India has nearly a third of its population under the age of 14 who need the finest education to be able to lead this country to new heights. It is because of this that the education sector in our country has witnessed one of the highest growth rate among any business sector.
However, this has come at a cost. Owing to the demand for quality education, the cost of education has also gone up considerably. As such, more and number of people are now requiring finance options to cover education costs than before. A lot of this demand is being met by NBFCs who offer finance options which have been tailor-made for this purpose. One such finance option is personal loan for higher education, which is easily available in the marketplace.
Let us first talk about the benefits of opting for finance options from an NBFC -
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Disbursal Time
In comparison to other conventional financial institutions, NBFCs disburse loans in the shortest possible time after the application has been approved. In comparison, others can take months to do the needful.
Courses Accepted
In order to make their future more secure, students are increasingly opting for unconventional courses to stand out in the competition. Many financial institutions may not provide finance for such courses but the same is accepted by NBFCs which makes it easier to get the required loan
While many may argue that an education loan is available to cover the cost of education, what most do not know is that education loan takes a lot of time to get processed and approved. Further, after a certain amount, collateral needs to be provided to get the loan approved.
This is, however, not the case in personal loans which are not only quickly disbursed, have attractive interest rates, but most importantly, do not require any collateral to be pledged.
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