Feb 13, 2014

How to Apply for Educational Loan from India?

All over India many nationalized and private banks offer various types of education loans. Here about as per fee of university, college various banks provide the education loan to candidate.
Although provide the best scheme among so many options, applicants can clarify few basic things before deciding on one.

About the Education loan
Applying for education loan it is very important to understand the student course and eligibility criteria and the course. Focus on the loan which covers to complete the education. 

Eligibility criteria for students demand him to be an Indian national and loans are granted to pursue graduation courses (B.Sc. etc.), post-graduation courses (MBA, PHD etc.), professional courses (Engineering, Medical etc.) and many other types of courses. According to education loan, covers tuition fee of the course, examination fee, hostel fee, library fee, purchase of books and equipments, caution fee, refundable deposits.

First to Plan Join College
Before take admission in any college and university, be sure about the standing of the college where you are planning to join. You must know about the history of performance regarding placements of the concerned college, in case, it is not a very renowned institute, and you have to be very realistic in approach while joining because if you don’t achieve good financial standing after completion of the course, the debt will convert to an unsustainable.

Understanding about your Resources
It is important for you to know about your resources fulfill the need or not. If it is not fulfill your requirements than only as much as you actually need, so your loan amount can be as less as possible. Before applying loan, try to collect all of your possible resources then find out how much more is required because of help you to keep your principal and interest amount lower. You will gain the benefit of this while repayment process.

The advantages and disadvantages of loan
The education loan helps in paying way to successful educational qualification and financial independence, but only if chosen and applied wisely. There is a imaginary side of the loan which is not visible to the loaner while applying for the loan. Disadvantages of the loan are following. If it is not considered in the beginning only but also can lead the borrower to a sad situation during repayment. The disclosures again and again until all the terms and conditions become transparent to borrower.

Repayment option if available
Some banks provide the facility to choose options for repayment. Thinking all the possible factors that can affect payment schedule and then decide on the scheme as well as repayment option.

Make sure about work-outs and cancellations:
The entire loaning process is to work-out the actual loan amount such that calculation of interest rate, Monthly Installment, processing fee and calculation of other extra charges. The loan applicants understand only on principal and interest to reach repayment amount, whenever borrower has to pay many other charges, which are generally underestimated or not clarified by bank authorities. it is in your favor if you confirm the procedure with bank while applying for the loan itself.

Quarry about loan:
You may ask questions from bank authorities. You should be feel free to ask any question to clarify your doubts because today’s doubts can prove to be very troublesome tomorrow.
Some questions should be asked by the student at time on apply loan for the study:
What is the lowest interest rate and fee combination that you can offer?
(1) Is the rate applicable to only a limited period (an introductory rate), or for the entire duration of the    loan?
(2) What are the fixed and floating interest rates?
(3)  Is there any penalty on paying off loan early?
(4) When will I have to start repayment?
(5) Can bank provide some extra time to start with repayment if required?

So Friends through this above article hope you have been aware all about the educational loan in India. Now there will be face no problem in this loan scenario, if you feel and need to ask anything else then writes us through comment box. We will reply you soon keep visiting here on sarkarinaukricareer.com