Right to
education is the fundamental right of every individual; most individuals are
seen to be spending a lot of money and time to get proper education. With many
upcoming educational institutions and vocational courses, students have several
options to sharpen their skills and seek their dream job. The only hurdle one can
face is the educational expenses. Many parents or guardians cannot always fund
the course all by themselves, here, education loans acts as a savior.
Education Loans acts as a support for gaining higher education.
One can
get education loan either from various banks or from non-banking finance
companies. While some prefer the safe option of banks, while others trust the finance
companies for loans. Finance companies are equally efficient as banks, but they
have higher education loan rates. Hence,
it is always better to opt for a bank which provides minimum education loan rate with additional
benefits.
The banks
immediately start charging interest after lending the loan. Depending on the
interest amount to be paid, the education loan rate changes. The interest keeps
accumulating to the loan amount till one starts to repay, which might add on to
the burden of repayment. Applying for education loan is not a very difficult
task. One can apply for it online as well. Many websites also help in providing
a detailed analysis of education loans
rates offered by different banks.
The
interest rate charged on the loan should be the first and foremost thing that
needs to be taken into account. Also
ensure whether the education loan rate
is fixed or variable. Usually, banks don't expect students to repay the
loan unless the student gets employed after the completion of the course.
Always make sure the additional fees like documentation cost, administrative and
processing fees are minimal when you apply for the loan. Ensure that you arrange funds for the down
payment of the educational loan from beforehand. Make all the necessary
arrangements and collect all relevant information’s before you apply for the
education loan.
Summary:
Always
check the education loan rates and
gather all the relevant information before applying for education loan
