Education loans
are availed by numerous people nowadays not just because they cannot afford the
education but because they just want to be independent and get the pain of
their parents on their shoulders. Education loan rates are at an all time high these days and if we look at the number,
it ranges between 11% and 18% and can easily put you in some shock or the
other. Repaying the money back at such a higher interest rate is never going to
be easy for anyone. That is why it is always said to compare the loan rate from
different banks before you avail from anyone of them. This helps to ensure you
that you are ending up landing with the wrong bank in terms of availing the
education loan.
Education loan rates can
be compared using the education loan calculator as well which is easily
available on different banks websites nowadays. Being a parent, this becomes
your responsibility to help your child in getting linked up with the right bank
so that you do not end up paying heavy interest rates to the bank. Before going for an education loan you must check every detail relating to the loan.The best way
to do is to go online and see what people have to say about each and every bank
pertaining to their personal experience on the same. The other way would be to
directly getting in touch with the bank executive and get to know about each
and every minute derails related to the education loans.
Banks these days
are giving the option to start repaying the loan once you get the job. Not all
banks does this, so you need to figure out such banks and study carefully the education loan rates for the same and their
repayment options. Make sure you get to know about each and every detail on the
same and gets to its transparency so that you are linked with the perfect bank.
Summary: Education loan
before availing needs to be carried out a study on the same so as to figure out
which bank is offering the loan at the lowest education loan rates.
