Knowledge is something we all need to have because it guides us. Knowledge is gained by education and experiences. By getting fundamental education, you can go for higher education which will help you to get jobs, learn new things and start new ventures. Best Financial Advisor Kuber Mindz says that the rates of higher education are always increasing, thus making it difficult for parents and guardians to afford their students further education.
Not everybody can afford the costly rates of college, hostels, tuition, allowances, etc. Many people can barely afford just the college fees, nothing more. In such a scenario, many people ask their students to either take up a cheaper course or to give up studying all together! This is a disaster for the students’ dreams, ambitions and career goals. Education and knowledge brightens up ones future and nothing should stop one from learning. That is why “Education Loans” are provided.
What is an Education Loan?
Education loan, known as “Student Debt” in many parts of the world is a kind of loan arranged so as to assist students pay for further education or higher studies and the fees associated with it like tuition, study material, and so on. Certified Financial Planner Kuber Mindz says that Education Loans are different from other loans because the interest rates are substantially lower than that of other loans and also the fact that there is moratorium period for Education Loans which is not given for other kind of loans.
What is Moratorium Period?
Moratorium period is the grace period which varies from six months to one year after the completion of the students’ course or until the student gets employment, whichever is earlier. Moratorium Periods are available only for Education Loans. They are issued so that the student gets sufficient time to find jobs before starting to repay the loan.
Features of Education Loans
No hidden costs are there usually in education loans. So you can trust them and continue with your higher education.
- Eligibility criteria
An Indian National having secured admission in any recognized college or university in India or abroad can apply for Education Loan.
- Interest rate
Several interest rates are low and fixed in nature. It is good to go for such interest rates. This way you don’t have to worry about fluctuations and high interest rates.
Merits of Education Loan
- Moratorium Period
Moratorium period gives the student enough time after the course to look for a suitable job to start paying EMI.
- Higher education for every individual
Education is not a privilege in today’s world, but a necessity. Therefore, education loans help people get this necessity.
- Smooth financial support during education
No need to worry as you would be provided financial assistance during your education course. Concentrate on your studies, earn higher degrees, be well settled and make your parents proud.
For more information visit www.moneymindz.com or give a missed call to 022-62116588