In India, higher education can cost up to several lakhs. Traditionally, most parents have to either delve into their savings or liquidate assets such as gold or property to pay for their child’s education. However, rather than depleting your savings, consider taking out a loan for higher education to fund your child’s higher studies. You can get a loan for higher education from a bank, a non-bank financial institution or a Non-Banking Financial Company.
Students and parents are now aware of the many benefits that an education loan can give. If you intend to pursue higher studies in India, a loan for higher education will help you finance your education with the least amount of difficulty. The biggest benefit of a loan for higher education is the funds that are readily available to you. Other advantages that will make you want to submit your loan application faster are mentioned below.
7 advantages of taking a loan for higher education
1. Anyone can get a loan
People of all classes can get a loan for higher education irrespective of their source of income. Banks and private or public organisations have made it very simple to avail education loan these days. A loan for higher education is usually provided within a week after all of the documents have been verified.
2. Personal savings remain intact
Taking out a loan for higher education allows you to keep your savings intact. Parents should not have to liquidate valuable assets to cover education costs, which eventually disturbs long-term financial goals like buying land or a flat, children’s marriage, etc. Opting for a loan for higher education reduces the financial load on your family. It will also ensure that you are financially independent at a young age.
Education loan covers 100% of the costs associated with completing the education. Tuition fees, travel (tickets), house rent, university fees, food expenses, living expenses, a laptop, or any other equipment required for your education are all included.
3. Builds financial discipline
A loan for higher education can indirectly instill a sense of responsibility in the students from the very early stage. It is the first step toward financial freedom. Furthermore, timely repayment of the loan as a co-borrower helps the student establish a credit history, which will make it easier for him or her to get a loan in the future.
Also Read: 5 Best Tips To Get The Best Education Loan Interest Rate In India
4. Find the best interest rates
Find loans that offer comparatively best interest rates to ease the repayment and preferential rates for top-ranked universities and institutes. Lenders offer a variety of collateral and co-borrower options to make loan repayment as simple as possible.
5. Coverage
A loan for higher education covers not only the course fee, but also other expenses like hostel fees, exam fees, library charges, lab fees etc. The loan also covers the cost of books, travel expenses.
6. Choose a customised loan
The loan for higher education market has grown over the few years. As a result of this expansion, lenders have recognised the need for loans tailored to students seeking education at a certain course or college. Financial institutions like public sector banks, private banks, and Non-Banking Finance Companies (NBFCs) now have specific and customised loans to study in India. Whether you are looking for an executive MBA program or a vocational course, you will find a product that suits your needs.
7. Easy repayment terms
Banks or Non-Banking Finance Companies (NBFCs) offer flexible collateral and co-borrower terms to make loan repayment simple.
A loan for higher education from Varthana has many more advantages than downsides in terms of helping students continue their careers responsibly for a brighter future. Parents might invest in their own lives or businesses to secure the future of the family and their children. Apply now to access the exclusive benefits of Varthana education loan.
Social