The demand for loans that are specifically meant for students who need money is on a rise in India as the cost of education is mounting over the years. Due to an increase in the cost of education, students always need money to bridge the shortage and fulfill their objectives pertaining to education. Fortunately, owing to the availability of finances in India, these days, it has become easier for the needy students to complete the education they always desired. Education loans are the source of funds that bear the total educational expenditures of the needy students.
This student education loans are available for both the part-time and full-time courses. Education loans are also meant for both, graduate and post-graduate courses. The loan amount is generally higher when it is furnished for professional courses or for courses that are to be pursued abroad. Such loans generally cover all the fees related to library, tuition, college, books, hostel, conveyance etc.
Other personal loan interest rates are relatively higher when one compare them with the education loan interest rates. The rate of interest of student education loans is normally low to encourage the students to pursue their education. Usually, a characteristic of the student loan is that the students are required to start paying of the loan instalments only after completing the course or six months after being employed. As such, this flexibility allows the students to search and apply for suitable job without taking much burdens.
Students can avail of this loan by using the online medium which helps them to firm up with the most negotiable deals. This mode of searching for loan is the most hassle-free because the aspirants looking for such online loan need not visit the lenders’ premises in person to make the deal. Just being at one’s comfort zone, the students can compare the terms and conditions of the loan and find the most appropriate deals. This online research for the loan will also save borrowers’ time and efforts.
Normally, such finance offers maximum benefits like a fixed rate of interest which may be optional in case of other personal loan interest rate, no repayment penalties, no hidden cost, easy repayment instalments etc. For pursuing education in India itself, an applicant can avail up to Rs. 10 lakhs and for studying abroad, the sum available goes up to Rs. 20 lakhs.
The eligibility criteria for getting student education loans are very simple. To be eligible the student must have attained the age of 18 years. He must have a current bank account and that s/he must furnish the prove of seeking education from a recognized educational education.