3 tips to help repay an education loan with ease

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3 tips to help repay an education loan with ease

• Name Pravin Khatri
• Email-ID - khatripravin445_at_gmail.com
• Company Incred Finance
• Visit us - https//www.incred.com/

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• Education loans have proved to be a boon for
  thousands of students in India. This is
  especially true with management courses seeing a
  20 year-on-year rise in fees, IIMs denoting a
  400 hike in course fees in the last 10 years and
  the ever escalating cost of an overseas
  education. It is circumstances like these that
  make it next to impossible for middle class
  students, no matter how bright, to finance their
  further education plans.

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• However, student loans help promising students
  bridge the gap between their financial short
  comings and sky-rocketing course fees with ease.
  Regardless if you plan to study in India, abroad
  or plan to pursue an executive course, all
  lenders will have different types of loan
  offerings that designed to suit your individual
  needs.

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• These education loans will offer to blanket cover
  your education-related expenses with 100
  financing. They wont even require you to pay a
  single rupee until 6 month of finishing the
  course or finding a job, whichever is easier.
  Some non-banking financial companies wont even
  require collateral from your end to provide you
  the loan. So as you can see, taking a student
  loan is a very good idea if you are falling short
  of financing to achieve your further education
  goals.

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• However, once youve applied, got the loan
  approved and had money transferred into your
  account, the most crucial part of your loan
  journey begins the repayment process. This can
  be very taxing time for students and to ease your
  experience, this article will highlight 5 helpful
  repayment tips.

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• 1. Get a part-time job. It might seem hard at
  first balancing your studies with your
  repayment but youll thank yourself later. Even
  the smallest salary can go a long way in easing
  your repayment in the future. Considering that
  you might not land a job immediately after
  completing your course, you can create a buffer
  that will help you make payments until you do
  find work.

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• 2. Servicing an education loan during the
  moratorium.Now you might be thinking whats the
  point of a moratorium period if you are going to
  make payments anyways? Well, though you do not
  have to make any repayment during these years,
  you should know that your lender will calculate
  simple interest during this period and add it to
  your principal amount. So not paying anything
  during your moratorium period only adds to the
  weight of your debt.

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• 3. Prepay. Once you do land a job, appraisals
  and bonuses are sure to come your way during the
  repayments. Redirecting these gains towards
  fulfilling your repayments will help you save
  money and ensure you get the burden of a loan of
  your shoulder quickly. These 3 tips will help
  you save money and ensure your education loan
  repayment journey is a smooth, hassle-free one.
  Good luck and all the best, study hard!

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Thank You