Things to compare when looking for an Educational Loan in India
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Things to compare when looking for an Educational Loan in India

Published by: Anaya shroff (1)
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Opting for an education loan to finance your further education plans is always a good idea. It allows you to stay away from traditional lenders and helps you achieve your dreams without depending on friends, family or relatives. However, the market is flooded with study loan offerings and choosing the right one can become a little tricky. That’s why this article will highlight 5 things you need to look out for when comparing student loans in India. 1. Interest rate of the Education Loans In India. This is probably the first thing you need to compare when considering your options. The interest is the cost at which the lender provides you the service of a study loan. Therefore it makes sense to look for a financer that offers you a loan at the least possible cost. Generally speaking, most lenders will offer you interest rate between 10 and 16 per cent per annum. 2. The tenure & repayment options offered. This is another important thing to look at when comparing student loans. The tenure of your loans will decide how easy or how hellish your repayment process will be. Longer tenures allow you the freedom of smaller EMIs and comfortable repayments. Also, some lenders offer custom repayment options that offer to make it even easier to repay your loan. 3. Extent of funding provided an Education Loans In India. You should also compare the loan amounts on offer. Some lenders provide only a fraction of the cost while others require you pay a small amount of margin money or down payment. On the other hand, there are some lenders that offer to foot the entire cost of your education. 4. Charges of the Education Loans India. Besides for the interest rate, a student loan will also come with a considerable amount of charges. Some of these include prepayment charges, document handling charges, prepayment charges, and late payment charges. The extent of these charges is bound to vary from one lender to the next so when comparing loan product remember to compare these charges as well! 5. Compare customer reviews. Just like, there are millions of other students who have already availed the financial support of a study loan to achieve their dreams. You can see what they have to say about their lenders by visiting student loan aggregator sites and reading the reviews and ratings. These will give you a better idea and provide you an insight as to what you can expect from a particular loan offering and lender. These were some of the essential things you need to compare when considering you Education Loan In India options. We hope this article has made for informative reading and we hope it aids you in making the right decision. Also, before finalizing on your decision, remember to consult a financial expert and go over your decision, the terms and conditions of your loan offering and any doubt you have. Lastly, we wish you all the best, good luck and study hard!
Anaya shroff - About the Author:
Hi, I am Anaya Shroff I am a finance student , have a considerable knowledge about Education Loan. Through My work i would share my knowledge about Educational Loan in India and smart investment in terms of Loan.
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