As per the recent research report published by Redseer, 7,50,000+ Indian students were studying abroad in the pre-pandemic period, and this number is projected to touch the 1.8 million mark by 2024. In 2020, 40 million students were enrolled in Indian institutes, and this number is estimated to touch the 92 million mark by 2035. With the increasing student enrolment, the demand for education loans has sky-rocketed.
Here are some fantastic reasons why student loans are gaining massive popularity:
1. Holistic cost of education
Whether you study in India or abroad, the ever-increasing education inflation is a challenge that can act as a barrier between you and your academic aspirations. Apart from tuition fees, students have to consider various educational costs to plan for their higher education. Ideally, most education loans cover all the educational costs.
At Avanse Financial Services, we offer education loans that cover the holistic cost of education, including tuition fees, travel expenses, accommodation costs, living expenses, study material costs, cost of learning devices and other education-related expenses.
2. Upskilling, reskilling, vocational courses and executive programs
In the wake of the pandemic, we have realized the importance of Vocational Education and Training (VET), upskilling, reskilling and executive programs. These courses give you the perfect head start in your career and take it to great heights. Many financial education loan providers now offer student loans for VET and other skilling programs to enable students to fulfil their academic aspirations.
3. An investment that earns you returns for a lifetime
Many students do not pursue their academic aspirations because higher education is expensive. This problem can be easily solved by opting for an education loan, which will allow you to take the helm of your career and steer towards success. What else can be more worthy of investment than empowering the students to contribute to the future of our economy? Hence, students, these days opt for an education loan to benefit from gaining access to quality education.
Please remember that settling for less competitive programs or universities can have repercussions on the professional journey. Study programs from well-recognized universities can open a new dimension of opportunities enabling a smooth transition from academics to a professional career.
4. Chance to finance your own education
Have you thought about how hard your parents have worked to save for contingencies? Parents are usually caught in a dilemma of choosing between saving for their old age and financing your education. You have the perfect opportunity to lift this burden because an education loan comes with a grace period that allows you to finance your education independently after finishing your studies. During this period, you do not have to pay the EMIs. However, at Avanse Financial Services, we encourage our student fraternity to make a small contribution in the form of simple interest/partial interest during the moratorium period to repay the student loan seamlessly.
5. Credit score
You are just at the threshold of beginning an important stage of your life, including your personal and professional life. Repayment of your student loan will help you build a healthy credit score that will allow you to acquire other credit facilities like home loans, car loans and/or credit cards in the future. The education loan will be your first loan ever, and it comes with many perks like a grace period and flexible repayment options, enabling you to build your credit score while you enjoy the benefits.
So these are some fantastic benefits of opting for an education loan. With an Avanse education loan, you get 100% finance, hyper-personalized student loans, quick sanctions and other benefits. For further queries, please connect with us. We will be glad to partner with you on your academic journey. All the best.
We always aim to offer you competitive interest rates on your Avanse Education loan.
The rate of interest on your loan is calculated as: Interest Rate = Avanse Base Rate + Spread.
Our current Base Rate is 14% (WEF 01.02.2023).
The Spread is floating and is based on analysis of overall credit and course profiling.
This rate is subject to the terms and conditions of Avanse Financial Services Ltd.