Student education loans can help you get started on a great academic career without having to dig into your hard-earned savings. All of these benefits combine to make it a worthwhile and cost-effective investment in your bright future.
There are some challenges to taking a student loan for education but if you follow certain guidelines laid out by the lenders it’s not that difficult to avail a student education loan before you start college. So, before you apply for a student loan in India, it’s smart and important to understand these education loan challenges so that you can take the appropriate steps and have a pleasant borrowing experience.
Different types of student education loans
In general, unsecured loans have higher interest rates than secured loans. Student education loans are commonly sanctioned at moderate interest rates for applicants who can provide collateral or a strong co-borrower’s profile in the application. If you have decided to study science or commerce, arts or medicine, engineering or any other course, you can rely on student loan from non-banking financial services companies.
Loan offered for courses in India
Student education loan is offered to aspirants who want to pursue their higher studies in India. These are the types of courses covered under the student education loan in India.
1. Student Education Loan for Undergraduates
It is designed to help students complete their undergraduate degrees by providing financial assistance. An undergraduate degree is typically a 3 to 4 year long course with a wide range of specialisations. Individuals with an undergraduate degree have a better chance of landing a good job and starting to make money.
2. Student Education Loan for Postgraduates
Many undergraduates want to continue their education with a postgraduate degree, which is typically a 2-year long course. These are specialised courses.
3. Student Education Loan for Career Development
Many people want to take professional courses and training to improve their job prospects. Here individuals are seeking specialisation and want to get into the corporate sector. Working professionals want to grow their skills and advance in their careers as well.
But first, let’s go over these simple steps to know how to secure the best student education loan in India:
Do proper research
Both secured and unsecured loans for education can be availed, but make sure you do proper research and choose the one that best fits your current financial situation.
Check the eligibility of courses and colleges
Ensure the status of your college with the financing institution before filling out an application form. Lenders now recognise a variety of universities, making it easier for applicants to obtain a student loan regardless of where they study.
High risk means high rates
The job market is uncertain. Students may see higher interest rates as a result of this. That’s why before deciding on a lender, you should compare multiple loan offers. Many non-banking financial services companies offer lucrative easy repayment options with tenures longer than the course duration.
Know your requirement
Taking out a student education loan for an Indian college is cheaper if you know what you want to do with the fund. Do you only need it to cover tuition fees, housing costs, food expenses, transportation costs, and study supplies, or do you want it to cover the entire cost of higher education? Check your requirements and apply for an education loan accordingly.
Apply for Student Education Loan Online
Banks or NBFCs are here to finance your tuition fee, living costs, and other expenses. The application process for student education loans is rather straightforward. First and foremost, you must submit an application to the lender requesting that your loan be sanctioned. Following that, a member of the customer service team will contact you to learn more about your background.
You must provide details about your academic and financial situation. You must discuss the degree you desire to pursue as well as the institute into which you have been accepted. You must also submit your acceptance letter, and other necessary documents in order to make a compelling argument for why you deserve the opportunity.
Getting a good education is the first step toward a successful job. Therefore, you should not have to give up your dreams due to a lack of funds. You can avail any amount depending on your needs and loan eligibility.