Thursday 7 April 2016
Tuesday 5 April 2016
How to get study loan at cost effective interest rates?
Education
is the most important resource that leads to live a luxurious and better life
ahead. It’s like the first building block towards your constructive and
successful future. The more you have knowledge the more you propel in your
career ahead. However, to get the right launch platform it is very important
that you complete studies from a reputed institute or university. But with the
growing inflation costs, ultra education amenities, comfortable lifestyle and
competitive environment education costs is increasing due to which many parents
and students are stressed out in managing the finances for pursuing higher
studies.
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With
the advent of education loan, lives of students and parents have become simple
and sorted. They have really come as a boon in this era of highly inflating
economy. But whenever you opt for study loan it is important you properly
assess the various options available and take into account such factors like education
loan interest rates, eligible loan amount, repayment options and prepayment
options available.
The
article guides on ways how education loan interest rates are calculated. Study
loans are calculated on the basis of fixed or variable interest rate against
the principal amount. Disbursement of the loan amount is done directly to the
institute or college to which the student has applied for admission. In the
case of mess and hostel charges, the relevant amounts are given to the
concerned authorities. While applying for loan the banks or private finance
firms verify the tenure of the course, and determine the cost of the entire
course, as applicable at that point of time. It has to be repaid within certain
a period of time which is predetermined by both the financing company - the
student & parents has to sign off on the terms and conditions and return
the amount through monthly installments.
Due to
the rising demand of low interest rate education loans, flexible repayment
options and tenure period there has been lot of private finance firms and
government banks offer loans for talented brains across India. When you plan
for loans it’s important that you compare various loan providers online and
then select the one with lower education
loan interest rates to pursue your studies.
Although
education loan looks like a noble endeavor, however, banks and private finances
will grant you loans once they assess risks involved in it. In India, various banks or private firms in
India offer education loans with reduced interest rates as low as 12.75% and
the processing fee is mere 1-2% of the education loan amount being calculated
on a case-to-case basis. They design study loans without setting any cap on
finance and provide 100% coverage of education costs, making such young talents
of India free from unnecessary burdens.
When it
comes to repayment of these loans you don’t have to worry as it can be done
once you complete your education or after the moratorium period set according
to your selective finance firm. They offer flexible repayment options such EMI
payment course, interest servicing during course & partial interest
servicing during course. While banks or private finance firms do offer flexible
payment options it is but ofcourse your responsibility that you clear the debt
associated with your loan. As this is the best helping hand that you get during
your rainy days of searching finances for your studies.
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