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An education loan is what helps bridge the gap for people monetarily and helps them pursue the career of their dreams. In this competitive age, where having attained a bachelor’s degree is nothing new of sorts, it becomes paramount for individuals to gain higher education to stand out. However, in some instances, the schooling itself is too expensive for many people to afford. Hence, education loans come to the rescue of such individuals.
Finnable is an RBI registered NBFC fin-tech start-up that is providing education loans to the ones in need. They believe that learning is essential to earning. Therefore, lack of funds should not hinder one’s dreams, and therefore, finnable is here to provide education loans to help the devoted and dedicated students fuel their dreams.
Education loan has multiple benefits over a personal loan when trying to fund your education. These benefits are listed as follows:
- Interest rates are lower:
Interest rates for personal loans that are being used to fund an education abroad are higher by a substantial margin. However, education loans do not have higher interest rates.
- Moratorium holiday – pay after course completion:
Many education loans now come with the condition that the borrower will not need to make any interest payments until the course is complete and an additional six months period. It allows the borrower to stay relaxed during the period and start earning before the interest payments are due.
- Cover a range of expenses:
These loans cover a range of expenses that includes tuition fees, travel, house rent, university fees, food, etc.
- Helps build a CIBIL score:
CIBIL score is a credit rating method. The score depicts how well you pay back the loans undertaken. The higher the score, the better you are at paying loans back. A CIBIL score above 750 is considered a good score, and this will allow you to get loans more quickly in the future.
- No need to liquidate assets:
Many times, parents liquidate assets in order to help their children pursue the career of their dreams. However, with education loans quickly being available and in a matter of a couple of hours, the burden is lifted from the shoulders of the parents. Finnable is a leading entity that provides such loans quickly and hassle-free.
Getting a good education and even better exposure in the form of college environments and better courses is the dream of most aspiring students. Education loans help achieve that dream by providing the requisite funds to those in need and helping them support their career aspirations.
Education loans have repeatedly have proved by providing examples of how many students are doing better in life because they choose to undertake a loan that helped them in their higher education. Education is a tool that provides students with an opportunity to create something of themselves. Education loans for higher education open up a plethora of opportunities to students and help them achieve their dreams of a better life.
