Best Option to Secure Your Child’s Higher Education Plans - Loan Trivia

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Saturday, 22 December 2018

Best Option to Secure Your Child’s Higher Education Plans

Two or three decades earlier, it was a rather uncommon sight for youngsters to go abroad for higher education. However, this changed rapidly with the introduction of the internet and quick access to information. As a result, an increasing number of kids are opting to go abroad for completing their education.


Why Abroad?

There are many universities which are credited for offering an excellent education. Despite this, there is a major gap among the various courses which are offered by different universities in India and those that are offered abroad. Apart from this, many universities abroad offer specialized courses which give students a competitive edge which helps them stand out when facing a job interview.

However, a degree from a university abroad costs a lot of money which may be out of the budget of many middle-class Indian families. While there are scholarships available for meritorious students, it is not enough to cover the entire costs and there is a lot of competition for such scholarship. In such a scenario, financing is the best option.

There are many advantages to taking an education loan. However, of the many different types of loans available, the best would be to opt for a higher education loan, which is unsecured in nature. There are many advantages, a few of which are as follows -

Eligibility

Whenever any lender offers an educational loan, they check the academic background and the future employability. This is not the case in personal loans where the lenders check the credit score as an eligibility factor.

Collateral

Higher amount educational loans require collateral but this is not so in personal loans. This is highly beneficial for those families who do not have any assets to pledge as collateral.

Read Also- Invest in Your Child’s Dream to Study Abroad With a Higher Education Loan



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