Receiving a quality education is mandatory to ensure a complete and successful life. It is quite similar to graduating from a renowned institution. Although the cost of education is escalating day by day, it is a worthy investment since it promises a good paying and bright career.
Today, one of the major hurdles encountered by students in achieving their objectives is affordability. As quite a few hail from a weak financial background, they will not be able to bear additional expenses to study overseas. However, financial assistance is provided in the form of scholarship schemes, grants, and work-study programs.
Luckily, some loans are exclusively meant for students to invest in education while helping them realize their potential. Reserve Bank of India had recently ordered each Scheduled Commercial Bank located in India to embrace the Education Loan Scheme. It aims at offering financial support to deserving individuals to pursue higher education in India and overseas with sound terms and conditions.
A student loan is defined as a sum of money borrowed from either a private lender or Government to fund post-graduation courses and higher studies. Normally, Government loans have a lower interest rate and they can be covered once the student is in a position to earn a monthly income. This waiting period is known as the Moratorium Period. Such types of loans are meant to cover tuition fees, travel expenses, accommodation, fees, books, and supplies as well as miscellaneous charges. The interest rate of a student loan might differ based on the country you reside.
The majority of the Indian Banks & NBFCs provide student loans to study in India and overseas. Listed below are some of the top Indian banks & NBFCs who offer student loans:–
Today, the majority of the banks disclose details regarding student loans on their official website. However, it is better to approach the bank straight or call them to fetch additional details. It is highly recommended to execute the loan application process as early as possible since it would take adequate time to get approval and disbursal of the loan.
It is advisable to compare the student loans provided by various banks before selecting a lender. Loans are offered for short-term and full-time courses. Thorough research and in-depth analysis would help you choose an apt lender.
Online Application: An application form could be filled online by attaching relevant documents. Submit it through the official website of a lender. There are quite a few banks that offer virtual assistants to assist the students in completing the application procedure.
Offline: It can be executed by paying a visit to the nearby branch office with essential documents and a properly filled application form.
As soon as the loan gets approved, the concerned banks furnish a loan document that features several elements of the loan. Once the loan document is signed, banks would grant the loan amount on an installment basis.
Loans are defined as borrowed money and with the hope that it will be repaid with interest. However, there are certain elements of risk involved in it. Default payments might have a drastic impact on the credit score while making it complicated to apply for loans in the long term. So keep the following things in mind before applying for a student loan.
A student loan is regarded as good debt since it is a worthy investment and will soon pay off in the future. Students will be able to focus on their studies and need not fret about finances. Moreover, obtaining student loans would help generate an excellent credit score as well. If you succeed in fetching a good credit score, you will be able to secure other loans like home loans or car loans, etc.
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