Student loans are an important way for people to access education. They are now easier to apply for, allowing more high-achieving students to attend their desired institutions. Here is a guide to getting student loans, including eligibility criteria and current interest rates.
Applying for an education loan in India is now easier than ever. You can apply for a student loan online if you satisfy the eligibility criteria. Here is how to apply for a student loan:
Navigating through the process of applying for a student loan isn’t easy. There are various components of a student loan that you must be aware of. Here is a brief look at each of them, before you apply for an education loan.
Although specific criteria may vary, there are certain criteria that most loans need you to satisfy. Here are some of them:
For specific details, you should always visit the official website of the loan you are applying to.
Most education loans in India cover all school, undergraduate and postgraduate courses. They also cover PhDs.
Most education loans in India cover the following expenses:
Interest rates on a student loan can vary greatly, from as low as 1% to even 15%.
After completing the course, you get a 1 year moratorium period where no EMIs need to be paid. However, the interest is charged during this period.
Student loans have offered the opportunity to crores of meritorious students to pursue the course of their dreams, regardless of their financial status. With banks and non-banking financial organisations making applying for student loans convenient, education is no longer a far-fetched dream for anyone.
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Student loans cover expenses while studying, such as tuition, housing, travel, books, and more.
Scholarships and grants are given to meritorious students as free money, while student loans require the entire loan amount plus interest to be paid back.
Student loans can be secured or unsecured. For higher loan amounts, lenders usually require collateral as a security.
You should consider various factors before taking out a student loan. Some of these include:
Student loans can be repaid in the form of instalments or EMIs. Your repayment tenure starts 1 year after the end of the course.