How to manage funds for your child's higher education?
- Higher education is getting expensive day-by-day and it's nearly impossible to fund studies with the little savings parents do over the years for their children. Today, due to ultra-amenities, growing competition and hi-end lifestyle educational costs are skyrocketing high amongst the top universities and institutes in India or abroad. While traditional finance is way too costly with exorbitant interest rates it's the educational loan that will help you tide over every financial situation and achieve your educational dreams. There are a lot of private players, private and public banks that offer Education Loans For Studying Abroad with attractive interest rates and flexible repayment options. With online facilities, you can compare quotes of peer players and make an informed decision. You make an application online as well. It will save your valuable time and energy so that you prepare for the entrance test.
- Private lenders are always on the edge to offer customized loan solutions to student borrowers. They come up with customized and friendly solutions for higher studies abroad 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. They offer speedy loan approval in just one day and you don't have to pledge any collateral for loan value up to Rs 50 lakhs.
- Study loans are availed for the purpose of higher educational studies or professional studies which would mean for any studies pursued after passing Senior Secondary Examination or its equivalent from any school, board or university recognized by the Central Government or State Government or local authority or by any other authority authorized by the Central Government or State Government or local authority to do so. This professional study course should be a full-time graduate, postgraduate course, or Masters in technology, engineering, architecture, medicine, management and applied or pure sciences, including mathematics and statistics etc.
- Ideally, your Study Loan will take complete care of your educational expenses incurred towards the tuition and other fees, library charges, hostel and mess charges, cost of books and equipment, maintenance, caution fund/building fund/refundable deposit and cost of passage (for studies abroad), projects, thesis, educational tours or any other study-related expenses, flight.
- To be eligible for a student loan you need to take admission in recognized institute/university as per the eligibility criterion that varies depending across different lenders. You need to have a confirmed admission letter from college or institute and the ideal age to take loan should be 16-35 years, and regular income of parent/co-applicant.
- Top private lenders are come up with tailor-made solutions that would meet your financial requirements and you can make easy loan repayments. There are online EMI calculators wherein you can get a complete idea on how your loan structure would look like such as the principal amount, interest rate, EMI, etc. This way you would be well prepared and choose an affordable EMI option.
- You can start repaying after 6 months to one of the course completion. It is termed as moratorium period. Certain factors that would determine loan eligibility would be age, academic scores, credit history of the co-borrower, income details, country, university grading, job prospects, and collateral if the amount is beyond 50L.
If you’re passionate about studies we’re eager to offer your financial solutions. Apply for study loan online today!
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