It is crucial to plan your child’s educational graph well as there are so many options and so many different fields that the next generation will be able to explore. However, today, there is a range of educational courses that cost a bomb. The best way to go about it is to weight all your options first, narrow it down to the particular course that you want to take up and apply for the most suitable educational loan. This is a type of loan that must be repaid with a certain amount of interest. Let’s take a look at the different kinds of loans that are offered by various banks.
– Undergraduate Student Loans: If you are an undergraduate and you want to apply for a graduation course this is the kind of loan that you are eligible for. Some banks have preferential rates for some of the leading universities.
– Graduation/Professional Student Loans: Students who have completed their graduation or professional course are eligible for this kind of study loan. One can apply for various higher education degrees all over the country as well as the world.
– Career Educational Loans: This loan is specifically for students willing to apply for undergraduate orientation programs and courses at institutes all over the country.
These are the three main types of educational loans that are offered by monetary organisations in India. Following are some other aspects to taking up a loan:
– If you are a student who does not have any source of income to repay the loan taken, you will need a co-signer like a guardian, parent, spouse or friend who can take the responsibility of repayment.
– There are certain loans that have the flexibility of repayment after the graduation is complete. This makes the process easier for you as you get time to arrange a source for the repayment of your loan.
– You can also take up unsecured loans, which covers other educational expenses like tuition fee, living expense, books, transportation costs and more. For a student who is studying as well as doing a job, a parent can be co-signer.
– Some banks also offer loans to parents so that they can make payments for various educational expenses like uniforms, books, previous school fees and more.
These are the various educational loans that can help you with your future. Different banks have different interest rates on the repayment of the loan. You must compare all the available loan options and decide on the one that suits your requirements and affordability the best.