Education Loan
Things to Remember!

Both parents and children mustunderstand how loans work, includingwho offers them, the distinction betweenprincipal and interest, interest rates, andrepayment timelines.

Consulting a Relationship Manager orvisiting a branch can clarify loantechnicalities.

Clear agreements on repaymentresponsibilities are vital, whetherundertaken by parents or children.

Children seek financial independence andwould aim to repay loans after securingemployment. A moratorium period allowsparental intervention if needed.

Research financial aid options, includingscholar loans, scholarships andcollateral-free loans.

It is crucial to understand eligibilitycriteria such as credit score, course typeand institution, for informed borrowingdecisions.

Selecting the right bank involvesconsidering tie-ups with educationalinstitutions, streamlined processes andquick disbursement.

Comparing loan factors such as interestrate, insurance coverage and theapplication process are crucial fordecision-making.

Collaborative efforts between studentsand parents lead to informed decisionsabout education financing.

Parents provide valuable insights,considering factors such as tax benefitsand financial independence, therebyshaping the decision-making process.

Acquiring an Education Loan can impactfuture financial decisions. While somemay consider tax benefits, others aremindful of the impact on investmentcapabilities and loan obligations.

Children, especially those who areresponsible for repayment, mustunderstand potential job opportunities.

Some lenders initiate repayment postcourse completion or job acquisition,while others offer a moratorium period.

Defaulting on EMIs can adversely impactcredit scores and future loan prospects,particularly if collateral is involved.

Acquiring an Education Loan can be aseamless process, if you know the keydetails. Having understood the basics,submit your details online and get your loanoffer from the bank.