Earlier many students used to give up on the education goals, especially where higher education is concerned. This is majorly due to one sole reason that is the lack of finance. For many such students, education loan emerged as a shaft of light, providing a financial back up to them. There are different kinds of study loans available in India offered by various banks and private finance companies today. Best Education loan helps students to safeguard their future. It is an important investment which acts as a base for their futuristic goals. It is a good financial support to the parents who find it difficult to support their children financially, enabling every student to fulfill their dream of pursuing higher education.
Today students can apply for the study loan from various lending sources like banks, financial institutions or private finance companies. These private finance companies are called NBFC’s. Students can avail the best education loan in India from these NBFC’s. They provide customized loan option to students with flexible repayment options.
Different loans available today include:
•Loans granted for undergraduate courses
•Loans for graduate courses
•Loans offered for career development
•Loans granted for Technical and professional courses in various streams like engineering, medicine, law, management, aviation etc.
•Loans for Vocational training and executive programs
A student can easily get online and apply for the best education loan in India from the various private finance companies which provide 24*7 online support. These companies provide loan options with 100 percent coverage of the loan amount and no margin money. A student can simply go online and apply from their website. As students find it difficult to choose the right study loan for them, these companies make it simple by providing consultation to each student who wishes to avail a loan.
Other benefits that these companies provide include:
•Flexible repayment options
•Good moratorium period of 6 months after the course completion or 3 months after getting a job.
•No margin money
•Also provide finance for non-traditional courses like hospitality, culinary, aviation, arts, media studies and more
•Fast track loans and bridge loans
•Speedy processing of loans
•Expense coverage includes tuition fee, computer, books fees, hostel charges, travel expenses and much more which depend on the loan applied for.
Another benefit is these private finance companies provide the best education loan in India at a comparatively low rate of interest of approximately 12.75 percent and a nominal processing fee of 1-2 percent. Any student who is 18 years old or above and an Indian citizen can apply for the loan provided he/she has a confirmed admission in the institute which they select before the final disbursal of the loan.
To avail the study loan a student needs to submit some essential documents to the lender which include the:
• The Students KYC documents and educational documents
• The selected course and fee details
• The co-borrowers KYC and income documents
• The Collateral documents