Student Education Loan
Education is one of the most important aspects of every human beings life. No matter what field you want to follow in your life, you need to be ready at every point to ensure that you get the best ever education and resources for securing it. Everyone wants to educate their children at the best schools and colleges. However, when demand no less than a fortune from parents around the world. The ‘quality education’ is available at every place in the world. However, there are times when you’ll need to pick out some money out of your pocket to grab these benefits. This fact makes the existence of education loans absolutely vital.
The expenses involved in the fee structure of schools and colleges will never hinder you if you sign up for a good enough student education loan. It can curb the complications that arise in your way due to the rising cost of fees that demotivate parents to let their children opt for higher education in best colleges. These education loans are mostly given to meritorious and deserving students that should get the platform to establish their stronghold and showcase their talent in the future. A student education loan does not only cover common expenses related to the university like tuition fees and other examination fees, but it also takes care of lab equipment’s, uniforms, laptop, traveling costs, etc. Almost every bank in India offers education loans to people because of the high demand of the same.
Why Should You Buy Student Education Loan?
People might wonder over the fact that why should someone opt for a student education loan instead of a personal loan or opt for a savings account in their bank. The simple answer to this question is that the number of perks covered in a student education loan is second to none. They can greatly aid you in gaining success and getting higher education without any worries. It is a well-known fact that Student education in India is expensive and the costs will bother you for a very long time. Moreover, you’ll need specialized help to take care of these expenses. In such times, a student education loan can be readily available for your use. You get timely assistant during your education period, in turn, ensuring that you have a bright future ahead. Your money is going to be invested in the best place possible. From your examination fees to uniform to lab equipment’s, a student education loan will cover everything related to education. As the whole thing is specialized for education which is your primary intent behind opting for a loan, there is no need to think about a personal loan as a student education loan will offer you exactly what you want.
Benefits of Having Student Education Loan
There are many advantages of opting for a student education loan with the principal one being that you’ll get a lot of perks and get rid of all the tension regarding expensive education in India. To put it in a simple manner, a student education loan is a long-term investment for securing your child’s future. Everyone in India can opt for an education loan for pursuing their higher education for being a graduate, postgraduate, professional or any other degree courses. There are many organizations that provide salient discounts on education loan for female students as well; these loans are given at a cheaper rate of interest. Initially, the annual family income plays the significant role in the determination of the loan amount. Also, loans below four lakhs don’t require the need of a guarantor in the whole loan process.
A student education loan required a parent or guardian to take over the spot of co-signor for the role as it cannot be assigned to a student alone. You’ll need to deposit some security amount for signing up for loans above 7.5 lakhs as well. These were some of the necessary requirements for the loan that can be fulfilled by almost anyone with ease. Student education loans are universally available. Therefore, no matter where you want to study, you can apply for it. The loan amount usually varies from 10 lakhs to a maximum of 15 lakhs, some of them even go up to 20 lakhs, but you’ll still get them. Moreover, many government-sponsored schemes are tailor-made for helping a student from backward class gain support for pursuing higher education. The repayment payment of the loan can be stretched up to 5 or 7 years. You can also choose to return the money after 10 to 15 years if needed.
What Does This Loan Cover
- Student Education Loan covers course fee of the course you intend to pursue.
- Student Education Loan covers the hostel fees where you intend to stay while studying.
- Student Education Loan covers the cost of books that are required for education purpose.
- Student Education Loan covers the purchase of Laptop/Computer/Tablet if needed.
- Student Education Loan covers the transportation fees involved.
- Student Education Loan covers other mandatory fees and personal fees as well.
Eligibility for Student Education Loan
There are certain eligibility requirements that everyone must fulfill in order to get a student education loan. You need proof of your identity in the form of either a passport, voter ID card, PAN card, driving license or a government department ID card. You also need a proof of residence; you can provide the same by submitting either the latest electricity bill or bank account statement or mobile/telephone bill or existing house lease agreement.
After ensuring that you have necessary documents for signing up to get a student education loan, you need to know that this loan is offered to only those students who have opted for admission to a career-oriented course in medical or engineering or management or any other field at graduate or post graduate level. As the loan is individually available for meritorious students only, a student education loan is only given to students that have secured at least 50% marks in their HSC or graduation time. Also, you need to qualify for admission in any particular college where you want admission via an entrance test or HSC merit based selection process and ultimately containing a valid admission offer from the college.
Tips for Choosing Best Student Education Loan Plan
Buying a perfect student education loan can become a cause of tension for you yet again because the many banks in India offer these plans with many mouth-watering perks. However, no one expects knows what you want. You can need to sought out your priorities and personally determine which plan is best suited for you. Though there some of the things that you should look out for before signing up for a student education loan. Loans are generally offered on the basis of the repaying capacity of the parents. Though, usually, the loan amount goes up to 10 lakhs for students who want to pursue their higher studies in India and 20 lakhs for those who are opting to travel abroad for pursuing higher education.
As you already know that a student education loan will cover everything regarding education including tuition fees, books, travel costs, hostel fees and many additional charges involved with the admission and other activities, it’ll be easy for you to choose a perfect student education loan. Though, almost every plan covers all of such benefits. You can still look at all the plans and their features on our website to gain better insights regarding which student education loan plan is best for you. Initially, it is recommended that you shortlist everything you want and figure out your repaying capacity before applying for a loan as they are going to play a significant role in the whole process. As many banks provide student education loan to people, you need to check over with their interest rate and security amount to ensure that you are okay with their terms.
Some other tips include that you should take the loan in installments so that you get the money from the bank only when you want and the interest accumulated from the loan will be on the lower side. Always prefer total cost over EMI because of the myth of taking a loan for longer duration is a beneficial thing is not true by any means. Also, never slack off after you take the loan. Once you have signed up for a loan, make sure that you pay the due amount for that particular period a day before the actual day of payment because remember that the interest keeps on increasing with every upcoming minute