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.