Try Instant Loan Options to Fulfill Your Education Goals
Education has become essential for the betterment of the future. Today, being qualified matters a lot when it comes to getting a good job. Many students work hard to procure a rank that gives them the access to the top universities. Many even try to go overseas for their education as it is considered better exposure in terms of courses and faculty. These universities often charge high fees, which many parents cannot afford. This is where taking an education loan can be really helpful.
Let us understand what education loan is all about
Education loans are a solution to all your educational finance needs. While studying, there are a lot of expenses that needs to be taken care of. Buying books, tuition fees, hostel fees and other expenditures can be easily covered by taking loans.
The benefit of taking education loans
- Provides an option- It helps students explore many choices related to the course they want to study, which may not always be cheap. With a loan, you can easily explore the courses without the burden of expenditure so that you choose the best one.
- These are easily available –You can easily take these loans from a bank or private lenders; you can even apply for these loans online or from a peer to peer lending platform. No matter which form of loan you choose, the process is simple and easy and with little documentation, the loan is allotted to you.
- Beyond education – These loans can be used for taking specialization and training courses. You can even use this money to apply to universities abroad.
- Various schemes – Banks and other private lenders come up with different schemes from time to time, making it easy for consumers to get an affordable loan with extra benefits
- Interest rates- The rate of interest provided on these loans are low; in fact, women get extra concession while applying.
- Repayment plan: As the plan of the loan is decided upon with fixed monthly instalments, repaying these loans is easy. You can even pay these loans after completing the course.
- Less burden on parents: When you take a loan, your parents get some relief from the expense of sending you to the best institute. They can now explore different universities and choose the one that is best suited for you.
With advantages, there are a few disadvantages as well that you should know before applying for education loans.
- The eligibility criteria required for taking these loans: Banks and private lenders provide loan on the basis of certain criteria. Go through guidelines to ensure that you are eligible for it before applying.
- Penalty: There are cancellation charges or penalties in case you wish to drop out from the loan, or fail to pay it on time.
- A poor credit score: When you apply for a loan, a poor credit score can affect your loan approval. This score is based on your previous debt and loans taken by you.
If you pay on time, you will get a good score but if you miss a payment or fail to pay your loan back, you end up having a poor score. Every lender or bank checks score before approval.
- Inability to change course: When you apply for a loan, you have to mention the course and details of your educational institute. Some Lenders provide a loan for specific universities only, which means after taking a loan, it can become restricted if you decide to change your college or course.
Nowadays, children are not restricted to conventional courses; they are exploring unconventional fields. Students today have high aspirations and have started expanding their horizons by opting for universities abroad. These aspirations can become costly for parents.
Accommodation fees, tuition fee and maintaining a standard of living at a new place can be difficult to manage.
Managing these expenses, just by way of salary or long term savings is not possible; this is where taking a loan can be helpful. So, instead of sacrificing on your ambitions, opt for an education loan to make your future bright.