The Must-KnowGuide toHow to Get a Student Loan
At one point, all students feel the need to be independent and not add pressure on their parents for their educational and persona; expenses, but, how do they achieve this financial independence and yet pursue their studies? That is when you should know How To Get a Student Loan.
What is a Student loan?
It is a loan extended by a bank or a non-banking financial company (NBFC) to aid the students in their pursuitof higher education. It is different from other loans in the following ways:
1. Lower interest rates:
Asthe majority of the students do not have a steady stream of income, the student loans provide them with loans at a very low-interest-rate than compared to all other loans for various other purposes. Most student loans have a fixed interest rate and not a flexible rate,and this makes it very student-friendly.
2. Easier approval:
These loans are considered to be low-risk loans and do not cause the banks or the financial institutes to worry about the repayment. Thus, the approval process is not as strict, which makes it very easy for both the parents and the students as it is almost hassle-free.
3. Easy Repayment:
Most of the student loans are so student-friendly that they do not have to begin the repayment process until they graduate. In some cases, the interest rates are paid at the time of enrolment, as only the loan amount must be repaid after the student graduates.
These student loans can be availed from a governmental organisation or private sectors.
These are the different types of federal loans available in India:
1. Undergraduate Loans:
These are loans offered to students who have completed their secondary or higher secondary education and want financial aid for their undergraduate studies for about 3-4 years.
2. Graduate loans:
These loans are also known as professional loans. They are awarded for students who have completed their undergraduate course and are looking for aid to continue with their higher studies, or it is available to professionals who are willing to go back to college and continue with their higher education.
3. Career Education Loan:
This loan can be availed by students who wish to pursue an course in a career-oriented field such as a trading school for any kind of upskillment or acquiring a new skill.
4. Parents loan:
This loan is unsecured and is offered to parents of students or their guardians to meet the expenses of tuition fees, books, transport, additional expenses if their ward is enrolled in a public, private or military oriented educational institute.
Apart from the federal institutions, many non-banking financial companies, help the students in the process of application of a student loan a very low-interest-rate in a student-friendly scheme.
Education, though expensive, can help change the life of a citizen manifold. There are many organisations readyto support this endeavour. Now you know How To Get a Student Loan easily and repay them as you start earning.
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