In now a days education loan in India is availed by borrowers to meet basic educational expenses. The main objective of the education loan is to ease the financial brunt that parents have to bear in terms of their child’s educational expenses.
Benefits of Availing Education Loan on Property:
- Higher loan amount- Parents can avail a substantial loan amount within a short span of time. It helps them to cover the extensive cost of education and other additional charges.
- Basic eligibility criteria- Unlike the rest, this education loan in India comes with a basic set of eligibility criteria with minimum documentation. It requires the applicant to be an Indian resident of a particular age group, who has a stable source of income either in the form of a service or a business.
- Easy repayment and speedy approval- Borrowers are offered with a comfortable repayment option when it comes to this higher education loan. Such secured loans come with extended tenors which make the EMIs highly affordable.
However, parents can also opt for a loan against property which comes with substantial loan amounts to meet higher education fees as well as any other requirements. These loans do not have any end user restriction and come with affordable interest rates. Parents can opt for a loan against property as a loan for higher education and even for additional education even beyond.
Additional Read: How to Fund Child's Studies through Education Loan on Property?