5 key features you should look for in an education loan.

1. 5 key features you should look for in an education loan.

2. The cost of a good tertiary education has really increased over the last few years. So much so that students often give up on their dream of pursuing further studies in India or abroad, simply because they lack the finances to do so. But there is good news in this department – you can always take an education loan to cover your costs.It is a much better option than saving up money or hanging up the towel altogether. What’s even better is that there is immense competition amongst lenders today. This competition leads to better offerings from lenders as they are all vying for your business. However, the flipside to this competition is that it can seem a little tricky to choose from all the options before you. Well, that’s where the following article can help. It will highlight some of the key features you should look for when comparing between the different loans other there.

3. 1. First look for 100% finance. This is one of the first things you should look for in an education loan. It will defeat the purpose of taking if you have to cover some amount of your education-related costs on your own. In this regard, some banks, especially public sector operators will ask you to cough-up a down payment or some amount of margin money. You can easily avoid this by choosing to borrow from non-banking finance companies as well. Most NBFCs will provide 100% finance. They will not only cover your course fee but they will also provide finance for travel & living expenses, the purchase of a new laptop & other study material, entrance exam fees, any deposits that have to be paid, etc. The better loans will also provide proof of funds for admission and visa in case of overseas education.

4. 2. No collateral required. Some lenders will make it necessary to provide collateral in order to provide you the loan. This is especially so if the loan amount is more than Rs. 7.5 lakh. However, there are several lenders out there that will providestudy loan without any collateral. Opting for such lenders means that, if you do provide collateral, it should help you negotiate better rates and/or loan amounts. 3. No limit on the loan amount. A good education loan will have no limit on the loan. This can be very useful if you plan on pursuing your higher education overseas. Foreign universities have extremely high fees, especially if you are planning to pursue your education from an ivory league. You will also have to pay for the travel & living expenses. Therefore, it is better to look for a loan that does not limit the amount you can borrow.

5. 4. Preferential benefits. It’s good to feel rewarded right? Well, some education loans will provide you benefits if you have been a good student throughout your academic life. They could offer you lowered interest rates, higher loan amounts or waive of your processing fee even. These benefits should also be applicable if you have done well in your entrance exams. 5. Quick turnaround time. One of the most important features you need to look for when choosing an education loan is quick turnaround time. Imagine losing out on your admission seat because the lender took too much time to pay the course fee to the university! Some lenders will offer sanctions in as little as 48 hours or less, some even quicker. Other benefits to look for include doorstep services, lower charges & interest rates, flexible repayment plans, customized finance solutions, etc. We hope this article has been helpful, good luck and all the best!

6. We hope this article was helpful to you.

7. You can find more interesting things on these sites mentioned below :- Website: https://www.auxilo.com/education-loan/studying-in-india-loan Facebook: https://www.facebook.com/AuxiloFinserve/ Twitter: https://twitter.com/AuxiloFinserve Youtube : https://www.youtube.com/channel/UClc_BEIN262Fm5eY_8sPA5w?view_as=subscriber Instagram: https://www.instagram.com/auxilofinserve/