ALL >> Business >> View Article
4 Myths Of Education Loans Debunked
If you are planning to study whether in a local college, university or a university abroad, you may need to apply for an education loan. If you are applying for a loan for Indian education or a loan for foreign education, there are certain doubts you will have. In this article, we would like to debunk the some common myths that normally surround the education loan.
Myth 1: My grades aren’t great, so I won’t get an educational loan.
Everyone has dreams of studying abroad but there is always academic restraint or two in most cases. This seems to be the common myth applicable to an education loan. While the primary risk will be not getting the admission itself, but, if an Indian or an International university accepts your academic application, a loan for foreign education and even a loan for Indian education can be easily available.
Myth 2: Loan EMIs last a lifetime.
Any debts can really affect your credit score as well as savings if the repayments continue for 10 to 20 years. But, the government has made it easier for students to pay back the student loan as they ban begin the repayments ...
... as early as 6 months in a job. Normally a loan for Indian education and loan for foreign education does not take more than 15 years. But, if students take up other debts while still repaying the loan, it does extend the process. So, if you manage your repayments well, the repayments can be replenished soon enough.
Myth 3: Education loan affects credit score negatively.
As a student taking an educational loan, it is the first marker on your credit history. But, it does not dampen the credit history if you make the repayments on time. In fact, if you repay your student loan well on time, it is a great start to your credit history and will be your strength for any loan you seek in the near future. Though, it will be part of your liabilities, if you repay a major part of your education loan before taking up any new liabilities, your credit score will be fine.
Myth 4: I got admission in foreign university, now I can get the student loan very easily.
While as admission into the selected university is vital, it is one of the criteria for education loan eligibility. There are other criteria based on your economic background, personal and academic information as well. So, consider it seriously and try to fulfill as many criteria for the student loan early on.
Author Bio :- Neha Sharma is a finance student who loves writing about education loan and more. She is delighted to share her knowledge of loan for Indian education and loan for foreign education to the students who are interest in applying for a loan.
Add Comment
Business Articles
1. Finding A Trusted Sustainability Consultant In Abu DhabiAuthor: Agile Advisors
2. Iso Certification In Dubai – Advantages For Business
Author: Agile Advisors
3. Best Forex Brokers List | Best Broker For Forex Trading 2024
Author: Top Forex Brokers Review
4. Celebrate Achievements With Customized, High-quality Awards From Trophy Deals
Author: Trophy Deals
5. Is 100% Company Ownership Possible For Expats In Saudi Arabia?
Author: jodonjo
6. We Are Hiring: Senior Executive - Indirect Taxation In Gurgaon!
Author: tanvir Khan
7. Ceratec Tower 1o8: The Eventual Fate Of Business Greatness In Balewadi, Pune
Author: Tarun
8. Enrofloxacin Manufacturer: Swisschemie
Author: Swisschemie
9. Ultimate Guide To Hotels In Mussoorie: Discover The Best Places To Stay, Including Hr Hotels And Resorts
Author: Hr Hotels and Resort
10. How Quickly Do Fast Cash Loans Online Pay Out Cash On The Same Day?
Author: Lucy Lloyd
11. Leading Digital Marketing Agency In Hyderabad And Unlock Your Brand’s Potential With Sanbrains Agency
Author: Sanbrains Seo
12. Celebrate Success With Customized Awards From Trophy Deals
Author: Trophy Deals
13. Title: Choosing The Right Humidity Stability Chamber Supplier For Your Manufacturing Needs
Author: bio gene
14. Complete Guide To Studying Mbbs In Poland
Author: Mbbs Blog
15. What Is The Process For Locating The Best Lender For Short Term Loans Online?
Author: Robert Miller