June 27, 2022
Finance

Education Loan- Time to make your career dreams come true

Education Loan

Times have never been this turbulent across the strata. With the rise in intensity of competitions, it is very difficult to move forwards in your career. Everyone who has great aspirations will work towards it. With education becoming expensive, many pockets do not have the capacity to bear such a load. This is where an education loan can be a wise solution to help you make your career dreams come true. A good education can provide you with opportunities and open up new career avenues for you. With the right mindset and skills, you can set yourself apart on a part that goes upward and forwards. This is why making sure to avail of an education loan is one of the best things that you can do.

Here is how you can make the best out of an education loan to fuel up your career dreams?

  • Advance your career: There will be times in your career wherein you may feel stuck with no way upward or outwards; this is when you can take a career break and learn a new skill or educate yourself further. The best you can do is opting for an education loan to satisfy your needs. An education loan can be availed for a value of about Rs. 10 lakhs.
  • Who is eligible?: Any individual who falls within the age bracket of 25 years and 45 years with a drive to learn further and an individual who is earning Rs. 20,000 or more for a tier 1 city and Rs. 15,000 or more for a tier 2 city are eligible for an education loan application. The loan is a type of personal loan that can be used for any of the expenditures that you may require, including travel, accommodation, purchase of a laptop and tuition fees.
  • Unsecured loan: An education loan is a type of personal loan. With personal loans, you do not need to pledge any of your personal assets as collateral against you making the payments. Apart from this, many education loans also have this policy wherein the repayment does not start until you have completed the course or have started a job.
  • Benefits: The education loan tenure ranges from half a year to a maximum period of 5 years. The rate of interest is flexible enough to help you determine your payment capacity and choose a tenure and repayment terms that suit your pockets the best.
  • Building credit scores: Credit scores determine your worthiness of repaying the loan that you borrow. With an education loan, you can meet the repayment terms of the lender. Once you consistently follow the repayment schedules, you are in a prime position to improve your credit score. CIBIL is a type of credit score metric that is usually followed by most lenders. If you maintain a CIBIL score of more than 750, then you have a healthy credit score.

An education loan is a powerful tool to advance your career. Picking out the course, your area of liking and clarity of thought while doing so will help you make better choices in life too.