Student Loan India: The best way to finance your higher studies
Most of us think that our parents are always there to look after our education. However, it may be difficult in most cases especially when you choose for higher studies. Today, most students opt for courses from top-notch universities/institutes across India or abroad with good recruitment making it easy for them to bank good job opportunities or suitable business model. Studying in these top-notch B-schools, doctorate or engineering will add to your professional skills and help you live a good lifestyle. However, the cost of education is rising steeply and it becomes difficult for parents to finance their entire studies. The best way to fund your higher studies would be taking a study loan. A student loan is a kind of credit advanced to professional scholars and students that will help them to pay for their college tuition, books, laptops, hostel fees, Examination/ Library/ Laboratory fees, Purchase of books/equipment/instruments, caution deposit/building fund/refundable deposit and other living expenses. This loan differs from other types of loan and the interest rates are substantially low such as 11-13% and with a mere processing fee of around 1-2% on the loan amount being calculated on a case-to-case basis. Today, with leading banks and finance companies around getting a Students Loan is like a piece of cake compared to the efforts you put in searching for reputed colleges, B-school, or law schools. It has proved to be a blessing for those aspirants who wish to study and achieve their goals but don't have to pay the money for it. In order to avail Student Loan In India the course should be necessarily a full time, it can be graduate or post-graduate course in technology, engineering, architecture, medicine, management and applied or pure sciences, including mathematics and statistics, etc. You can pursue the course in India or abroad. A lot of leading private finance companies and banks has introduced education loans for abroad schemes as well for the growing talents of the nation. While taking admission in foreign university you will have to show sufficient proof of funds failing which you won't be able to get pursue studies in spite of admission. Every student has their own set of problems like visa clearance, fund approval, admission issues, slow loan processing or incomplete finances. Therefore, some leading private finance companies have come up with unique and friendly solutions for customers such as Pre-Visa Disbursement Loan, Pre-Admission Loan, Certificate of Availability of Funds, GRE score based loan, Bridge loan, fast-track loan etc. that will exclusively cater to students’ particular financial requirements. Government banks demand margin money of around 15-20% on the loan amount. Most of the times aspirants are not in this position to pay the upfront margin money as well, in such cases there are private finance companies who are willing to give 100% education finance. They design such study loans without setting any cap on finances and make such young talents free from unnecessary financial burdens and let them focus more on their studies, career development, and better education prospects. Students Loan up to Rs 4 lakh doesn’t require any form of collateral while for a loan between 4 to 7 lakhs you will need collateral in the form of a satisfactory third-party guarantor. For study loans abroad, the amount is bound to go above Rs 7 lakhs so you will have to give collaterals in any form of residential property (flat/apartment), existing house mortgaged and non-agricultural land, fixed deposits, life insurance with a surrender value equivalent to the loan amount. When it comes to repayment, you can start repaying within six months to one year after your course completion known as moratorium period or during the course itself. Those who delay their monthly installment, it will impact your CIBIL score and will further turn down your chances of getting a loan in near future.