Education Loan, Important Points: Many times some students have to take education loan to complete their studies. Due to paucity of money or lack of full funding many a times, there is a need to take a loan. Although the facility of education loan seems to be a great option, which does not hinder studies, but before proceeding to take education loan, you must know about some things. Take any step forward only after knowing about these points.
research first
From which bank to take the loan, what are the formalities, what is the interest rate of the loan, what is the payback schedule and what are the other direct or indirect charges. Proceed only after finding out all. First also check that which bank gives better offers for education loan. How is whose repo and which bank’s image is not good in this matter. Proceed only after knowing everything.
Know the terms of repayment
How will be the re-payment, how to give it and in how many years it has to be returned. If you are not able to give the loan on time, then go ahead and accept the loan only after knowing what is the penalty and how much interest you will have to pay for it. Once you take a loan, you cannot return it, so also see how it will be possible for you to repay it.
Borrow as much as you need
While taking a loan, it feels very good that along with studies, other small needs are also fulfilled, but this option is not good. Remember that the loan which is meeting the needs today, you will have to pay a lot of interest to repay it tomorrow. You have to return more than the money you take. That’s why take a loan according to the need of your studies.
decide honestly
Whatever studies you are going to do, or the degree you are going to take, be honest about the chances of getting a good job or starting a good job in the future. Lest it happen that the studies for which you are taking loan, may not earn you so much later that repaying the loan becomes a problem for you.
Read also: There is a lot of government jobs here
Education Loan Information:
Calculate Education Loan EMI
