Most middle class students cannot afford the high costs of university education in a good college. This often stands in the way of their further studies. If you find yourself torn between your desires to peruse higher education and your fears of financially burdening your family, education loans could be the answer to your dilemma.
What are Educational Loans?
Educational loans are long term personal loan that help students bear all academic expenses. Repayments for such loans can be differed till the applicant gets a job. Most Education loans are signature loans or unsecured loans. This means that you don’t need to pledge any collateral in exchange of your Education loan. Most banks offer educational loans today. This allows the student a large amount of choice. The interest rates are kept low as well.
What Educational Loans Cover?
Not only does an educational loan help you pay your college fees, it also finances education related costs such as library fees, travelling expenses, food expenses, lodging charges, mobile bills, cost of buying a computer and even expenses for college tours. It is important to select an educational loan that suits your needs just as it is important to select an educational institution that helps you achieve your goal. Having a guide is important. You could go for education counselling or simply consult brainybatch’s eductaion guide online. Brainybatch come up with many student friendly education loan with no cost EMI option so that parent can be relieved of financial burden.
How to apply?
The application process for educational loans is easy. It can be done right from the comfort of your home. The answer to your financial problems is literally just a click away!To apply for educational loans online, simply fill up the online form. The lender will check the facts, verify your form and sanction it. The amount you apply for will be directly transacted to your account!
Who Can Apply?
Educational loans are usually easy to apply for. Most students are eligible for these loans. The eligibility criteria vary from country to country and bank to bank.
Both homeowners and non-homeowners can apply for these loans. They have cheap and reasonable interest rates. You could easily apply for these loans online.
Different Education loans have different criteria. For example, in UK you must be a citizen of UK above 18 years with a stable bank account in order to avail a loan. The eligibility criteria for education loans in India is as listed below:
- The candidate applying for the loan must be an Indian resident
- The candidate must have confirmed admission in a recognized educational institutes in India or abroad.
- The age of the candidate must fall within the bracket of 18 to 35 years during loan application.
- He/she must be undergoing a graduate/postgraduate degree or a PG diploma.
- The applicant should have a secured admission in a college or university affiliated by UGC/AICTE/Govt. etc.
- Students pursuing full-time courses need to have a co-applicant who can be either parent/guardian or spouse/parent-in-law (in case of married candidates).
Types of Educational Loans
You could choose to avail educational loans in two forms. Firstly, there’s the secure form. This allows you loans cash which extends from 500 to 100000. Repayment period can extend up to 25 years. Secondly there’s the unsecured form which does not require security. With this form you can avail cash which ranges between 1000 and 25000 which is to be repaid within 25 years. This type of form is available to both tenants and house owners.
With exorbitant tuition fees in all good institutions, many students have to rethink their educational plans. It is a pity that education is turning into an industry that caters to the rich and not the deserving. Educational loans make sure that deserving students are deprived of a higher education due to financial problems. They are accessible to all and easy to apply for. Coming at low interest rates, they help many students fulfill their dreams of perspiring the perfect courses for them regardless of their economic situation.
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