How to get a Study Loan?

Education and its increasing importance, benefits of foreign education,global exposure and opportunities have led many students in India to pursue Higher Education abroad. India is among the most populous nations, when it comes to students flying abroad for their further studies. However, in spite of all these benefits, the financial back up remains a major hurdle for many aspiring students who want to go abroad for higher studies.

For students to fuel their dreams with financial support the government of India, Private sector Banks and the NBFC’s have come up with varied study loan options which will help the students financially. Borrowing moneyfrom friends or relatives would spoil the relationships if not repaid on time. Also, traditional lenders are way too costly in terms of interest rates and processing fee. Thus any student and his or her parents would choose a respectable option of rather borrowing it from a Bank or NBFC, which makes the student independent enough!

Moreover, getting a Students Loan from NBFC also involves major benefits as compared to the conventional ways of borrowing from the relatives, Friends or lenders.

The benefits include,

• Easy loan application: searching for a loan and choosing the right one is a confusing and hectic task to make it convenient for the students these NBFC’s provide a door step service and consultation to help the students choose the right study loan to borrow.
• 100% loan coverage: They prov

ide full coverage of the loan amount, which also covers the living expenses including the purchase of books, computers, and other essential expenses as well as the travelling expenses into it.

• No margin money: Margin money refers to the amount that a student has to pay from his or her end while the rest is paid by the bank but the some leading NFBCs do not charge Margin money from the students applying for education loan to let them focus on studies and release this burden of the students.
• Low rate of interest: they charge an interests rate as low as 12.75 % which is quite low compared to the conventional borrowing options.
• Flexible repayment: a student gets flexible repayment options such that he or she can repay during the course as well as after the completion of the course.
• Provides prerequisite proof of funds: the pre admission student loan helps a student secure his or her admission providing the institute or university a ‘proof of funds’ to cover the fees and living expenses.
• Customized education loan plans: with NBFC, a student has an advantage of getting education loan in a customized manner from the various student loan options provided by them.
• Score based benefits: Some NBFC’s provide special benefits to the meritorious students who work hard and earn a good GRE score of 300 or more, thus helping the young hardworking students to get a place in the best university or institute.
• No cap amount: NBFC’S do not have a cap amount on the study loan amount sanctioned and structured based on the need of the student and type of course enrolled for.
• A good moratorium period of one year after the completion of the course or 6 months after getting a job: A moratorium period refers to the grace period that a student gets for making the repayment of the education loan. Here the student doesn’t have to worry as he or she would have a grace period which gives the student a breather required at the time of repayment.
• Other benefits: they provide a processing fees of 1-2 % of loan amount, Easy Disbursement, Easy student loan Refinancing and a Certificate of availability of funds which ensures the university that the student has enough funds to pursue the course.

So, every aspiring student who wants to pursue his higher studies can pursue his dreams by availing a financial back up in the form of a study loan and get the best of education to unfold new avenues of success!

Source: http://checkthis.com/how-to-get-a-study-loan

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