Answers to all

Answers to all the myths related to education loan

Education is a real treasure. A statement given by any of the renowned writers is quite imperative and enthusiastic. But it also pushes a class of society thorough contradictions due to its limit. Education is indeed a treasure but not for everyone i.e. many of the indispensable children are unable to earn this treasure. This the cause literacy rate is not growing up.

To eradicate this problem, it is essential to raise awareness amongst people about education loans. Well, many are aware of it but still hesitate to opt for it practically. The reason behind this hesitation is the rumors that people heard in regard to Eduvanz Collateral Security issues, EMI’s, interest rate, etc. Read ahead to find out the real insight of education loans.

Illustrations of all the myths

People are confused regarding several myths related to education loans. Some of them are listed below: -

1. Interest rates- A majority ofthe crowd of students when asked for the reason not choosing education loans is the high interest. However, people do not actually go through the latest offers related to education loans just by listening to the big interest rates which are unhealthy. There are many government schemesin India under which students are given relaxation over loans and interest rates based on their financial status.

1. Another loan load- people think education loan as a burden as in today’s world of credit cards it is easy to buy things on EMI’s. This is why families are already under a load of a lot of loans and EMI installments. But this is not it as it is essential to break this myth of loan load. Education loans should be seen as an investment rather than a tenor. If invested as per the right strategy, the money will definitely payback

1. collateral security- The biggest problem that low-income families come across while asking for loans to educate their children is Eduvanz collateral security. Such families are a bit nervous about asking for loans as they do not have any Eduvanz collateral security which is a great myth. There are many banks and NBFCs that provide loans without such things.

1. payback capability- From the eyes of a student, she/he must have worked exceptionally hard to earn her/his first job. After that, paying the installments of education loan can be a bit disheartening. But this is also one of the popular myths. Students have a perception that all their initial salaries will vain out in paying the EMIs of education loans. Whereas the reality is exactly the flip image of this, for every student loan provided a student is allotted a particular period of time under which she/he can pay off their loan. EMIs are designed in such a way to ensure that during this period they are able to claim an appreciable growth as a professional financially.

Conclusion

To bring all together, it is obvious and normal to have a fear of trying something new but believing in myths does not yield a certain outcome. Education loans are beneficial in giving a head start to your higher education and hence are deplorable.