Education has always empowered people for a better life. Be it a young student, or an experienced person, high-quality education is and always will be a gateway to a bright future, and a prosperous career.
However, everything comes with a price tag. This also includes the high-quality education that so many of us aspire for. But, should that stop you from pursuing that education dream that you hold? No. Nothing, not even money should stop you.
This is why many aspiring individuals choose to take an education loan to fund the course they prefer. However, if you are thinking about availing a personal loan for education, here are a few things you should start with:
1. Find out Your Education Loan Amount – There are hundreds of educational courses available. Most of them are covered by an education loan network as well. But, often educational loan applicants do not have a clear idea about the total loan amount they will require. The entire amount will cover education and non-education related expenses so that you are never out of money. Depending on the course and associated expenses, your loan amount requirement could be in a few lakhs. We at Tata Capital offer education loan from Rs 75,000 to as high as Rs 25 lakh.2.
2. Lock in the Loan Tenure – The repayment tenure of an education loan differs from that of other loans. Education loan will require some time to repay. This is because you will first study the course, for e.g. – MBA, engineering or medicine. Only after you complete the course, then you will search for a job and earn a salary. So, it is better to have clarity about the loan tenure. You cannot be expected to repay the education loan in a few months. So, choose your loan tenure beforehand considering different factors. At Tata Capital, our personal loan for education can be availed for a loan tenure of 12 – 72 months.
3. Find Out the Interest Rate – Every loan carries some interest rate, including your education loan. This interest rate will form a part of the EMI (the repayment of principal is the other part). The lower the interest rate, the lower the repayment amount will be. So, consider taking an affordable interest rate. Use our Tata Capital Education Loan EMI calculator to understand the EMI that you will pay towards the principal payments and interest payment over the loan tenure. Our interest rates start at 11.25% per annum. If this sounds like a good deal, you can apply for Education Loan online.
4. Find Out if Loan Covers All Expenses – Not all education loans cover all the expenses a student may require. For e.g: your education loan needs may be split into Rs 5 lakh for tuition fees. But, you may require Rs 4 lakh over the course period for the hostel, exams, practicals/laboratory and other spends. If the education loan does not cover all, you will have to seek another loan while studying. Tata Capital’s education loan is customised in a manner that it would help you cover your tuition fees, hostel expenses, exam, library, and laboratory fees when applicable, travelling expenses and other varied costs. Do check with our representatives via our toll free number 1800 209 6060 to Know more about Education Loan.
The concept of ‘right education loan’ depends on your need and preference entirely. It is not about them, it is about you. This is why it is better to take a loan from that will not only guide you through the process but also understand your expenses before and after the disbursement.