Education is an important aspect of the Indian culture. It is one of the most valuable assets that you possess in life. Hence, proper planning is a must when it comes to achieving your academic goals. The cost of education has changed drastically during the last couple of years. According to a report by the National Sample Survey Office, the average private expenditure for general education has increased by 175% between 2008 and 2014. To ensure that you successfully fulfil your academic aspiration, education loan is an ideal option to manage the financial part of this journey.
Many of you must have thought at some point of time that your family’s savings will be enough to tackle this expense. But never forget the fact that your parents’ hard earned savings can be utilized for future contingencies such as medical emergency, uncertain times similar to the one that we all are facing currently and also, for their retirement phase. Hence, considering options such as education loan is ideal to take care of the financial expenditure of securing a desired degree from top Indian or overseas educational institutions.
There are multiple benefits of opting for an education loan. Let’s take a look at them.
When you opt for an education loan for abroad studies, all the financial stress is taken care by the financial institution offering you this loan. There are examples of students who have faced difficulties in arranging the finances to pay their semester fees. Worrying about these expenses ultimately affect their grades as they are not able to entirely focus on their studies. But when you have taken an education loan, you do not have to worry about the financial burden. Your academic expenses are taken care of, leaving you with a clear mind to focus on your studies.
New-age lenders are introducing student-friendly processes to make education financing seamless and affordable for every deserving Indian student. If you plan to study abroad, then apart from your tuition fees, you have to spend on your travel to that particular country, your accommodation, stay, transit, necessary equipment, insurance expenses and a lot more. Financial institutions understand the importance of supporting students holistically so that you can smoothly plan your study abroad journey. Hence, organizations design tailor-made solutions for you to partner with you in this journey.
A higher education loan gives you the perfect opportunity to call yourself a ‘SELF-MADE INDIVIDUAL’. Isn’t that amazing? We all want to get this tag to showcase our capabilities and at the same time make our parents proud. Education loan teaches you to take responsibility of yourself. It helps you realize the value for money. As a responsible individual, you get into a habit of repaying it from early days of your lives and thus, secure a strong credit score. Always remember, timely loan repayment helps you build your credit history and enhance your ability to access credit facilities in years to come.
Education loan saves you from shelling out a chunk of money at one go. It gives you the option of slowly repaying over the years as per the set tenure. Thus, you can solely concentrate on your studies and pay the loan amount comfortably as per agreed terms with the financial institution.
By now you have realized the innumerable benefits of opting for an education loan. Applying to a college is not easy, especially if you are planning to study abroad. There are so many formalities involved and you might have hundreds of questions related to the admission process, education loan and a lot more. You can take comfort in the fact that we are always available for you. Please reach out to us for any query or assistance. To seek a detailed overview of foreign universities, courses and study destinations, please click here to explore a plethora of information for your ready reference.