5 lesser-known facts about education loans that students must know

5 lesser-known facts about education loans that students must know Personal Finance {"selector":".custom-animation","duration":"4s","easing":"ease-out","keyframes":[{"transform":"scale(2)"},{"transform":"scale(1.5)"},{"transform":"scale(1)"}]}

NBFCs have witnessed a substantial increase in educational loans, with loans surging from 13,000 crore to over 25,000 crore in fiscal year 2023. {"selector":".custom-animation","duration":"4s","easing":"ease-out","keyframes":[{"transform":"scale(2)"},{"transform":"scale(1.5)"},{"transform":"scale(1)"}]}

Education loans cover various expenses beyond tuition fees, including travel, accommodation, learning devices, living expenses, and more. {"selector":".custom-animation","duration":"4s","easing":"ease-out","keyframes":[{"transform":"scale(2)"},{"transform":"scale(1.5)"},{"transform":"scale(1)"}]}

NBFCs offer financial support for a wide range of courses, including unconventional and specialized programs in addition to traditional ones. {"selector":".custom-animation","duration":"4s","easing":"ease-out","keyframes":[{"transform":"scale(2)"},{"transform":"scale(1.5)"},{"transform":"scale(1)"}]}

Education loans are a reliable alternative to liquidating assets or depleting family savings, preserving valuable investments and financial security. {"selector":".custom-animation","duration":"4s","easing":"ease-out","keyframes":[{"transform":"scale(2)"},{"transform":"scale(1.5)"},{"transform":"scale(1)"}]}

Taking an education loan allows students to build a robust credit history at a young age, paving the way for better financial opportunities in the future. {"selector":".custom-animation","duration":"4s","easing":"ease-out","keyframes":[{"transform":"scale(2)"},{"transform":"scale(1.5)"},{"transform":"scale(1)"}]}

Early loan repayment with simple interest during the grace period helps students manage their loans more effectively and develop financially prudent habits. {"selector":".custom-animation","duration":"4s","easing":"ease-out","keyframes":[{"transform":"scale(2)"},{"transform":"scale(1.5)"},{"transform":"scale(1)"}]}

Students can choose from various repayment methods, making the process seamless and convenient. {"selector":".custom-animation","duration":"4s","easing":"ease-out","keyframes":[{"transform":"scale(2)"},{"transform":"scale(1.5)"},{"transform":"scale(1)"}]}

A thorough understanding of these education loan facts empowers students to make informed decisions and navigate the complex world of student loans effectively. {"selector":".custom-animation","duration":"4s","easing":"ease-out","keyframes":[{"transform":"scale(2)"},{"transform":"scale(1.5)"},{"transform":"scale(1)"}]}

Education loans are a vital tool in making higher education accessible to students. {"selector":".custom-animation","duration":"4s","easing":"ease-out","keyframes":[{"transform":"scale(2)"},{"transform":"scale(1.5)"},{"transform":"scale(1)"}]}

Click here to know more about education loans. Check here for more personal finance-related stories. {"selector":".custom-animation","duration":"4s","easing":"ease-out","keyframes":[{"transform":"scale(2)"},{"transform":"scale(1.5)"},{"transform":"scale(1)"}]}