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The demand for education is on the rise, with over 65% of the population under the age of 35. However, for students, this also means that rising prices in the education sector are a harsh reality. Fortunately, student loans are a respite that can help you manage your financial needs. But to cover all the costs related to your higher studies, you must identify the best education loan in India.
While tuition fees are a major part of your education cost, they are not the only expense. You may borrow the amount required to enrol in a premier university. But what about accommodation, transportation, books and stationery expenses, food, groceries, and so on? The best education loan in India is one that addresses the maximum needs of a student throughout the course.
When you plan to enrol in an institute and spend, say, two years studying, there will be different expenses along the way. If you are fortunate to stay at your home, these expenses will be lower. However, more than 1.33 million Indian students study overseas, and many more study in different Indian cities away from home.
So, if you are also planning to relocate for your higher studies, you must also know about the expenses covered under an education loan. This includes expenses like –
From the best education loan in India to the basic ones, all loans are certain to cover the tuition fees. It is the primary part of the education cost and can vary depending on the chosen institution.
One-time expenses include admission or registration fees and examination fees charged periodically. These are part of the institution’s administrative costs and can be significant.
Stationery can include textbooks, laptops, and other educational materials, as well as uniforms, if applicable. These may often be small amounts but can be recurring in nature. The best education loan in India should cover these types of overlooked expenses.
As a student, you may participate in various extracurricular activities at your institution. These could include expenses for sports, art or dance classes, educational equipment, excursions, and trips.
Whether you stay in the college hostel or a private accommodation, lodging can be a substantial expense. Make sure that it is included among the expenses covered under your education loan.
Another recurring cost you will incur every day is food and groceries. In a hostel, it will be in the form of mess charges. However, private accommodation will include a variety of kitchen expenses.
These include the expenses incurred for your daily commute to the institution and travel from your hometown to your city of education. The farther you live, the higher these expenses will be.
All of these expenses are important and unavoidable when it comes to higher studies. Choosing the best education loan in India ensures that these expenses are included in your borrowed amount. It will help minimise your out-of-pocket expenses and improve your financial management.
While searching for the best education loan in India, you must look for the features that serve you the best. IDFC FIRST Bank Education Loan offers attractive features, convenient repayment terms, and a hassle-free loan experience. Most importantly, it is also available to meet all the additional expenses that you will incur during your higher studies.
Features that make the IDFC FIRST Bank Education Loan one of the best education loans in India include –
As educational inflation rises, ensure your student loan is sufficient to meet all your expenses. IDFC FIRST Bank Education Loan is available for up to ₹1.5 crores*, the first ₹75 lakhs* of which can be applied collateral-free. For loan requirements beyond this amount, you can apply for a secured loan. In this case, your co-applicant will need to provide documents that match the details of security offered in the education loan.
*Terms and conditions apply
Convenience and simplicity are key features of the IDFC FIRST Bank Education Loan. Here’s how to get an education loan with IDFC FIRST Bank –
• Apply with just a few clicks at the IDFC FIRST Bank website
or
• Download the FIRST UNI App to find the best education loan in India for your preferred course and university
or
• Apply for the loan and manage it by using the IDFC FIRST Bank Mobile Banking App
or
• Alternatively, simply visit your nearest IDFC FIRST Bank branch or call the toll-free number 1800-10-888 to initiate the application process.
Indian and NRI students aged 18 years and above can apply for education loansfor their preferred courses and universities. To further ease the financial arrangement, you can also opt for a pre-admission loan sanction.
Once you select the best education loan in India, fulfilling your academic dreams becomes much easier. An education loan eases the financial stress on your parents and makes you financially independent.
With IDFC FIRST Bank Education Loan, you get unmatched repayment flexibility and an early opportunity to build your credit score. By encompassing all education-related expenses, the IDFC FIRST Bank Education Loan brings you closer to your academic goal while easing your finances.