if you wish to attend an undergraduate course from a technical and trading school or colleges across the country.
4) Loans for parents: Banks and NBFCs offer unsecured loans for parents who wish to finance their child’s education, regarding the tuition fees, accommodation and other such expenses. Not only parents but any other adult relative can use the education loan to enrol their kids in secondary schools, military schools, religious, private or non-public schools in India.
Education loans are the most sought-after tool today, considering quality education is unaffordable. The education loan interest rate varies from lender to lender. Girl students are eligible for an additional 0.5 per cent discount on the rate offered to the boys. Select the type of loan based on the aspirations of your child.
At present, almost all Indian banks and NBFCs provide education loan to students who wish to pursue undergraduate, graduate, postgraduate, professional, and doctoral degrees.
What is the scenario of education loan currently?
Student loans are available at a relatively lower interest rate. Lenders advise students to borrow education loans as per their requirements. The repayment period of such loans can vary to a great extent, depending on the loan amount and the lender.
The benefit here is that you can pay the education loan interest rate after the completion of your course. The educational loan covers the following expenses:
• Tuition fees
• Purchase of books
• Accommodation
• Transportation costs
• Uniform fees
The education loan in India are classified as follows:
1) Undergraduate loans: If you have completed your secondary education, you can take up undergraduate student loans. The undergraduate courses span for 3 to 4 years generally.
2) Graduate loans: If you want to pursue advanced or higher education across the country, you can go for the graduate education loan. However, you have to complete your undergraduate course, to apply for them.
3) Career loans: You can avail such loans if you wish to attend an undergraduate course from a technical and trading school or colleges across the country.
4) Loans for parents: Banks and NBFCs offer unsecured loans for parents who wish to finance their child’s education, regarding the tuition fees, accommodation and other such expenses. Not only parents but any other adult relative can use the education loan to enrol their kids in secondary schools, military schools, religious, private or non-public schools in India.
Education loans are the most sought-after tool today, considering quality education is unaffordable. The education loan interest rate varies from lender to lender. Girl students are eligible for an additional 0.5 per cent discount on the rate offered to the boys. Select the type of loan based on the aspirations of your child.
For students like me... Auxilo Finserve PVT LTD Education Loan has proven to be a boon over the years.. Thanks for sharing this lovely article.
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