INTERESTING TIPS WHILE APPLYING FOR EDUCATIONAL LOANS IN INDIA
Your life becomes incomplete, without proper education. You need to take up admission to various normal/professional colleges in India. Many banks/financial institutions are available in India, offering quality educational loans at reasonable rates in India.
Cost of educational courses, professional courses, programs are increasing day by day. Everybody cannot afford good educational courses from various colleges in India. The role of educational loans has increased considerably, as it plays a vital role in certain aspects. They are
èTaking a course costing too much at an educational institution.
èPursuing higher education in India/Abroad
èPerson belonging to a not financially well to do family.
Here Are Some Ways Available To Get Hassle Free Educational Loans In India:
Zero In On Loan Amount: The student/candidate must zero in on the amount that she/he can pay. Furthermore, one must also see the loan amount that can be borrowed from the bank.
Investigate on Interest Rates: One must do a detailed research on the rate of interest towards the educational loans, taken in India. Ideally, taking educational loan for long duration is good. Longer educational loans, rate of interest and EMI (Easy Monthly Instalments) is also reasonable in nature.
Loan from the government banks: If you take educational loan from government bank, under Section 80-E comes with various tax benefits. This prevents unnecessary pressure on the person in taking up the educational loans in India.
Payments On Time: A genuine customer taking educational loan will always make the payment on time. However, if you default on making payment, then it goes against the credit history of the person. So, educational loan encourages an individual to be punctual in clearing loans.
Keep Loan Copies: All students must keep a clean record of educational loan copies, for future correspondences.
Check Eligibility Criterions: You must check relevant eligibility criterions before applying for the educational loans in India like:
ÜIndians between 18 yrs to 30 years pursuing various courses.
ÜCollateral security for loans above INR 7.5 Lakhs.
ÜDetail of co-applicant required could be parent, distant relative, wife and others.
ÜCollege, where you apply for admission must be approved by government.
Taking Maximum Amount: Please make sure that you get the maximum benefits, before taking the loans. Things like the cost of living, tuition fees, cost of books, travelling expense, course fees, and other miscellaneous expense must be covered.
Processing Charges: One must take into account various kinds of processing charges relating to educational loans.
Check Repayment Capacity: You applied for the loan and after taking loan, major task is to clear the loan. Check the duration, where in you need to clear the loan to avoid any extra/unwanted charges.
Coverage Of Educational Loans In India:
Most of the educational loans in India would consist of:
So, you must analyse all the factors in a systematic manner before selecting a good educational loan in India.
TO KNOW MORE ABOUT EDUCATIONAL LOAN: