The most important investment one makes in his life is his education.
Higher studies and specialization in a particular field or branch
need some additional financial support very often. Loan is nothing
but the temporary provision of money (usually at interest).
Financial Organizations, Especially Banks Provide Assistance
To youngsters for their Educational Needs and these loans are
called as student loan consolidation services or Educational
Loans. The Rate of Interest charged by the banks for educational
loans is generally less compared to that of Personal loans or
Banks help students to pursue their higher education especially
overseas. The Main reasons for the development of such loans
is because of the increase in prices even education everywhere
everything is costlier and because of this many aspiring youngsters
fail to pursue higher studies and all their efforts all these
years go in a vain. In these cases Educational Loans do play
a very vital role in the life of many students who are living
with an ambition. Apart from banks there are many other private
financial organizations which also help youngsters for their
higher education, but the rate of interest offered by these
organizations are much higher compared to that of banks. So
it is always advisable to go for banks rather than other private
organizations. These days its just enough if you have a contact
number especially a mobile many financial organizations keep
on calling you once they come to know that you are in need of
some money or a loan or a financial help. In fact these days
if you wish to study more you are just a phone call away, just
get the admission for the course you desire and there are a
number of banks and other financial institutions to help you
out financially, and by doing this they also survive and also
help others in achieving their own goals.
Banks at Help
In Recent Times Many Banks have started up with educational
loan facilities because the need and demand for Higher student
loan consolidation services and overseas studies is increasing
day by day and parents find it extremely difficult to serve
the purpose and in these cases the banks are at help for the
needy and the process is also extremely simple and thus these
banks help many budding students to achieve their ambition without
even worrying about their financial status or family background
.Moreover the good thing is that its not necessary that you
pay the money right from the very next month of taking the loan
, but its only after the completion of the course , which is
a very good thing so that the students can concentrate on studying
rather than thinking of paying the monthly installment.
In fact these days there is so much competition among these
organizations that they are always trying to out perform the
other in one way or the other and the way in which they are
coming up with their schemes and offers are very persuasive
and can easily attract many people.
Some of the offers are as follows;
* Zero processing and documentation charges.
* Zero Margins.
* No security required.
* You can repay the loan in easy monthly installments Etc.
Each and every bank has its own schemes, some of the banks provide
a good rate of interest
to girl candidates where as some banks even provide education
loans for school studies, and there are banks which provide
loans for Part time courses, so there is no reason to worry
if you have all the necessary documents to furnish the details.
Sometimes in case due to the lack of documents we fail to get
consolidation services from banks and in such cases we
depend on private financial lenders or private organizations.
While taking loan from private lenders we must make sure that
We read and understand the documents properly, because there
are a few chances where we may not understand the document properly
and will have to pay a dear in the future so its always a must
to read the document thrice before opting for it and should
consider the advice of others as well. The process of getting
a Loan from these private Money lenders is quiet easy when compared
to that of banks.
Expenses considered for an Educational loan
Fees payable to college or school or hostel
Examination fees, Library fees and Laboratory fees
Purchase of Books, Equipments, Instruments, Uniforms and other
material for educational use.
Caution Deposit fees, Building Fund and Refundable Deposit fees
Travel Expenses and Passage money for studies in abroad
Purchase of computers or laptops considered necessary for completion
of course Etc.
Completed Education Loan Application Form.
Mark sheets of the last qualifying examination and other educational
Proof of admission (Admission Letter) scholarship, studentship
Schedule of expenses for the specified course and other requirements
Passport size photographs generally two
Borrower's Bank account statement for the last six months
Income tax assessment order, of last 2 years
Brief statement of assets and liabilities that is movable assets,
immovable assets Etc, of the Co-borrower
Proof of Income. (Such as Salary Certificate, rental Income,
Fixed Deposits, Interest etc).
repayment of the loan normally commences one year after completion
of course or six months after securing a job, whichever is earlier
All courses having employment prospects are generally eligible
for an educational Loan.
Graduation courses/ Post graduation courses and other Professional
courses or diplomas.
In short these days the financial organizations do play a very
vital role in helping the youngsters in achieving their ambition
and also reduce the burden on the part of the parents. So as
a student these days you need not worry much that how am I going
to continue my studies without any funds , just concentrate
on your academic and there are many banks which do help the
consolidation services to shape a good career for themselves.
So work hard and achieve the best what you can.
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