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Breaking Down 5 Myths About Study Loans In India

A study loan can help a student pursue their educational goals without worrying about the finances. Oftentimes, a student looking to study at a reputed institute may face financial obstacles during admission.

Raveenaroy
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Breaking Down 5 Myths About Study Loans In India

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  1. Breaking Down 5 Myths About Study Loans In India

  2. A study loan can help a student pursue their educational goals without worrying about the finances. Oftentimes, a student looking to study at a reputed institute may face financial obstacles during admission. A study loan can be the solution to such obstacles. However, many students do not opt for study loans as they may be negatively influenced by the misconceptions regarding these loans. This is quite unfortunate as study loans in India can be very beneficial. Keeping that in mind, we take a look at 5 myths about study loans in India and break them down for your benefit.

  3. Study loans in India are available only for engineering and medical students  This may have been true earlier. However, with new career choices and academic paths becoming more lucrative and popular, lenders have also widened the scope of the courses they cover. The lender will check the future income potential of the particular career path that you are taking and will decide on the funding accordingly. Engineering, medicine, and managerial studies remain the top choice for lenders as they signal a comparatively better income potential.

  4. Study loans in India only cover tuition fees  Many people also do not opt for study loans because they are under the impression that they will not get funding for many important expenses. So, if you are shifting to Chennai to study at an institute there, you will also have to bear the expenses of moving there. Fortunately, such expenses are also covered by many study loans in India so you can be rest assured that you have coverage for many other expenses besides the tuition fees. 

  5. All study loans have very rigid repayment options The repayment is an important aspect of any loan that you take. So, if the repayment structure allotted by the lender is rigid and absolutely inflexible, it is then understood that the borrower may hesitate a bit in going ahead. However, with many leading lenders offering flexible repayment options, students now have better and more ways to repay their study loans in India. 

  6. Applying for study loans in India is a lengthy and complicated process  The fact is that when you apply for a study loan, more often than not, you will face a simple and straightforward process. All you will have to do is reach out to the lender and let them know of the requirements, submit the loan application form, structure your loan with the lender, and then accept the offer as provided by the lender. After you have accepted the loan offer, you will receive the funding as decided. 

  7. Study loans in India require you to pay the margin money  These days, many lenders are willing to provide 100% financing. That is, you do not have to be concerned with or have to arrange for any margin money at all. 100% financing may also be provided for collateral-free loans wherein you do not have to give any security to the lender against the loan.   When you run a search for ‘education loan India’, you may come across varying information regarding the subject. This is because the terms and conditions as well as the coverage of the loans differ from lender to lender. We hope that this article has helped debunk some of the myths you may have about study loans in India.

  8. We hope this article was helpful to you.

  9. You can find more interesting things on these sites mentioned below :-   Website: https://www.auxilo.com/education-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/

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