#NewDelhi: Getting a degree at a reputed educational institution in the country or studying at an international university abroad – both require a lot of money. It is often seen that due to lack of money we give up the dream of higher education. However, a little internet research shows that expensive courses can be done without the financial support of the family. But how? Through education loans. From small to large, almost every bank in the country has the benefit of education loan.
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The bank provides loans at attractive interest rates for students. Part-time or regular– education loans are available for all types of studies. The loan repayment period ranges from a minimum annual interest rate of 7.75% up to 15 years. The bank provides loans up to a maximum of Rs. 15 crore depending on the course and the qualifications of the applicant.
Interest rates and maturity vary from bank to bank. Eligibility criteria also change in the same way. In addition, tax deduction is available on interest when repaying the loan. The bank will bear all the expenses related to the course starting from tuition fee, examination fee, hostel fee and study tour. The cost of traveling abroad for study abroad is also included in the education loan. There is also a break of one year before the commencement of EMI submission for loan repayment after completion of studies. In other words, after the completion of the course in 2020, the customer will be able to start repaying the loan in monthly installments from 2021.
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How to repay education loan?
The process of repaying the loan through EMI starts 6 to 12 months after the completion of the course of the borrower or after getting the job. The duration of break after the completion of studies and before the commencement of loan repayment varies according to the guidelines of the bank. In the case of a bank, the period of this break is 12 months, while in the case of a bank, it is given more time. The loan has to be repaid in full in installments with interest.
Monthly installments can be paid using the following means–
- Internet Banking: Monthly installments can be submitted through the lender’s official website or app.
- Check: The EMI can be settled by dropping the check at the lender bank or any branch of the lender.
- Direct debit: The customer can choose a recurring transaction process to deposit the monthly installment. Where the installment money will be deducted from the bank account on the date of EMI payment. As a result, the borrower does not have to go to the bank every month.
- Demand Draft: Borrowers can also deposit installments through demand draft.
The process of repaying a loan is different for every lender. For example, banks have the benefit of checks, although lenders are not an independent institution. For this reason, you need to know the repayment process before taking a loan. So the borrower has to choose a way to deposit the monthly installment, where he does not have to face any problem every month. Automatic processes like direct debit or internet banking have to be chosen.
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Here are some tips to help you get started:
Breakout time: In the case of education loans, the break between the end of the course and the beginning of the monthly installment is a very important issue. It is often seen that it takes a while to get a job after finishing studies. In many cases it can take more than a year. These are just some of the goal setting shareware that you can use.
Premature loan repayment: In addition to the monthly installments, it is necessary to see if there is a facility to repay the loan by depositing a large amount of money at one time. Generally all banks offer this facility. Premature loan repayment services are provided especially for students. Each bank has different guidelines for early repayment of loans. When taking an education loan, you need to know from the lender whether you need to pay any additional processing fee or hidden charge if you want to repay the loan at once.
If money is an obstacle to reaching the peak of career advancement, then it is better to go ahead with the goal of fulfilling your dream with education loan without any hesitation. There are some lenders who offer education loans based on student, educational institution and course only without depositing any asset or guarantee. And after completing the course, you can get a job and pay off the loan in monthly installments without any hassle as well as strengthen your career.
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