Space, stars and planets; this is the world of Mihika. She wants to be another Kalpana Chawla. She has a dream in her eyes to be an astronaut. She has passed out her senior secondary examination with 90% marks. Being a daughter of a squeezed middle family, she can’t afford the higher education fees of her dream course. She is preparing for the entrance test. She wants to join Aeronautical Engineering in a reputed university. She can see the two contrasting phases her dream and her family condition. It is like a dilemma for her parents. How to cover the huge fees of a college education?
It can be the situation of any family, any student or any parents. Higher studies are becoming a pie in the sky for the middle-class families due to high fees structure and expenses. If you are also thinking about the higher education expenses and the dreams of your children, you must give a thought to avail Education Loan. Yes, Education Loan is the best way to avail funds for your dream education. If you are also facing a shortage of funds, you can get an Education Loan easily. The repayment of Education Loan can be done after completing the studies. This loan covers all the expenses incurred in your study period for example tuition fees, library charges, equipment, books, hostel charges, Mess charges, etc.
Here are some steps to present a clear picture of education Loan for you:
How to Apply?
Students who want to avail Education Loan can contact banks for the loan. They can also apply online for the education loan. Online Loan portals are an important role in covering the market. You can contact online [portals to get a dedicated helpline and expert advice for your loan. Education Loan can be availed for studying in India as well as abroad. Before applying for a loan, you should have a clear picture of your expenses. Select the institute and course in which you want to take admission. Calculate your all expenses including all fees and charges and then select the financial institution from which you want to take your loan.
Are you Eligible?
You must have an Indian Citizen and got admission in an affiliated college or university in India or Abroad through a valid selection procedure. Your parent will be considered as a co-applicant in your loan. So you should have an earning parent or guardian. Normally, banks and NBFCs consider the students having a good academic record. This is the eligibility criteria for Education Loan.
The Loan Process will begin
Banks and NBFCs offer Education Loan for maximum 5 years period. The loan amount will be considered on the basis of expenses and co- applicant's income. You can get maximum 10 lakhs for studies in India and 20 lakhs for abroad studies.
Plan your Loan Repayment
Education Loan comes with a period of 5 to 7 years. The repayment of Education Loan begins after 1 year of your course completion or after 6 months of your job. You can also demand for moratorium period if you found it difficult to repay your loan. Normally, you have to repay the loan after six months of your course completion. If you secure a good job, you can start repaying your loan early. Try to maintain a good track record and credit history. Pay your EMIs timely and build a good CIBIL Score. The default in the EMIs or loan can affect the credit history of both applicant and co-applicant.
So, without any financial worry, pursue your dream education. Don’t resist your dreams. Avail an Education Loan and open your wings to cross the horizon. Consider all the points and choose the right option.
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