Education is a vital part in the life of an individual to live an established and confident life. Each morning whenever we sit with a newspaper while sipping our tea, we get to know that numerous talents are coming out with flourishing score cards and opt for engineering, medicine, aviation,management, or various other expensive courses. Numerous courses and institutes are being created to give the millennials a scope to carve a better future. Amongst these aspirants some belongs to well do families and some belongs to normal middle-class families who must struggle hard to cope up with the ever-rising inflation who’s pulling up the study expenses. When your child has put into all their hard work to achieve the scores, the financial crunch should not hold them back.
So, if you are planning to sell or mortgage your property to fund your child’s higher studies, then keep it on hold and consider the education loans for funding their higher studies. The government and RBI is trying to make the study loan process easier with lower interest rates & flexible repayment options, so that maximum aspirants come under its umbrella and pursue their dream courses without any financial hurdle. Seema after completing her graduation, wanted to pursue her MBA from one of the premium institutes of the country. The course profile not only required an impressive CAT score card, but also called for lump sum amount. She was a B.Tech graduate, and this time she wanted her father to be burden free from paying the expensive course fee.
Seema decided to go for an education loans , that her cousin brother working in the bank suggested. He guided her with the loan procedure, and the basic requirements for being loan eligible. She decided to do some online research work on the study loan, because numerous institutes are there in the market and she required someone who should be reliable, RBI authorized and provide her maximum loan amount. This time she wanted her father to be the co-borrower only, so she preferred the non-banking financial company that provided her 100% of her course fee. The loan amount covered her other education expenses along with the accommodation charges.
She applied online for the Education Loans after getting the admission in one of the India’s top most management colleges. As soon as her provided documents were verified by the financial institute, and all other formalities were completed; the financers passed the loan within a week and disbursed the first installment of the course fee immediately. For repayment, Seema preferred to pay the debt after getting the job, as the financers provided her the moratorium period of six months. The education loan she received was at floating rate of interest with .05% concession on the interest rate for being a female borrower.
She wanted to bear the MBA course expenses all by herself without being a burden to her father, who was in the brink of retirement. The study loan from the non-banking financial institute helped her to be self-dependent and accomplish her dream without any hassle.