Every year witnesses an increase in the cost of education. Especially when we talk about higher education the cost isn’t bearable. One of the finest examples is a 100% rise in fee of IIT in a period of one year. The fee in the previous year was INR 90,000 while this year it has risen up to INR 2 lakhs. Similar is the case in medical, health and engineering field where undergraduate studies overall cost about 30 to 40 lakhs abroad. Thus one in a working class cannot even think of making their family members study abroad.
Higher education becomes more and more stressful and most of the talented and educationally sound kids miss the chance just because of finance. Though much of this is sad there is a positive in this. Although the prices are hiking, the numbers of solutions are increasing too in the form of personal loan. Personal Loan for Higher Education will help you to empower your child and motivate him to pursue his/her studies as per his preference.
A personal loan for a higher education of your child will help you to strengthen his love and motivation for studies. Higher education not only brings about an education growth but it brings about an overall development of a child. Apart from improving his/her standard of living, it will also improve his entire personality. For instance, if your child wishes to pursue his further studies in engineering from Massachusetts, Boston. With the help of a personal loan, you can get a lump sum amount which is required to be paid in the university.
There are banks and other lenders who are providing this service in almost every city and state. The service is even being granted in the city of Surat as a Personal loan in Surat. Surat is growing quickly, the development has led to the introduction of various social institutions including schools and colleges which have brought about an increase in the number of young aspirants looking to seek for further education in a different state of the country.
The personal loan helps you to self-finance your kid’s education and it’s the best option. Education loan for higher studies bridges the gap and helps the parents to overcome the shortfall. While your child is busy applying for a suitable college which matches his candidature, you shall seek for banks and other lenders who are offering these loans.
There are various factors that need to be considered as you might be required to pay processing charges, money margin as well as security if you want to seek an educational loan. However, the nature of courses differ from each other and thus there are somewhere a collateral security is not required. There are four basic things that are considered by the banks before granting educational loans.
Academic performance of a student: First and foremost is how capable is the aspirant. How has he performed educationally? If his grades are good it ultimately motivates the bank to offer a lump sum amount as they have the faith in his repaying abilities.
University & the course the student wants: Like mentioned before, the nature of courses differ from each other and so does the expenses incurred on them. Each course fee varies from the other. Thus a parent has to be sure about which university is his/her child interested in and which course does he wants to pursue.
Apart from these two other aspects are important, those include collateral security that is being offered and the borrower’s profile. Thus these are all essential elements in Personal Loan in Surat for Higher Education and one has to keep it mind well before his/her son graduates. These things are to be thought about long before the student completes his graduation.