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The cost of education has increased significantly in the past few years. There are more choices for students nowadays in terms of the courses they can study.
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5 Tips to Help You Select the Best Education Loan for Your Studies
The cost of education has increased significantly in the past few years. There are more choices for students nowadays in terms of the courses they can study. Educational institutes too are offering more facilities and better resources for their students. This means an increase in the academic fees charged by such institutes. Thankfully, there is the option of an education loan available to students these days. These loans can help relieve the financial burden that good-quality higher education can incur. In this article, we provide you with 5 tips that can help you select the best education loan.
Check what kind of services the lender is offering It is always preferable to opt for a lender that offers assistance when required and has a reliable customer service staff. As a student, there is a high chance that you may be taking a loan for the first time. Hence, you may have some doubts and questions. A helpful lender will understand these queries and address them with the attention they deserve. Some lenders also offer doorstep services wherein a representative comes to your house to assist you personally.
Consider opting for a lender that does not require margin money For the unaware, the term ‘margin money’ refers to the amount of the expenses that the borrower is supposed to pay for themselves. If you are planning to study abroad, then arranging such an amount can be very heavy on your pocket. Therefore, you should try opting for an education loan lender that provides 100% financing. This means that they cover 100% of the expenses and there is no need to arrange any money on the part of the borrower.
Always read the repayment terms of the loan agreement During the education loan process, the lender will offer you the loan agreement which will have the terms and condition related to different aspects such as coverage, exclusions, repayment, and so on. It is extremely important to read the terms and conditions thoroughly, especially related to the repayment. It will give you an understanding of how and how much you will be repaying to your lender.
Use an education loan EMI calculator An education loan EMI calculator is an online tool that helps you get an estimate of the EMI that you will be incurring when you take an education loan. Using this tool helps you know the EMI approximately which eases the process of structuring your loan repayment plans. You also get a better understanding of the tenure and the principal loan amount that will be most suitable for you.
Select a lender that offers collateral-free loans There are many potential borrowers who often hesitate to go ahead with taking a loan because they are asked to provide collateral against the loan. Some applicants may not be comfortable with lending a valuable asset as security against the loan. Hence, it is advised to opt for a leading lender that offers you the option of a collateral-free education loan.
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