6 ways to master educational loans

1
6 ways to master educational loans

• Opting for educational loans have become a more
  preferred and better way to combat your expenses
  for your education. Many students have suggested
  that taking a loan was a better option for them
  at the time. So if you are looking for applying
  for a loan, the following article can help you
  with figuring out how you can master your loan
  planning.
• 1. Calculate your expenses.
• Start with calculating how much you will be
  spending when you take up the course. These
  expenses will

2

• will include your tuition, school supplies,
  travel, accommodation (if any), and other
  education-related expenses. Knowing how much you
  need will help you better. If you plan to study
  abroad, you will be spending more than you
  usually would. So you dont want to go crazy with
  too many expenses.
• 2. Check your eligibilities calculator
• The main eligibilities for education loans are
  that the applicant should be 18 years of age and
  above. Every applicant needs a co-borrower who is
  a relative and also has a checking account in
  India. Both the student applicant and the
  co-borrower should be an Indian citizen. When the
  application is processed, there are

3

• other criteria like your entrance exam scores,
  your past academics, the course you choose, the
  university you have applied at, the co-borrower's
  finances and cred score, etc. come in play.
• On a general basis, if you want to know how much
  loan amount you are eligible for, you can use the
  educational loans, eligibility calculator. Then
  accordingly you can apply for the loan.

4

• 3. Get in touch with lenders
• After you have used the eligibility calculator,
  dont jump to applying for the loan. Instead, get
  in touch with the lender and discuss your
  eligibility. When you have secured good
  academics, you are eligible for a better loan
  amount and interest rate. Adding collateral to
  your loan can also better your interest rate. So
  dont jump the gun with just one conclusion.
• 4. Check the terms before you sign the promissory
  note
• At the end of all the calculating and discussing
  educational loans, the lender presents the
  promissory note. This is basically the memorandum
  of understanding that you will duly repay the
  loan given to you. There are other terms

5

• based on repayment policies. So make sure you
  thoroughly understand the loan, interest rate and
  repayment before you sign the dotted line.
• 5. Maintain a schedule for your repayments
• This is basically the education loans repayment
  101. If you want to make it easy for yourself,
  use an education loan EMI calculator that gives
  you a detail about the right estimate of your
  entire loan throughout the tenure. This way you
  can mark your dates to make timely payments.

6

• 6. Make early instalments
• Although it is not compulsory, making early
  payments can make a huge difference to your
  educational loans. A lot of students
  underestimate the perks of doing this. You see,
  when you pay early, you bring on change to your
  interest rate as well. If you are planning on
  doing this, make sure you have a sharp plan,
  because it wouldnt make sense if you have to
  deal with other expenses if you pay yearly
  instalments. More importantly, if you are not
  making late payments youre good, your credit
  score is good and it is so much less trouble for
  you.
• Hope this article helps you with your educational
  loans.
• All the best!

7

• You can find more interesting details on sites
  below
• Website
• https//www.avanse.com/education-loan/study-india
  -loan
• Facebook
• https//www.facebook.com/AvanseEducationLoan/
• Twitter
• https//twitter.com/avanseeduloan
• YouTube https//www.youtube.com/channel/UCcsuUx1
  EH1C08XmX2embpug
• Instagram
• https//www.instagram.com/avansefinancialservices/