What is the loan tenure available on an education loan?

Undergrads and graduates often find it confusing to avail an education loan based on the options available. As a student, with all the chaos of loan sanction, visa approval, university admission and more we forget he primary objective.

We lose focus on primary benefits that play out a large role in repayment, like your interest rate, tenure, customized EMI options. We ought to compare the interest rates in banks and apply for an education loan. But note that many instant personal loans do have an extension date you have pledged an asset.

Buddy Loan which is one of the biggest loan aggregators disburses loans at lower interest rates starting at 11.99%p.a. Further, it courses your approval based out on credit score and repayment capability. You can avail different options on EMI too. 

The Tenure of an education loan:

Acknowledge that the tenure is indirectly proportional to your EMI. The lower the EMI the longer the tenure. This has a precession in planning your financial behavior besides pursuing your masters or any education, overseas. 

Buddy Loan offers loan tenure starting from 3 months to 60 months i.e. 5 years, complimenting your EMI option.

Many of the education loans have a tenure that extends over 7 years. But there is a con to this option as your interest rate increases tremendously. Education loan or any personal loan have factors such as interest rate and tenure you could balance and enhance your credit score.

Education loan covers the expenses listed:

The loan amount will cover a large number of expenses listed by the norms,

·         It will cover your tuition fees and hostel fees.

·         Covers the travel expenses for students who wish to study abroad.

·         Covers your insurance too.

·         Material cost such your books, equipment, uniforms, etc.

·         It includes examination, lab fees, etc

·         Inclusive of your gadgets like laptop, mac book, other accessories.

It is further divisible into deposit funds, small fees required to complete the course like study tours, thesis, industrial visits, projects, etc.

The ideal repayment time for education loan:

It could vary a anything between 3 months to 5 years is ideal, the earlier the better. Your credit score totally enhances base on the EMI amount and interest rate.

However, for abroad education loans the, the tenure is around 10 years and can be extended on the basis of the borrower. Please note, this will hinder the credit score in the long run and passively affecting your work-life balance.

Points to consider when getting an education loan!

Everyone of us have the drear dream of providing our children with the best education, whether it is overseas or correspondence. Many opt for loans that are out of urgency and thus fail to research on loan with lower interest rates. Are you looking for an education loan with good tenure and EMI?

Buddy Loan is one of the biggest loan aggregators in India that disburses loans at lower interest rates starting at 11.99% p.a. They also have customised EMI options that help you work your credit score with ease.

Education loan is for those who have shortage of funds while education loan plays an important role now. This helps solve your problem of shortage.

Availing an education loan:

Educationloan covers the basic criteria of spends like tuition fee/course fee, accommodation, exam fee and other miscellaneous charges. In this case, a student becomes the borrower, wherein a co-applicant can be their spouse, sibling or a parent.

The cost of courses over the years have increased with the increase in specializations and certifications. If a borrower is looking forward to pursue education overseas then a loan with lower interest rate might be his best bet to start his credit journey.

However, Buddy Loan dispenses loans starting from Rs. 1000 to Rs. 15lacs and evenly more up on your requirement. The loan tenure for the above loan amount is from 3 months to 5 years. You can have a customised EMI option to avoid defaults and more so with the proactive planning of your income post/during studies

The best benefit of an education loan is that it is an unsecured loan if you avail it via Buddy loan. Meaning the lender will not ask you to pledge any asset or require any collateral to sanction the loan.

Eligibility criteria  

There is certain specification for student loan or education as the borrower will have to be 18 and above to apply. A good academic background can imply that you are eligible for employment and thus loan repayment.

Providing an admission certificate at the any of the overseas but recognised universities/ institutions/ colleges will help ease your loan process. Since, banks & other financial institutions or NBFCs give preference to borrowers who opt loans for professional courses, choose wisely.

EMI & Tenure

Buddy Loan disburses education loans for a loan tenure of 3 months to 5 years. The better option is that you could tell your lender if there are certain concerns and EMI payment can customise such that it only enhances your credit score.

Conclusion  

Education loan is considered as the first loan in a person’s life. It could be used for schooling, overseas education and more. This loan is very important to imbibe better credit score, as it helps you with getting home loans, car loans, travel loans quite easily in the future.

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What is the loan tenure available on an education loan?

Undergrads and graduates often find it confusing to avail an education loan based on the options available. As a student, with all the chaos of loan sanction, visa approval, university admission and more we forget he primary objective.

We lose focus on primary benefits that play out a large role in repayment, like your interest rate, tenure, customized EMI options. We ought to compare the interest rates in banks and apply for an education loan. But note that many instant personal loans do have an extension date you have pledged an asset.

Buddy Loan which is one of the biggest loan aggregators disburses loans at lower interest rates starting at 11.99%p.a. Further, it courses your approval based out on credit score and repayment capability. You can avail different options on EMI too. 

The Tenure of an education loan:

Acknowledge that the tenure is indirectly proportional to your EMI. The lower the EMI the longer the tenure. This has a precession in planning your financial behavior besides pursuing your masters or any education, overseas.

Buddy Loan offers loan tenure starting from 3 months to 60 months i.e. 5 years, complimenting your EMI option.

Many of the education loans have a tenure that extends over 7 years. But there is a con to this option as your interest rate increases tremendously. Education loan or any personal loan have factors such as interest rate and tenure you could balance and enhance your credit score.

Education loan covers the expenses listed:

The loan amount will cover a large number of expenses listed by the norms,

·         It will cover your tuition fees and hostel fees.

·         Covers the travel expenses for students who wish to study abroad.

·         Covers your insurance too.

·         Material cost such your books, equipment, uniforms, etc.

·         It includes examination, lab fees, etc

·         Inclusive of your gadgets like laptop, mac book, other accessories.

It is further divisible into deposit funds, small fees required to complete the course like study tours, thesis, industrial visits, projects, etc.

The ideal repayment time for education loan:

It could vary a anything between 3 months to 5 years is ideal, the earlier the better. Your credit score totally enhances base on the EMI amount and interest rate.

However, for abroad education loans the, the tenure is around 10 years and can be extended on the basis of the borrower. Please note, this will hinder the credit score in the long run and passively affecting your work-life balance.