Education Loan

Going abroad for further studies can open up a wide world of opportunities for you. Maintaining a good academic record is a part of the process of gaining admission to foreign universities. You also need strong finances to back you up. While bank financing can be a real blessing, you would require the right guidance when it comes to your student loan application to ensure that you get the best deal suited to you. To help you out, we have listed five handy tips to follow for your student loan application. Figure out your paying capacity Before taking out a student loan, you should figure out how you plan to pay for it. If your parents are helping you with payments, do sit together and run up an approximate calculation. Also take into account the average salary that you might earn as soon as you graduate. This will help you plan your expenses and let you know how much of your salary will go into paying back the loan. Additionally, this calculation will also help you figure if ...

Who does not want to go abroad and pursue their higher education from a good university? A majority of Indians work hard to pursue this dream and are very focused on their goals. But they also have to worry about the financial aspect of this dream. Higher studies cost quite an amount, and even more so when it comes to studying courses abroad. This is why most aspirants look for the best student loans for studying abroad . Sure, this loan would lighten a student’s burden, but there are still a lot of things for you as a student to keep in mind when it comes to finances. Collateral requirements - Banks mandatorily require their applicants to provide collateral once the loan amount crosses Rs. 7.5 lakhs. Since we are talking about an abroad education loan, you are most likely to require more than this amount. If you are not comfortable with providing collateral, you should check with Non-Banking Financial Companies (NBFCs) since they provide the best student loans for studyin...

Most students take an education loan for pursuing further education. This helps them in taking care of their academic expenses and they can focus on their studies instead of having to worry about arranging the finances. But there is a lot for you to think about when you are planning on taking a loan. You have to find a lender that offers good education loan interest rates . Now each lender has their own terms and conditions and set their interest rates as per them. But there are certain ways that you can get a lower interest rate for your education loan. Calculate the loan amount carefully -  It is very important for you to think about the amount that you will be needing as part of your education loan . This is because deciding the loan amount will affect the interest rate of the loan. The higher loan amounts go, so will the education loan interest rates . This is why you should never ask your lender for more than you need. Apply only for as much as you need ...

Imagine this, your college application has been accepted at the eleventh hour and you have to arrange the funds in a rush? Suffice to say that it will lead to absolute pandemonium. In such a situation, knowing how to go about the education loan application process could protect your from a chaotic and stressful experience. Keeping this in mind, the following article will highlight how the application process for education loan works. Knowing your education loan amount -  There’s obviously the college tuition, but besides this, if you are going to have to spend more, it is a good idea to include this amount in your loan. Your other expenses may include cost for course books, supplies, accommodation (if any). Another thing to keep in mind while calculating is that if the expense is not needed, then you should not include it. Like for example, if you don’t really need a new laptop, work it out and exclude that expense. This is borrowing more than need result in you paying i...

An investment in knowledge pays the best interest! Therefore, if you’re planning to pursue your higher education, it is indeed a wise decision. Now, you can make this already smart decision, a smarter one by taking an education loan to cover the cost. Doubtful?   Let us explain why this is a good idea even if you may have the money to cover the costs on your own. 1. You’ll have money for emergencies. Some students have their parents turn over all their funds to cover their education-related costs. But what if something were to happen? What if you suddenly need money to cover a medical emergency or some other financial exigency? You might be in a real squeeze then, but not if you take an education loan. This is because you will have all your savings intact and money to spare in case of an emergency. 2. Stay invested. Another big benefit of taking an education loan is that you do not have to liquidate your assets. You can stay invested and continue to enjoy your returns...

There are a lot of us who ponder over taking an education loan. Most worry that they are going to get stuck with a bad loan plan because of which they would face a lot of problems. This has been a major issue, as those that face trouble in paying their monthly installments take a hit on their credit scores. This mostly happens due to the high interest rates that are applied to the education loan that we take. But since taking a loan is very important since our future depends on it, you should not back down from taking a loan. As far as the interest rates are concerned, there are ways in which you can play it smart and get a good interest rate for education loan plans. Has this got your attention? Read on: Compare between the various lenders - Always keep in mind that you do not have to take a loan from the first lender that offers a loan plan to you. There are numerous lenders out there, and this gives you the upper hand as you can choose among those lenders that prov...