Does the lack of finances act as a hurdle between you and your dream higher education course? You can pursue your dream course abroad or in any reputed university in India with a Higher Education Loan
Does the thought of availing a student education loan make you scared? Worried if you’ll be able to avail one? Not sure if you can repay it on time? It’s time to put an end to the myths and rumors on education loans. Regardless of what people and the media claim, you are eligible for a student loan if you have the necessary documentation and a guarantor to back you up.
Myth #1 – My Grades are Poor, thus my loan won’t get sanctioned
This is one of the most common myths surrounding private education loans in India. Your grades determine your eligibility for admission to a particular college or university. However, they don’t play any role in your loan approval. All that’s needed for sanction is a valid proof of admission and a guarantor.
Myth #2 – I have aced my exams. I can be assured of an Education Loan
This is quite the reverse to the first myth. You may have passed out with flying colors, but it doesn’t ensure that you secure an education loan. Your scores only determine your admission for your desired course. To avail a student loan, a strong guarantor and the right documentation matter more than your grades.
Ethically, banks do not show any discrimination between a top scorer and a regular student. All they look for this the zeal to learn and the integrity to repay the loan on time.
Myth #3 – I can claim lower interest on my loan, with admission to a Prestigious Institution
You may have secured admission in the crème de la crème of universities in the country like the IIM or the IITs. That is a testimony to your academic skills. However, if you expect low-interest rates, because of the same, then you’re going to be disappointed.
Banks treat all Higher Education Loan applications the same, irrespective of where you have secured admission.
Myth #4 – If I apply for a Private Education Loan that makes me Ineligible for Scholarships
Wrong! Scholarships are generally approved by the University, Education Trusts or the Government. They are in no way dependent on your education loan and vice versa. If you’re eligible for a scholarship, try to apply for it. If at all your scholarship is approved it’ll help to reduce the financial burden on you.
Myth #5 – I’ll never be able to pay off my Loan
While Student Education Loans, may seem daunting in the beginning, they become easy to manage once you graduate and start earning. When your salary grows, you can pay higher repayment amounts and finish of the loan quickly without any penalty.
Take the Smart Decision and Follow your Dream
It’s silly to give up on your dreams just because you don’t have the finances. Check out different lenders and find the best rates and get started on your dream course with the help of a student loan.