Pieces Of Information On The Rate Of Interest On Education Loan In India

It's always better to get an educational loan sanctioned and be prepared for any eventuality. You are going to drawdown on the loan only to the extent it is required by you and interest payable only on the amount you have utilized on the loan. It is only the upfront fees that you will incur on the loan amount sanctioned. Other than that it is only on the amount utilized on the loan that you are going to pay interest

The rate of interest for Education Loan varies from bank to bank. However, the past 4 years' trend shows that due to the introduction of MCLR and, of course, reduction of repo rates and low inflation levels, the interest rates have been drastically reduced. But, no bank can offer you a lower interest rate than the eduvanz low interest education loan because it has the most extensive base of costumers resulting most comprehensive support of assets, hence lower interest rates. There are different schemes where the interest rate differs in the same financial institute for different costumers. It also takes your Institution into account from where you are completing your course. Many students going through individual courses such as hair styling courses, catering courses, etc., are charged lower interest rates than other students, and collateral security is also relaxed in some cases.

How Is The Calculation Of The Rate Of Interest Done?

You can easily calculate your own EMI and Interest rate according to the tenure of your loan using the online EMI calculator tool. You need to put the loan amount and tenure, and the graph will show the EMI amount. You can also re-enter the amount as per your preference and get an idea about your loan amount, and EMI needs to be paid. If you go for eduvanz education loan with low interest, you will get proper guidance regarding the same.

Is 0% Interest Possible In India?

To find zero-interest loan facilities is a tough task in India. However, there are provisions for this abroad. But for Indian students, instead of a zero-interest loan, there are plenty of scholarship options. These scholarships can be those granted by the Indian government or the public institutions such as the eduvanz education loan with low interest, who willingly support Indian students to carry on with their studies. On the other hand, students can also search over their respective university and course department websites to check the scholarships that the intended university grants. In countries abroad such as the USA, UK, etc. apart from scholarships, there are several grants and bursaries available too, which can be of immense help to students needing financial aid for education. Last but not least, be it grants, fellowships, or scholarships, all of these require you to have an excellent academic record that proves you as worthy of the aid.

To conclude, education loan has become the most crucial investment in a student's life. This is because the cost of education at a reputed university is not a matter of joke these days. Therefore it is always necessary to choose the right financial Institution and apply for the same.

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Eduvanz was founded in 2016 with the mission to empower students to make educated and informed decisions by providing free financial resources and unbiased advice.