A popular and equally true remark is that education is the passage from darkness to light. It will, without a doubt, be expensive. But that's what school loans are for: to help you pay for your education and make the big leap. Whether you plan to study in India or overseas, an education loan will help you finance your education with the least amount of difficulty.
The most significant advantage of student loans is the immediate availability of funds. Other advantages that will make you want to submit your loan request sooner are listed below.
There are numerous advantages to taking out an education loan that students and parents frequently overlook.
1. Personal savings are unaffected.
College education, whether it's in India or overseas, will almost certainly force you to dip into your savings. While it may appear to be a better option than commencing your life in debt, it places financial constraints on you and depletes your reserves. To begin with, if you utilize your funds to pay for your education, you will be limited to the amount you have available. The desired college or ideal vacation destination may be out of reach. Second, unlike the bottomless chips and cola given at a cafe, your hard-earned savings are not limitless. Your funds will ultimately run out, causing undue anxiety and stress in the event of an emergency.
Your education loan will cover 100 percent of your expenses, allowing you to keep your funds intact. The education loan products are created in such a way that they provide comprehensive financial support to the student.
2. Provides protection to your savings:
An education loan eliminates the need to disrupt your own investment portfolio, allowing you to focus on other financial goals, such as retiring.
3. Rather than paying in one lump sum, pay in easy EMIs:
Easy EMIs are used to repay the education loan. Empower Youth offers a repayment period of up to ten years, making it cost-effective.
4. Select from a variety of loan solutions that are tailored to your needs.
Over the last few years, the education loan market has expanded. As a result of this expansion, lenders have identified the need for loan solutions tailored to students pursuing education in a specific course, college, or nation. Public sector banks, commercial banks, and Non-Banking Finance Companies (NBFCs) now offer customized and customizable loan solutions for students studying in India and abroad. You will find a product that meets your demands, whether you are looking for an executive MBA program or vocational training.
Examining each loan product will take a long time and be inconvenient. As a result, it's a good idea to use a service like empower Youth, which will analyze your profile and recommend a lender and loan package that will meet your needs.
5. Proof of finances is required to gain entrance from education institutes.
Empower Youth might approve a loan application even before admission is confirmed. In fact, students receive loan approval at the time of university application and use the Empower Youth Sanction letter as proof of finances.
Finally, students should be aware of the benefits of student loans and how to save money without running out. However, even at Empoweryouth, we suggest taking an education loan to fund one’s higher education as there are innumerable uses for education loans. We are only a phone call away if you find yourself in a situation where you are unsure about applying for an education loan or fear it will put a financial burden on your parents. Get expert guidance on student loan issues by getting in touch with our team.