Education Loan Tips | Points to Consider

Every one of us has the drear dream of providing our children with the best education, whether it is overseas or correspondence. Many opt for loans that are out of urgency and thus fail to research on loan with lower interest rates. Are you looking for an education loan with good tenure and EMI?

Buddy Loan is one of the biggest loan aggregators in India that disburses loans at lower interest rates starting at 11.99% p.a. They also have customised EMI options that help you work your credit score with ease.

Education loan is for those who have a shortage of funds while education loan plays an important role now. This helps solve your problem of shortage.

Availing an Education Loan:

Education loan covers the basic criteria of spends like tuition fee/course fee, accommodation, exam fee and other miscellaneous charges. In this case, a student becomes the borrower, wherein a co-applicant can be their spouse, sibling or parent.

The cost of courses over the years have increased with the increase in specializations and certifications. If a borrower is looking forward to pursuing education overseas then a loan with a lower interest rate might be his best bet to start his credit journey.

However, Buddy Loan App dispenses loans starting from Rs. 1000 to Rs. 15lacs and evenly more upon your requirement. The loan tenure for the above loan amount is from 3 months to 5 years. You can have a customised EMI option to avoid defaults and more so with the proactive planning of your income post/during studies.

The best benefit of an education loan is that it is an unsecured loan if you avail it via Buddy loan. Meaning the lender will not ask you to pledge any asset or require any collateral to sanction the loan.

Eligibility Criteria

There is a certain specification for a student loan or education loan as the borrower will have to be 18 and above to apply. A good academic background can imply that you are eligible for employment and thus loan repayment.

Providing an admission certificate at any of the overseas but recognised universities/ institutions/ colleges will help ease your loan process. Since, banks & other financial institutions or NBFCs give preference to borrowers who opt for loans for professional courses, choose wisely.

EMI & Tenure

Buddy Loan disburses education loans for a loan tenure of 3 months to 5 years. The better option is that you could tell your lender if there are certain concerns and EMI payment can customise such that it only enhances your credit score.

Benefits of Availing an Education Loan Online!

Whether you want to study in India or in foreign universities, there are huge benefits that will help you in the future by availing an education loan online. Buddy Loan too dispenses education loans at lower interest rates, depending on the course your purse is either technical or professional. You cal also calculate the maturity amount with EMI calculator

Buddy Loan provides the grace period also known as the moratorium period before repayment or before the borrower finds a job within the course completion. The tenure of loan repayment stands from 3 months to 5 years. EMI facilitates the borrower’s concerns if they’re reasonable and helps increase their credit score upon customization.

Do not drop your idea of availing of a personal loan online once again. Planning your life is as important as planning your career. Further to the job you will need to move out of university accommodation into an apartment or co-living villas while you work.

Once your income is in place, you can instantly apply for a home loan via Buddy Loan which helps you cater to the financial shortage. Instead of paying your rents to your landlords & wasting your income on nothing, you can avail yourself of the loan to buy the house and make an efficient investment for the house through your salary.

Schedule Your Repayment

It is easier for lenders to concentrate and help you if they know your concerns beforehand. Understand your repayment terms properly and Buddy Loan can lower the interest rates you have a good credit history.

Since an education loan is the first loan a person can avail of, there is a very good chance of people availing it for a lower interest rate and an opportunity to build a credit score.

Subjecting your interest cost over the repayment and budgeting your expenses and luxuries can help you assert your life path for a positive outlook.

Conclusion

An education loan is considered as the first loan in a person’s life. It could be used for schooling, overseas education and more. This loan is very important to imbibe a better credit score, as it helps you with getting home loans, car loans, travel loans quite easily in the future.

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