Studying abroad or in a premiere institute is a dream that comes with a heavy price tag. It is a life-changing decision that requires a good financial back-up to be fulfilled.
What is an education loan?
An education loan is a way you can fund your education and pursue and achieve your educational goals. It comes with a special benefit, known as moratorium period that allows you to repay the loan after securing a job.
Why avail education loan?
- Bridge funding shortfalls: With an education loan, you can pay the education fee of your child while keeping your savings intact.
- Low interest rate: Education loans comes at lower interest rate than personal loans and are thus affordable options to fund your child’s education expenses.
- Save on taxes:
How to Get Education Loan?
To avail an education loan, you may apply in any public or private sector bank or an NBFC. It is a way to fund your education-related expenses without incurring massive debt or disturbing your family’s finances. Before availing an education loan, you must check the following factors to get the best possible offer:
- Determine the total cost and the amount you need to pay.
- Compare education loans online and choose the one that is suitable and offer the best interest rate.
- Make sure you loan cover tuition fee and additional costs like hostel fee, mess fee, laboratory charges and examination fee.
- Once the loan is approved, go through the loan documents and read the fine prints.