8 Steps to Choose the Correct Education Loan in India

Choose the Course with the Best Job Security - Make sure to choose the right course that will offer maximum Return on Investment. This will help you pay back your loan at the earliest and will not burn a hole in your pocket.

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Decide about Loan Amount - The first thing to do before applying for an education loan is to decide the amount of loan you require.

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Make a plan - Make a plan and list down the expenses and the coverage you need. If you are able to meet at least half of your expenses from your pocket, you will only need the other half.

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After Planning - Once you have made a plan, you will be able to estimate how much money you need to finance your education. This will help in applying to the best bank or financial institution that can help you get the loan in a hassle-free manner.

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Don’t make an emotional or hasty decision - Before you can decide on a bank, make sure to conduct the required research. Don’t make an emotional or hasty decision, especially when you are applying for a loan.

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Research about Banks - Check whether the interest rate on your loan amount is fixed or floating. It is important to decide between these rates because it majorly affects your loan repayment planning and EMI amount.

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Choose Longer Repayment Tenure - While researching banks, make sure to check their loan repayment tenure. If you choose an education with a longer repayment tenure, you can pay EMIs with a lower amount.

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Check Coverage - If you are planning to study abroad, make sure to check the expenditure based on the currency of the country. Calculate your expenses regarding coverage and opt for the right education loan.

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