Education Loans – A Worthwhile Investment!

09 August 2011 - Which Way to Pay

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Education Loans – A Worthwhile Investment

If you have grand plans for your children and finances are tight, it’s worthwhile investing in an education loan to maximise your child’s potential and future prospects.

An education abroad is often the primary choice for many aspiring young adults, however this is an expensive route which requires extra funding streams. The benefits of an education loan speak for themselves, and the icing on this cake is the loan not only covers the cost of tuition, but also almost all the expenses involved in the pursuit of academics. Indeed all that stands in the way of your child and Harvard in terms of loan eligibility is a set of eminently gettable documents and a guarantor to set your path on the road of academia.

The process in acquiring a loan is relatively simple and generally entails the following steps:

  • Filling out a loan application form.
  • Providing validated supporting documents.
  • Loan approval or denial.
  • Borrower's signature on a Promissory Note.
  • Loan disbursal.

It is important to remember that the loan will involve an equated monthly instalment (EMI) which is the amount you pay to the bank or the institution towards repayment of the loan. The EMI will depend upon the amount of loan taken, rate of interest and the tenure of the loan agreement.

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