An education loan is a sum of money borrowed to finance post-secondary education or higher education-related expenses. Education loans are intended to cover the cost of tuition, books and supplies, and living expenses while the borrower is in the process of pursuing a degree. One of the primary reasons for considering an Education Loan is to ensure that you take advantage of the opportunity for education and are not held back due to a lack of funds. Education loans offer several advantages, including 100% financing that covers course fees and living and travel expenses.
Criteria for education loan
Maintain a strong academic record: A good academic performance enhances eligibility. Demonstrate a stable source of income: Ensure steady income, preferably from parents. Age Criteria: Applicants should be between 16 and 35 years of age. Provide confirmed admission status: Admission confirmation is crucial.
Your Student Loan application may get rejected due to poor academic performance. If you repeatedly fail in subjects, are unable to finish your course on time and score less than the minimum marks (usually 50% or more) set by the lender, your Education Loan might be rejected.
Best loan for Education
For most students and families who decide to borrow, federal student loans are the best option. Repayment on federal student loans doesn’t start until after you leave school, and with fixed interest rates and payment plans, monthly payments can be manageable.
Time for repayment
The Loans are sanctioned as Term Loans and to be repaid in EMIs over a maximum repayment term of 15 years (180 EMIs) for Student, Scholar and Global Ed-vantage Education Loans. An highly effective method to pay off your education loan faster is to begin repayment during the moratorium period to reduce the principal balance. A lower principal balance repayment will help you pay off your loan earlier than the decided tenure.
If you are unable to make repayment on your education loan, then you will receive notices and warnings from the lender. If you fail to comply with the same, then the lender is legally entitled to the assets you mortgaged. Your property or asset can be auctioned or used by the lender.
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