Education Loan
Money borrowed to finance education or school related expenses. Payments are often deferred while in school and for a six-month grace period after graduation.
What is Education Loan?
Money borrowed to finance education or school related expenses. Payments are often deferred while in school and for a six-month grace period after graduation.
Why Choose Education Loan?
Education is Expensive
It's a matter of instant availability. A comprehensive education loan frees you from the task of accumulating sufficient money to fund your son/daughter’s higher education. And, with inflation and shifting prices, can you ever be 100% certain? A good education is expensive and the expenses aren’t changing in a predictable curve. A good education loan scales accordingly and helps you be safe from unexpected surprises.
Specialised Help
The expenses incurred through a standard study course are many, caution deposits, library fees, building deposits, laboratory fees, etc. With a comprehensive education loan, individual facets of the course can be better addressed without the risk of running out of money. It’s more organized and seamless with an education loan.
Widely and Easily Available
Comprehensive education loans are a priority product in most banks’ arsenal of products and the RBI lists them as part of the priority sector lending of banks. Conforming to some basic requirements and confirming your ability to repay the borrowed amount is all it takes to get on-board.
Timely Assistance
Often, good intent isn’t backed by good monies. A good education loan offers timely help when it comes to a crucial pillar that promises a successful life- education. Nullifying the worry that accompanies the need to gather up the requisite amount, a full-fledged education loan puts you at ease.
Factors Taken into Account:
*
The academic background and qualifications of the student. The track record of marks, credits and achievements will be considered.
*
The course for which the loan is being sought. Courses should be accredited and worthy of studying. They should have a good chance of placement and job prospects so that the applicant can repay the loan.
*
The institution at which the course will be studied will also play a role. The university, school or college should be accredited and of good repute.
*
Whether or not the applicant can offer collateral on the loan. The bank will take into account what kind of collateral is offered and the value of it.
*
Whether or not parents, guardians or an acceptable third party are co-borrowers or guarantors of the loan. They will also check the job profile and credibility of the co-borrowers.