 "Is Learning Education LOAN to study abroad? Know the loss of this benefit …")
Most parents in India have a dream that their child to study abroad. According to official data, by the end of 2024, more than 13 million Indian students were studying abroad. This is a clear signal that the demand for foreign education is increasing rapidly. Therefore, many parents or students do not hesitate to get study loan. In such a situation, a big question arises, what is the right decision? Let’s know EDUCATION loan for education abroad: What are the benefits and disadvantages of taking, so you can make a better decision.
Let you know educational loan: the demand is increasing. According to a recept of Crisil, India’s major non-banking finance companies (NBFCs) has seen a variety of rises in Education Loan: Region. It has now a loan book over $ 60,000 crore, which was Rs 43,000 crore last year. It is a direct reason – the growing cost of foreign education, inflation and the growing number of students.
Let’s know first that EDUCATION LOAN: What are the benefits of?
Its easy Availability: Student loans are a great support for students who do not have money immediately but dream abroad. It also covers the tuition fee, living expenses and books.
Debt forgiveness: Most loans offer a 6-12 months after reading is completed, which gives the student’s time to find and settle.
Improve credit score: If the EMI is paid in time, it becomes easier to get any debt in the future. It strengthens financially reliability.
Flexible Returning Options: Many banks and NBFC offer flexibility to prepare the EMI architecture on the basis of your income. Therefore, the financial burden is less feeling less.
Education loan: What are the damage to, let’s know:
Loan burden: It is not easy to take such a large debt at the age of 20-25. Even after reading the studies, it can be difficult to pay EMI.
Increase in Interest: If EMI is not paid on time, interest on it is collected on it. This can also double the total amount.
Mental and Financial Tensions: Paying Financial Independ Freedom who can come to be much stressing every month.
Default Risk: If the job is not found in time, the debt may be difficult to pay the loan. This makes the credit score damaged and it is difficult to get the debt in the future.
Education loan: Take care of these things before you have to have & mldr;
The loan is a big decision to study abroad. It can turn your dreams into reality, but if they are fully planned, it can cause financial stress and debt. Therefore, before taking any steps, you should consider some things.
See your financial position first. After that understand your potential to pay the EMI. Read the bank or NBFC’s terms and conditions carefully. Pay attention to job prospects after studying. Before you get study Loan, you should understand that dreams are important, but it is even more important to understand those related decisions and responsibilities. Otherwise, you can fall into the swamp of the lifetime.