Education Loan Benefits - All You Need to Know
If the rising inflation and the aftermath of the pandemic on financial institutions have made one thing clear, it’s this—students should apply for education loans. Until a few years ago, parents were accustomed to utilizing their life savings to fund their children’s educations. However, in today’s day and age, it has become clearer that the advantages of study loans far outweigh the old approach. How? Let us find out.
Student Loans Online – How Do They Work?
The cost of a college education has increased by over 25% in the last 10 years, according to recent studies. But with the cost of education inflating, is a student loan online really a good option? Well, yes. But let us see some reasons as to why students should apply for education loans:
- An education loan can cover the tuition and exam fees, college accommodation, and other miscellaneous charges.
- An education loan can be availed by students looking to get into full-time courses as well as vocational or part-time courses for both graduation as well as post-graduation.
- Any student who is an Indian citizen can apply for an education loan given that they have a formal letter of admission from the relevant authorities, either from Indian institutions or those abroad.
- If you are looking for an education loan without collateral, the amount should be upto INR 10 lakhs
Benefits of Student Loans
Here are the most prevalent advantages of study loans for students and families:
1. Protection of Savings
When one takes an education loan, they are not only reducing the pressure on their family but also helping them save their life investments from liquidation. Families do not have to worry about letting go of their assets like FDs, mutual funds, gold, bonds, etc., in order to afford their child an education.
2. Convenient Repayment
Student loan repayment benefits are another reason to go for student loans. With very reasonable interest rates and additional benefits such as better CIBIL scores, a wide range of expenses covered, and much more, student loans are one of the best options out there for financing your education.
Easy Education Loans with Finnable
Finnable provides an array of education loan options for students who are looking to make their future more stable through the best education. With competitive interest rates, quick amount credit, and a simple application process, you can avail your education loan in just a few clicks! Click here to learn more.
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