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Image depicting the check-list for a vocation training loan in India - DiFin

Things to know before Applying for a Vocational Training Loan in India

April 21, 2018By Admin

The government statistics unleash that about 50 percent out of the total Indian students enrolled for a vocational or short-term course have to drop out in the middle. This scenario is often caused due to the lack of funds Indian nationals/aspirants have to get a good education. Vocational training loan is just an initiative to promote growth opportunities and curb such a situation, in India. Vocational education also referred to as technical training, help you enhance your complementary practical skills relating to your occupation. It is an accredited training offered by industry-specific institutes to get you job-ready! Vocational education has diversified itself in almost all the fields like Information Technology, trade, crafts, retail, technician, and cosmetics,.

If you want to enroll for a vocational course in India but budget is the obstacle, you are free to approach the best finance companies out there, to back you with a low interest education loan. All you need to keep in mind are these points before applying for vocational training loan in India:

  1. Eligibility and Expenses Covered
To be able to obtain an education loan for vocational training, you should be:
  • An Indian by nationality who has also cleared appeared for and cleared 10th standard examination.
  • Enrolled in a course that has received due recognition from the central government, and can lead to employment once completed.
Going further, you should learn the kind of expenses covered within the frame of the vocational training loan you are considering to apply for. Tuition or course fees, laboratory fees, caution money, charges for instruments and equipment used, examination fees, and library fees are usually the things that get covered by a student loan. Do a thorough research before stepping in, to prevent disruptions later on.

Gain an insight into your prospective financial company’s policy and how does it sanction the education loans. Sanctioning of the requested educational loan may vary from one financial company to another.

  1. Loan Options and Interest Rates
Gather information about loan options and interest rates your lending company is ready to offer. Besides presenting to you different feasible loan options tailored as per your course and institution requirements, the reputable companies would:
  • Charge you interest rates as low as 0 percent with the partnered institutes.
  • Allow to make instant decisions and oblige you with quick disbursals.
  • Offer the service free of cost – no processing fees charged.

  1. Disbursement
Find out about the lending companies and the maximum time they take in disbursing your education loan.  

  1. Repayment
Most of the banks and lending companies will entitle you to repay the loan on the completion of your vocational course. However, given the fact that numerous professionals opt for enhancing their skills through such courses, the reliable financial institutions offer them guidance too. Try to look for loan providers who can also offer you advisory services, and make you speak to the experienced counsellors.

Students in the developing countries are always on the lookout for better opportunities. Quite often, they find is tough and stressful to bear the financial pressure every higher education brings with it. Given the fact that over the course of time, education has become costlier, low interest student loans offered by some of the reputable financial institutions are thus a relief for deserving students. From low interest education loans for vocational courses to education loan for abroad studies and loan for short-term courses, these trusted lending companies can offer you the much needed financial support.

Summary
Nowadays, many of the students are found with an interest in the vocational training or courses. The studies demonstrate that vocational education – non-academic courses, have managed to gain a lot of momentum in the recent years. One, it helps the students develop expertise in a particular technology or field of study. Secondly, it gets them to land commendable positions in various sectors including medicine, accountancy, and engineering. Applying for a vocational training loan is a good deal for the students who like to keep up the pace with the fast-changing scenarios.

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