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EDUCATION LOAN RATE OF INTEREST

An education loan is a sum of money borrowed to covercosts associated with higher education or postsecondary education.Education loans are designed to pay for tuition, books, supplies, and livingcosts while the borrower is pursuing a degree. Education loans are given out inorder to pursue an academic degree at a recognised college or university. Youcan get student loans from the government or from lending institutions in theprivate sector.

Benefits Of Education Loan

·       Bychoosing an education loan you can prevent exhausting your family's resourcesand avoiding having to liquidate bonds, mutual funds, or fixed-incomeinvestments.

·       ALarge range of costs are covered.

·       Italso helps you in liberating your parents from loan burden.

Although there are many different types of education loans,they can be broadly divided into two categories: federal loans supported by thefederal government and private loans.

1.    Federalloans supported by the federal government- When a borrower needs money foreducational expenses, they tend to turn to federal government financing first.Filling out a Free Application for Federal Student Aid is the first step inapplying for federal student loans for education (FAFSA).

2.    Privateloans- These loans are non-federal loans provided by a lender such asa bank, credit union, government agency, or educational institution. Inrare instances, the federal student loan package that a student receives may advisethe borrower to submit an application for additional funding from privatelenders.

Interest Rates On Education Loan

·       Loan amounts andinterest rates differ between banks

·       The basic lendingrate is from 9.5% onwards. 

Aspects that Determine Education Loan EMI

·       Loanamount

·       Repaymenttenure

·       InterestRate on the loan amount

Aspects to determine while taking the education loan

·       Coursefor which loan is applicable

·       Loaneligibility criteria

·       Guarantorrequired

·       Interestrate

·       Loanamount

·       Collateralrequired

·       Repaymenttenure

Educational loan has been a major game changer for manyaspiring students, helping them live their dreams by studying in their dreamcollege.

Apply Education Loan With CreditsIn For Better Future