Avul Pakir Jainulabdeen (A.P.J) Abdul Kalam was the 11th President of India and an Aerospace Scientist popularly known as the missile man of India. His contributions to research and defence technology earned him the Bharat Ratna. Many students idolise him and aspire to be successful like him. His birthday is celebrated as World Student’s Day. Let’s find out more about this special day and how students can take their first step to being financially independent on this day.

Key Highlights:

• What you must know about World Student’s Day
• What must you know about financial assistance for education on this special day?
• Benefits of an education loan for studying abroad and studying in India
• How to estimate education loan EMI?
• What are the basic educational loan eligibility criteria?

What you must know about World Student’s Day
A.P.J Abdul Kalam’s birthday anniversary is celebrated on 15th October as World Student’s Day every year. He is known for his exemplary contributions to the Defence Research and Development Organisation (DRDO) and the Indian Space Research Organisation (ISRO). His thoughts, speeches and personality have shaped many young minds, driving them on the path to success. Fondly remembered by the student community, his birthday is celebrated to acknowledge his efforts.

What must you know about financial assistance for education on this special day?
If four things are followed – having a great aim, acquiring knowledge, hard work, and perseverance – then anything can be achieved.” - A.P.J Abdul Kalam.
He highlighted the importance of education so students can be independent and successful individuals who play a crucial role in nation-building. Quality education is the bedrock that shapes the nation’s economic, social and cultural development. However, with the rising cost of education inflation, students struggle to access higher education. Therefore, more students are witnessed opting for student loans to finance their education independently, as these study loans bridge the gap between students and their academic aspirations. So, let’s discover some advantages of education loans this World Student’s Day.

Benefits of an education loan for studying abroad and studying in India

• Why depend on others when you can be Atmanirbhar?

  Students nowadays want to be financially independent and do not like to depend on their parents to complete their higher education. Therefore, they opt for education loans, which is a fantastic opportunity to earn a self-made badge.

• Save for the rainy day

  Your parents work hard to save for emergencies and their retirement. They invest in various investment policies and assets. If you liquidate savings, you will be left with nothing when you need it the most during contingencies. Instead, education loans for students offer an incredible way to fund higher studies and let savings be a safe haven to fall back on.

• Be unsettled in a good way!

  If quality education is what you want, quality education is what you get! If you need financial assistance to get into that dream university, a student loan will ensure you don’t settle for a lesser-known education institute or a lesser-popular course.

• Healthy credit score at a young age

  When students repay their education loan, they build a positive credit history, developing their creditworthiness. Better credit scores have the potential to unlock several features and benefits when purchasing other financial products such as a credit card, car loan or home loan.

• Financial prudence

  Education loans are a great financial assistance for higher studies. Although they come with a moratorium period where students are exempt from repaying, this is not an interest-free period. Therefore, interest begins to accrue from day one. We advise our students to make contributions in the form of simple interest/partial interest. Also, this instils financial discipline early in life.

How to estimate education loan EMI?
The mental maths to calculate monthly Equated Monthly Instalments (EMIs) can be a tedious task. What if we tell you there is an easy way to find the projected student loan EMIs? You can use the Education Loan EMI Calculator, an online tool to find different permutations and combinations of interest rates and tenure to find the EMI that meets your financial requirements.

What are the basic educational loan eligibility criteria?

• For students
  • Must be Indian citizens and 18 or older
  • Must have a confirmed admission from their respective university
  • Should have a co-applicant who earns in India
• For Co-borrower
  • Must be an Indian citizen and should be a parent, legal guardian, sibling or other blood relative.
  • Should have a bank account that allows them to sign cheques
  • The co-applicant will be the primary debtor

So, this World Student’s Day, get ready to finance your higher education independently by opting for a student loan. At Avanse Financial Services, we offer student loans that cover the holistic cost of education, including tuition fees, travelling expenses, accommodation costs, living expenses, cost of learning devices and other education-related costs. If you have more queries, please feel free to connect with us. We will be glad to partner with you.