It’s easier and cheaper to get an education loan today than it was five years ago. This is largely because of the increased push by the central government to popularise such loans and greater competition among lenders following the entry of non-banking finance companies (NBFCs) into this space. Though better education loan availability is a plus, experts say borrowers need to carry out ‘due diligence’ that they would do before taking any other loan. These are the following steps that need to be considered. Several private institutes have education loan desks of banks on their premises. When deciding on the institute and course you want to pursue, don’t be lured by the easy availability of education loans. “The decision should be independent of whether it is financed by a loan or not. The institute and course must be right for you and the decision should be based on what you want to do in future,” says Adhil Shetty, CEO, Bankbazaar.com. Scout for the best interest rates before deciding on a loanBanks offer the loans at a lower interest rate if the student gets admission in a premier institution Rates for top rated institutes; Will be slightly higher for other institutes…. Read full this story
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