Education Loan : Educational loans with flexible repayment options

1. Education loan

2. Educational loans with flexible repayment options

3. With each passing day the cost of education is climbing the upwards ladder. Education is essential to lead a successful life and pursue a shining career. • Higher education courses are very important to shape up the career of an individual and get him or her a good job in the desired field. • Not just higher education, but even basic education has become so expensive that government banks, private financial firms as well as educational institutes have started offering educational loans at lower interest rates and flexible repayment options. • Regardless of how costly your course may be, you can still pursue it with the utmost ease and comfort by availing an education loan. • Before you apply, make sure to conduct a thorough research on the internet to get a fair idea about how the financial market runs, what are the pros and cons of availing an education loan, how much amount will be required and will you be able to repay the principal sum along with the interest rate. • Unlike car loans or housing loans, educational loans are helpful to gain knowledge

4. There are various types of education loans. The government has been providing education loan schemes to benefit aspiring students since ages, but these days, a lot of private financial firms have also come up with innovative education loan schemes. • Most of the government loans are termed as government grants, which include certain conditions that must be met by the borrower/student. • Although, these sought of loans are hardly available. When the funds are given without any obligations, they are termed as scholarships. • The age criteria required for obtaining educational loans is usually between 18-35 years. Other factors that are taken into consideration, may vary depending on the firm. • Government requirements are less stringent as compared to private firms. Prior to applying for a student loan, the borrower should have secured admission to a reputed institution recognized by government/UGC etc.

5. The repayment tenure usually lasts till the borrower graduates from the said institute. • In some cases, borrowers are provided with an additional grace period of up to a year apart from the duration of his/her course known as “moratorium period.” • In the past, families who were not able to cope with the educational expenses were the ones who opted for education loans for their kids, but the current scenario has completely changed. • Students have become more responsible and to lessen the burden from their parents head they avail educational loan and complete their higher studies. • Flexible repayment options and long repayment tenure, lets the borrower invest in other things until he/she completes graduation. • When it comes to disbursement, the loan amount is handed over to the concerned authorities or it is directly disbursed in the account of the college/university, provided you give the exact banking details to the lender.

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