Basic features to watch out for when looking for the best education loan.

1. Basic features to watch out for when looking for the best education loan. Every student in need of financial help seems to be on the hunt for the best education loan. The issue is that there is no singular loan that can be coveted as the best loan among all others. Wondering why? Well, this is because finance is personal – what best suits the needs of one might not fit the next. However, having said that, there are some basic features that only the best student loans will provide. This article will highlight and explain them in a bid to help you find the ideal loan for your needs.

2. 100% financing. Some lenders do not have the option of 100% financing. They require you to provide a percentage of the total cost from your own pocket. This percentage increases as the loan amount increases. It could be 10% for small loans, 20% for mid-level loan amounts & 30% for the highest loan amounts. But, when on the lookout for the Best Education Loan, remember to ignore such loans and stick to finance solutions that only offer complete and 100% financing. 2. End-to-end financing. More than 100% financing of the course fees, the better loan options will see to it that you don’t have to worry about any education-related expenses. Not the cost of entrance exams, not the cost of a visa (in case of overseas studies), not the cost of a new laptop or study material, nothing! This is because the best loans will offer to cover all these and more! They will even pay for travel & living costs and any deposits that have to be paid.

3. 3. Rewarding finance. Only the best of the Educational Loans will offer to reward students. So if you are a meritorious student and you’ve been one all your life, the best loans will acknowledge your achievements and offer rewards such as higher loan amounts, lower interest rates and maybe even longer tenures! This will be the same if you’ve outshined other students in your entrance exams. 4. Lower processing fees & interest rates. The best education loan will be light on your pocket and will come with a light processing fee. The best loans will waive off this fee completely but others will charge you between 1 and 2 percent of the loan amount you’re applying for. Next, the loan should have a respectable price tag in the form of a lower interest rate. Most lenders will levy interest rates in the 10 to 16 percent bracket.

4. Good reviews. One of the best ways to see if a loan is good or not is to check its reviews. The best education loan will have a number of positive reviews and student who recommend it to others. If you can’t personally speak to students who have borrowed from a particular lender, you could go online and visit aggregator sites, they will have loads of unbiased reviews for you to browse through. Hope this has been helpful, good luck and all the best!

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