Parents work hard to provide their kids with a quality education because they believe it is crucial for living a successful life. But as a student applies for a reputable institution, the expense of education continues to rise. Not all parents can afford these costs, so they may need to take out an education loan to ensure that their children can finish their studies. These loans, which are also known as student loans, are readily available to Indian nationals with flexible payment terms and cheap interest rates. After a specific amount of time, they can begin making payments. For instance, following course completion. The education loans can be used to pay for costs associated with education, such as tuition, lodging, travel, and books, they might be secured or unsecured loans.
Types of Education Loans in India
Numerous different educational programs may be funded through education loans or student loans. They are primarily classified as
Location-based loans
· Domestic education loans: These loans are available to students who prefer to attend Indian educational institutions for their higher education. The lenders will have a number of prerequisites for eligibility, and the loan is only accepted if the applicant has been admitted to an institution that satisfies those standards.
· Loans for study abroad: These loans are designed to assist students who wish to pursue their studies overseas. Similar to domestic education loans, the applicant must be enrolled in a school on the lender's list of acceptable colleges in order for the loan to be approved.
Original Content:- Types of Education Loans Available in India