Millennials like you are marching towards their academic goals by opting for an education loan. With the rising cost of education, academic and career aspirations may seem like a distant dream. However, thanks to student loans that these dreams are now within your reach.
To assist you in this journey, we bring you some valuable insights on education loans. So, let’s dive in.
Some benefits of education loan no one told you
Education has several benefits like a perfect chance to finance your education without depending on anyone, earning a self-made badge, building a healthy credit score and many more. But did you know that when you study abroad, you will need proof of funds? It is to prove that you are financially capable of paying for your stay, tuition fees and other essential expenses. When you opt for an education loan, your financier will provide you with proof of funds.
Secondly, taking an education loan for higher studies, to either study abroad or study in India, inculcates financially prudent habits among students. Hence, we, at Avanse, always advise our student fraternity to make a small contribution in the form of Simple Interest or Partial Interest towards their student loan, even during the moratorium period.
You can opt for graduation, post-graduation vocational courses, up-skilling courses, re-skilling courses, online courses and more. However, it is best to check if your financier covers your preferred course before opting for an education loan because every lender will have some pre-set criteria.
It will be helpful if you consider all the education-related costs like tuition fees, accommodation costs, airfare (for study abroad students), equipment costs, study material, etc. Once you have a rough estimate, you can use the Education loan EMI Calculator, a simple and free online tool to determine your EMI amount. All you have to do is enter a few details like annual rate of interest, tenure of loan, loan amount and voila! You will have the EMI amount in front of you in mere seconds.
So, these are some essential things that will help you arrive at the right decision. If you want to know more about education loans, please click here to read about this blog series’ part 1, click here to read about part 2 and click here to read about its third part.