Dreaming of getting admission into the best private technical college in Jaipur but confused how to finance your higher education journey? Education loan is the most widely preferred path which helps students manage the rising cost of studies which is in most cases, the primary barrier in pursuing higher education. Popular courses like engineering, MBA, and other professional courses come with a huge financial burden.
Thus, an education loan makes it a lot easier for the student as well as his family to continue higher studies without experiencing much financial pressure. Further, for technical courses like B.Tech, BBA, M.Tech, BCA, MCA, the fee structure varies from college to college but unlike previous times, now students get ample support from the banks and financial institutions.
Reasons why students require an education loan
Higher education in India is getting costlier day by day. Due to this many meritorious and deserving students are left behind as they can’t bear the rising expenses of admission fees, tuition fees, examination fees, hostel admission charges and other associated expenses as and when required. Furthermore, as the quality benchmarks are improving, cost is bound to rise.
Thus, an education loan in India, ensures that such students do not have to compromise on their studies just because of insufficient funds. The loan provides a strong support to the students in their academic journey when they are looking up to top reputed institutions. Furthermore, education not only removes financial burden on the family but also creates a sense of independence.
How can you get an education loan in India?
Selection of course and college
The very first step in the process is to identify the course which you want to enroll in and the available institutions which are providing that course. It would be better if the chosen college is a reputed institution and courses are approved by UGC, AICTE and other government authorities as for most of the banks these are standard requirements. The probability of loan approval is higher for such colleges.
Know the eligibility criteria
It is important before applying for a loan to check whether you meet all the basic eligibility criteria such as being a citizen of India, proof of confirmed admission in the respective college (should be a recognized college) and lastly, and your academic records of previous years to have an idea about learning competence.
Check what the loan covers
Most of the education loans in India primarily cover admission charges, tuition fees, hostel and accommodation expenses, exam fees, lab charge, and cost of study material including books, and laptop. There are also other miscellaneous expenses which are covered in loans. It is important to check the loan coverage so students can concentrate on their studies and leave aside the financial concerns.
Check interest rates and the repayment schedule
Students can compare the interest rates provided by different banks and can choose the one with a lower interest rate. The repayment period starts once the course is over. An additional six months to one year grace period is provided so students can get jobs before repayment starts. Apart from this government also launches various educational schemes in which interest is waived till the time study is continued.
Documents submission
Once you have checked all the details and loan coverage, now you can apply for the loan. For this, you should have relevant documents ready with you. This includes an admission letter from the respective college, your academic records, income proof of parents/guardians, identification proofs like Aadhar, PAN card, and permanent residence proof.
Choose online or offline mode to apply
Depending on your convenience you can choose online and offline mode of loan application. Online mode is relatively fast and smooth with all document submission online. Bank branch can also be visited and documents can be submitted physically. At Deepshikha College, the admission department provides proper guidance to students regarding the bank loan process and how to avail quick educational loans.
Conclusion
Deepshikha College is a strong supporter of the belief that no student should be devoid of higher education just because of financial barriers. As the best private technical college in Jaipur, we know technical and professional courses often bring with them significant cost but education loans can make this journey a lot easier. So, if you have decided to pursue your dream, don’t let financial burden restrict your way. Enhance your awareness about the education loans and understand how it can help you achieve your dream goals and at the same time you can be stress free. An important point to consider is that timely repayment of loan helps in creating a good credit history and improves the CIBIL score. This in future can help in acquiring further loans for your future requirements.
