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What You Need to Know Before Applying for Education Loans in India

Many students have a dream that they want to fulfill. That dream is of studying in a reputed university. Higher education has many benefits such as meeting new people, possibly exploring a new place outside of your hometown, making memories to cherish for the rest of their lives, and of course, getting an education that will be beneficial for their future careers.

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What You Need to Know Before Applying for Education Loans in India

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  1. What You Need to Know Before Applying for Education Loans in India

  2. Education loans in India are loans that are provided by banks and non-banking financial companies (NBFCs) to help students get the higher education these students deserve. They provide help for the exorbitant tuition fees, hostel fees, library fees, and other fees that are necessary for a complete educational experience.

  3. Moratorium period- The moratorium period is the period where the loan is active and you have received the funds; but you do not need to pay. The repayment starts a year after you have completed your course or within 6 months of getting a job, whichever one out of the two comes first. However, there is no penalty for repaying the education loans in India during the moratorium period. In fact, if you start repaying during this period, the interest does not get accumulated and you have to pay less interest in the long run.

  4. Interest rates- Private banks and non-banking financial companies offer very attractive interest rates. However, before you choose an education loan, it is important that you compare interest rates of various banks and non-banking financial companies to make sure you get the best one. Some lenders also try to lure you in with various deals and offers, and would be beneficial to you if you don’t fall prey to them.

  5. Maximum amount- The maximum amount of education loans in India that banks and non-banking financial companies in India offer is INR 75 lakhs with a repayment period of 15 years. We hope this article was very helpful and you have all the information you need about education loans in India! Good luck and do well in your education! Related Blog:- Advantages of Education Loans!

  6. Avanse facebook :-https://www.facebook.com/AvanseEducationLoan/ Avanse Twitter:-https://twitter.com/avanseeduloan Avanse Youtube:-https://www.youtube.com/channel/UCcsuUx1EH1C08XmX2embpug Avanse Instagram:-https://www.instagram.com/avansefinancialservices/

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