Instant Student Loans

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Education is the most fundamental requirement of life and to guarantee that no praiseworthy student denied education due to fund crisis, the government of India is endorsing Student Loans on a larger scale. The basic concept behind seeking Instant Student Loans is to enhance the career prospects of the deserving students.

The minimum eligibility for availing Instant Student Loans is to have a secured admittance in a recognized institution affiliated by any central or state unit. Students who are seeking instant student loans to facilitate the settlement of college expenditures have a diverse range of alternatives to select from.

Things to Consider before taking Instant Student Loans

Most Instant Student Loans can be availed online simply by filling the electronic application. Besides this, there are certain things which need to be considered while applying for Instant Student Loans in India. They are:

  • A quick browsing at all the options available in the Indian loan market
  • Patiently assess the alternative available
  • Select any three best loan providers that fulfill your criterion. Try to shortlist those that have recognition in the market. Avoid firms that are newly launched or you have never heard of.
  • Read the website of the loan provider cautiously
  • Check the interest rates on loan, the tenure of repayments, any hidden charges, etc. Make sure that these conditions suit your requirements.
  • One you are through with the plan assessment, take a comprehensive look at your credit score, as there are few firms that consider this condition to sanction the loans.
  • If a co-claimant is required, then search for loans that will free the co-claimant after some years of frequent imbursements.

Features of Instant Student Loans

Some of the general characteristics of Instant student loans in India are mentioned as below:

  • The rate of interest of Instant Student Loans varies from one lender to the other. In many cases, it is generally between 10 - 15%.
  • The borrower can apply for loans from the amount ranging from 4 lakhs to 15 lakhs with various financial institutions
  • In many banks student loan rate differs from 10.25 – 12% whereas the reimbursement alternatives vary from 1 year to 7 years.
  • Besides processing and course charges, catalog of other expenditures incurred in the process are covered by the instant student loans.
  • Instant student loans are allocated at fixed and floating rate of interests
  • In some plans rate of interest is generally levied on regular or monthly basis
  • Usually, centralized banks have been perceived as the loan provider at inconsistent rates of interest, while private and international banks allocate their interest rates at fixed percentages on student loans
  • In many cases, the total charges of the course are not sponsored by the bank completely. A specific quantity, known as margin, has to be forfeited by the claimant
  • The margin obligations on student loans are not stringent, with the standard rate of 5% for pursuing education in India and 15% per cent for pursuing education overseas.

Last Updated on 6th July 2011