5 Ways Education Loans Help You Come Close To Your Dream
For as long as we remember, our elders have told us that education is the most important part of growing up. And, they are absolutely right. Education is what differentiates the knowledgeable from the unlearned. It is what gives us the sense of right and wrong. The path of study we choose decides our professional prospects, but more of than not, financial hindrances prevent us from achieving our dreams and reaching our full potential. This stand especially true for middle and lower income group families who fail to manage the heavy tuition fees that are required to put their children through a good college in India or abroad. However, since the concept of education loans has been introduced, more and more families are able to afford to send their children to the dream colleges and Universities that they wish to study at.
The popularity of education loans has changed the education scenario completely for a majority of the population. Here is how loan for higher education has helped students live their dream of studying in world-class Universities:
No Financial Stress: The cost of education, as sad as it may sound, is increasing by the minute. A normal IIT course in India costs somewhere between INR 2 to 4 lacs annually while an engineering, medical, or management course takes between INR 10 to 20 lacs in India and INR 25 to 50 lacs (and above) abroad. There is no way that an average Indian family can afford that kind of tuition money if it weren’t for education loans.
Quality Education: Gone are the days when only the celebrity kids and the riches sent their children abroad for quality education. With the facility of educational loan for abroad studies that are offered by various government and private banks as well as educational institutions, applying to popular International Universities has become extremely easy. Of course, students need to have a proven track record and a valid reason for why they wish to pursue the particular course in the particular university.
Hassle-free Processing: Availing education loans from trusted financial establishments is not just hassle-free but also secure. Most of these institutions require you to fulfil a few basic eligibility requirements depending on the amount of your loan and ask for documentation to establish your identity. Once these conditions are met, you get to avail loans easily.
Relaxed Repayment Terms: Unlike loan sharks and other such private dangerous loan providers, most trusted financial institutions enabled you to repay your loan after you have completed your course and earned yourself a suitable job. While the repayment of loans for regular, long-term courses differ from the terms of the loan for vocational studies, almost all of them follow the same rule of repayment after 6 months to a year of course completion.
Flexibility in Loan Amount: The need for an educational loan, especially the loan amount, varies from one student to another since not everyone wants to do the same course or in the same country or University. Banks and financial institutions have tie-ups with various Universities all over the world through which they can help you apply for the amount of loan you require.
Having mentioned all of the above, it is evident that availing low interest education loan is not only convenient but also a smart option these days. While financial and educational institutions take care of your major financial concerns, you get to apply for quality education at the university of your choice and move another step closer towards your dream.