Key Things to Remember Before You Take Education LoanThe cost of education is touching the skies. Even secondary education has become highly expensive, so the students and parents consider education loan as an easy option to afford higher studies whether in India or abroad. Education loan is quite useful to enrol for professional courses at premier institutions. Many students independently pay for their education with easy education loans available online.
However, educational loans if not managed as planned can become a huge debt to repay. Hence, here are some keys things to remember before you take an education loan for higher studies:
- Shortlisting the institution: Consider educational institutions that are good for your career in the long-term. Confirm whether they have strategized any job placements after course completion. This will make a major difference in your career later and you will not have to spend months hunting for jobs. Also, check the credit status of the institution for any fraudulent activities, under scrutiny or being blacklisted.
- Select the Right Course: A higher education degree is an important ladder to begin a professional career. When you hear about a trending course and observe maximum students registering for it, do not follow the bandwagon, unless it's fruitful for you. Simply, shortlist a course that is of your interest and will help you to weave out a career in the future. Research the course details, its scope of work, fees etc. before registering.
- Secured Financer: A financial company or a lender has an important role to play when considering an education loan. If the financer lacks flexibility in loan terms and repayment, it is advisable to select a financial firm that gives the best moratorium period, interest rate and flexible terms. Know about the service charges, if any applicable on your loan.
- Plan your Repayment: Budgeting your education loan in advance will keep you stress-free throughout the loan tenure. Besides saving for loan clearance, it is wise to use the EMI calculator in the personal loan apps. The EMI calculator is a super-fast tool to calculate an EMI accurately where you can enter the loan amount, interest, and tenure at your convenience. These variables can also be re-entered when the EMI result is not favourable.
- Clear the Loan Eligibility Terms: Different financial companies have set different eligibility criteria for education loan availability. If a student is applying for a loan, parents or elder siblings can be the co-applicant. Not clarifying the loan eligibility criteria in advance can cause rejection or delay in loan approval.
Education loans are available for both graduate and postgraduate courses in different streams such as engineering, medical, management, law, computer science etc. Considering the above key factors will make the education loan acquisition secure and well-planned.
Simply Cash, by India’s financial giant HeroFinCorp is an instant personal loan app supporting various immediate financial goals. Education personal loan up to 1.5 lakh can also be availed via Simply Cash within 24hours. Borrowers between 21-58years of age can apply for an education loan via Simply Cash. Download Simply Cash from Google Play Store and initiate the loan application process.