Given the fact higher education is a definite need, a loan taken for financing higher education is almost inevitable. Though a small portion of the Indian population can actually fund the entire cost from their own pocket, others are likely to go for education-financing loans. So, it’s always wise to work on improving one’s loan eligibility rather than neglecting the possibilities.
Here are a few decisions you’ll have to take:-
1. How Much to Apply for a Loan? Considering the fact that your repayment capacity might not be as much as required to avail a loan amount equal to total tuition fee, you might have to lower down your expectations. But, the real question is - how much? Irrespective of how much you need, you must ask yourself as how much you would be able to payback comfortably? Take your time or consult an expert to find a concrete answer.
2. Which Loan to Take? ‘Education loan’ technically refers to any loan taken for the purpose of financing higher education. Though there is a separate product known as education loan, if you want to you can also take a higher education loan or even a loan against a property to finance higher education. The decision is yours to take.
3. Bank or NBFC? The last question or rather a choice you have to make is - should you go with NBFCs or approach banks? Though both types of financial institutions offer a wide array of perks, NBFCs offer faster approval, longer time for repayment, and a higher loan amount.
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