Student loan in India: Best way to finance your dream course

1. Student loan in India: Best way to finance your dream course Many of us believe that our parents are going to pay for our higher studies. However, it seems a difficult case when you're opting for professional studies. Today, a lot of aspirants wish to seek for colleges with higher placement records, with the best facilities and quality education. However, along with this the costs of education have also inflated a lot. It's nearly impossible to finance the higher studies with the little savings you have. Traditional finance or personal loan comes at exorbitant interest rates. The best way to finance your higher education would be taking a study loan. Students’ loan in India is a form of credit advanced to professionals and students. It is designed to help them to pay for college tuition, books, laptops, hostel fees, study tours, and other living expenses. It differs from other types of loans where the interest rates are substantially lower than most other loans and the repayments can be done after the course completion. Even after course, completion pupils are given a time period of around six months to one year to start the repayments it’s known as moratorium period. Lenders will grant the loan after assessing the academic score and co-borrowers risk appetite. Since lenders give you a time span of course completion they will be cautious and extra careful when someone asks them for study loans. Some of the common criteria that you have to follow for a Student loan in India would be: • It should be a recognized Institution • You should have a confirmed Admission Letter from college or institute • The age to apply for a student loan should be between 16-35 years of age • The student should have a good academic record • Regular income of parent/co-applicant and good credit score A student loan in India is offered to those students who have confirmed admission to career- oriented courses such as medicine, engineering, management, etc. either at a graduate or postgraduate level. Students who have an excellent score but cannot pursue study because of financial constraints can take a study loan. It will help make you become self-independent. Today, lenders have introduced various public and private finance companies that offer loans with interest rate 11-13% and with mere processing fee on it. They are designed with no upper cap and lenders are willing to give 100% coverage for education costs, which is a big boost for young talents in India. It's advisable you should have sufficient prior knowledge on the study loan schemes and the pros and cons available in the market before you crack the deal of best student loan in India. Do your research before you take admission and shortlist few options to apply for study loans. It would be good to calculate all expenses such as tuition fees, books, boarding, and lodging expenses before you avail study loan.

2. Online facilities offered by private banks and finance companies are the best way to apply for a loan at the click of the button on your laptops, tablets or smartphones. After you complete the application form you can inform the lenders via call or submit it online, a representative visits your home and collects the application and required documents. A credit team will review your application and approve the loan if you have proper documentation and collaterals.