With rising competition and aspirations for a solid career path, quality education is a top priority for today’s students.
Therefore, if you wish to fund your higher education and yet be self-reliant, it is only prudent to avail an education loan.
Top Tips to Keep in Mind When Availing an Education Loan
Here are a few pointers to keep in mind when you apply for an education loan:
Tip 1: Weigh in on your options
While there may be several lenders offering education loans in India, how do you select the one that is right for you? Before opting for a loan, you should collate all the necessary information on the process from application to repayment. Consider factors such as documentation, eligibility, interest rates, repayment options, moratorium period, collateral requirements, etc. A new age lender such as HDFC Credila offers up to 100% finance, attractive rate of interest, as well as tax benefits, among numerous other advantages.
Tip 2: Devise a solid repayment strategy
Lenders typically require you to begin repaying an education loan a year after completing your studies. An advantage of availing a loan from HDFC Credila is that fact that they allow interest repayment immediately after loan disbursement, thereby making loan repayment easier and hassle-free for both students and their parents
Tip 3: Choose your EMIs wisely
Often, students prepay their loan in a bid to get it over with sooner. However, here’s a word of caution: prepaying an education loan is not always the most economical option. It is advised that you choose EMIs that you can manage with ease. A loan from HDFC Credila offers you repayment in flexible EMIS that allow you to optimise your finances.
The bottom line
Those were our education loan tips for you to bear in mind. If you are planning to pursue higher studies abroad or even in India, consider turning to a specialist like HDFC Credila, India’s first Dedicated Education Loan Company, for a loan with attractive features and benefits.