All of the important things you’ll ever need to know about study in India loans

1. All of the important things you’ll ever need to know about study in India loans Avanse

2. Introductions • Study in India loans are finding more takers every year. It’s something that shouldn’t raise eye brows, especially with the cost of a decent higher education steadily jumping higher and higher every year. • This exponential rise in course fees, along with the overall rate of inflation, leaves even the most promising students with only one option – to borrow funds to cover their education costs. • However, rather than looking to relatives, friends or their parents for financial shoulder to lean on, most students choose to achieve their dreams independently with a student loan.

3. If you too have a similar outlook, then you are indeed one of the wiser ones, however, before you apply you need to know all about these finance solutions so you know what you’re getting into, what to expect, how to handle the repayments and enjoy a successful borrowing experience. • Keeping this in mind, this short write up will tell you about the more important things you need to know about such loans to ensure you are fully informed and prepared to handle what’s ahead of you.

4. So how do you get such a loan? • Well, today, the market is flooded with extremely good borrowing options. There are numerous lenders offering study in India loans that are affordable & comprehensive. • The best part is that applying for such a loan is also very easy as most banks & non-banking financial institutes offer online channels through which you can apply and get your loan sanctioned. There are also aggregator sites that compare all the various loan offerings by loan amount, tenure, interest rates, etc. so you can make an informed choices and apply right there itself.

5. What’s it like repaying a loan? • Well, unlike other finance options a student loan comes with one huge advantage – you don’t have start repaying it until you’ve completed the course or found a job. • Some lenders will even give you 6 more months after any of these millstones until they require you to make your first payment. This holiday period of sorts is called the moratorium period and all student loans come with this option.

6. What’s the interest rate? • Well, compared to other borrowing options such as a personal loan that will come with an interest of 16 to 22 percent, a study in India loan will have much lower rates. In fact, you can expect to pay as little as 10 to 16 percent per annum. • Most lenders will also provide preferential loans if you score well on your entrance exams or have an outstanding academic record.

7. What about the charges? • Like all loans, even a study in India loan has its set of charges. However, every lender will have a different number of charges varying in extent from the next lender. Among these charges, the ones you should look out for include the processing charges, prepayment charges and late payment charges. Processing fees shouldn’t exceed 2% of the loan amount.

8. Conclusion • We hope these pointers help you with your borrowing decisions. Good luck and all the best, study hard!Visit Us Soon…

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