Do you want to study abroad or at your favourite tier-1 college, but monetary reasons stop you? Well, education is the greatest gift of life, and you will never regret getting it. It will grant you independence and self-sufficiency and give you a good life.
While financial reasons stop you, you should consider getting a student education loan. It’s common for everyone to criticize you, yet spending on it is better than spending on any other goods or hefty money on luxuries.
This helps in the long run, but paying back after education completion seems like a burden for many, affecting their career. Here’s where the student loans that offer innovative solutions have covered you All!
Problems in Traditional Student Education Loan
Student education loans have emerged as an asset in recent years. They don’t need valuables or mortgage properties to fund their studies.
Yet, people face many problems even with traditional student loans.
Below-mentioned is a list of the same:
1. Falling for The Wrong Scheme
Like usual finance agencies, many scams related to student education loans exist. They present lucrative schemes and ads that attract many people, and nearly 50% of the prospects fall for them. Later, these financiers trap people by presenting additional terms and conditions.
2. Loan Repayment Issues
The biggest challenge that students face is in loan repayment. Though you don’t have to pay this loan earlier during your education, payment after completing your education brings hurdles. This is because instead of this fact acting as an inspiration, students feel pressured by it. This does affect their performance even.
Moreover, the recession is increasingly gaining momentum, and often, tier 1 colleges aren’t able to offer better placements. Hence, some students are even depressed and take up their lives.
3. Huge Interest Rates
Understanding the necessity of students and the importance of good-quality education, students, whether domestically or abroad, prefer educational loans. Some even can’t afford to study in a local institution for nominal fees, so they go for it. Yet, while paying back, substantial interest rates and marginal fees levy a burden on the payee.
4. Wrong Career Choices
Excess interest rates bother students, and they make enough career choices for repayment with minimal stress. For instance, some students take up a course that claims to provide instead on-campus placement, though they are not interested in it. Often, when the studies have already begun, students make wrong decisions during placement, which costs them in the long run.
5. Late Loan Reimbursement
Another prominent issue while applying for educational loan is that they reimburse the money for it later. This creates a problem for students by crossing the fee payment guidelines, leading to canceled admissions, charges for late admission, not being allowed for examinations, etc.
Most Effective Way To Fund Student Education Without Repayment Issues
Educational loans are an asset to students and parents, not the conventional model, but the novel approach. Among the various parties offering it, SBI Education Loan revolutionizes the industry by providing student perks.
It includes the following:
● Students can choose the best course from leading institutes as they give 30 lakh rupees for medical classes and 10-50 lakh for others. They do permit a loan of 50 lakh, usually in some instances.
● It has a lesser interest rate of 10.15%, which includes interest rate concussion. Therefore, it doesn’t cost extra for students. Besides, if applicable, they give a certain percentage of interest concessions, especially in female education.
● Unlike others, SBI Education Loan levies any processing fees on amounts of up to 20 lakhs. Therefore, students can take advantage of it without excess charges.
Most importantly, repayment of the SBI education loan immediately doesn’t start after the course completion. There’s a 6 months of Moratorium period, which saves students from making the wrong choice. Depending upon the choices, students can repay it in chunks up to many years without any trouble. Besides, 100% education financing and timely loan reimbursement are other perks.
Therefore, for people who want to study abroad or from domestic colleges, SBI Education Loan has perks that don’t impact students negatively. This, they can better unleash their potential.
How To Apply For Student Education Loan Without Many Formalities?
Applying for student loans is a daunting task. There are various banks, financiers, and loan firms to compare with. Besides, checking each of them for several factors, their comparison, and applying to multiple ones until one selects you is real. So whether you want to be admitted for engineering, medicine, study abroad, or your favorite design or vocational school, Vidyalakshmi Education Loan is real.
The following are the benefits of it:
● Easy Apply: The Vidyalakshmi portal has simple steps for loan application. You have to apply to their profile, and you can choose to send your loan application to multiple banks through it. Thus, one simple application simplifies things and saves time and effort.
● Comprehensive Information Integration: The Vidyalakshmi portal contains detailed information from various loan schemes in a single place. Thus, you can compare interest rates, eligibility, and more for decision-making.
● National Scholarship Portal Integration: The Vidyalakshmi Education loan portal integrates with the National Scholarship portal. Thus, there are options for scholarship eligibility from the loan applications.
● Streamlined Process For Banks: This student loan portal benefits students as well. This is because, with the streamlined application process of the Vidyalakshmi Education portal, banks also operate smoothly, thus eliminating a hassle.
● Direct Fund Transfer: Vidyalakshmi education loan securely transfers funds from financiers to students’ accounts. Thus, students don’t have to face disbursement delays. Since it involves no intermediaries, it is even transparent.
Besides, you don’t have to visit any outlet to process the Vidyalakshmi Education loan. The entire thing operates remotely without any issues.
Final Words
Student Education Loans are a great facility that empowers the youth for a bright future. However, several complexities are involved when selecting a financier, comparing them, determining their interest rates, and more. Here’s where you can apply for the Vidyalakshmi Education loan portal that streamlines the comparison process, applying at multiple places and related stuff. Besides, direct loan disbursement also ensures transparency and security and does not involve intermediary fees.
Most of the financiers are in a rat race to earn more money by exploiting youth in the name of education. So, earlier students suffer from education loans. Yet, nowadays, an innovative approach like that of SBI Education loan overcomes conventional student loan challenges. So, give wings to your dreams!
