Thrissur is a tremendous city located in Kerala. Every year, many students from this land plan to study in UK. This is because this country is known for the best education system in the world. However, it is not easy for students to study there because of the high tuition fees and other costs. So, they take help from the best study abroad consultants in Thrissur. These experts guide them to take an education loan because it will benefit them in several ways. Want to know how? Read this article and know all of them.
What is an Education Loan
Every year, many students plan to study abroad. But they drop their plan because of insufficient money. So, in this case, they can visit banks and ask for help. This is because banks help the aspirants by providing some money. It is called education loans. It helps the students to support their education and make a good career.
Well, it benefits the students in several ways. You must know them. It will help you to make the right decision for your study abroad journey.
Benefits of Education Loan to Study in the UK
An education loan benefits the students in several ways. However, every student must know them. It will help them to know how they can support their overseas studies.
- Loan lenders charge low interest on an education loan compared to a personal loan. Due to this, it becomes an affordable option.
- An education loan covers a wide range of expenses. Thus, it makes the studies more affordable for the students.
- Students don’t need to deposit collateral to get a loan of a certain amount. Thus, it makes it easy to get a financer to complete the studies.
Well, it is not easy to get an education loan to study in UK because of its types. Let’s know them here.
Types of Education Loans
There are 2 types of education loans.
- Secured
- Unsecured
Many students struggle to choose the right option. Due to this, it becomes difficult to pick the best one. So, let’s know about both of them here.
Secured Education Loan
It is also known as a collateral loan. In this, the students have to deposit their land, bank FD or other valuable resources to get the education loan. With this option, you can get funding of up to 1.5 crores at an interest of 10.25%.
Unsecured Education Loan
It is also known as a non-collateral education loan. Students don’t need to deposit any security at the bank to get this loan. However, students can get benefits up to 45 lacks at an interest rate of 11.5% with this option.
Now, you know the types of loans to study in UK. So, you must also know some of the best lenders in India. It will help you to choose the right one.
List of Banks Offering Education Loan
There are numerous education loan providers in India. Due to this, it becomes a challenging task to pick the best one. So, let’s ease this task by knowing a list of the best loan lenders in India.
| Bank Name | Interest Rate |
| Bank of Baroda | 8.50 – 9.15% |
| Central Bank of India | 8.65 – 10.60% |
| State Bank of India | 10.50% |
| Bank of India | 8.95 – 9.75% |
| Allahabad Bank | 7.15 – 10.05% |
| HDFC Bank | 14% |
| Punjab National Bank | 8.90% |
| Axis Bank | 13.70 – 15.20% |
| ICICI Bank | 10.50 – 13% |
Now, you know India’s best education loan lenders. But it is still not easy to select the best option. So, you must know some Thrissur expert tips to pick the best one.
Tips to Choose the Best Education Loan Lender
Many Thrissur students are not able to pick the best loan provider. So, in this case, the best study abroad consultants in Thrissur guide some tips to pick the best option. You must know them. It will help you to come a step closer to beginning your journey.
Look for Benefits
Different banks provide different benefits for an education loan. So, the aspirants must compare all the benefits while looking for a loan. It will help them to shortlist the best option.
Evaluate Interest Rate
The interest rate on an education loan can differ from one loan lender to another. So, students must compare the interest rates of all the banks to evaluate the amount they will pay extra.
Loan Agreement
At last, students who need an education loan to study in UK must read the loan agreement before they finalize the best options. It will help them to pick the best option to support their studies.
Conclusion
There are many answers to the question of Why study in UK. However, students must note that, it is not an easy task to study there because of the hefty tuition fees and cost of living. Therefore, students must take an education loan. This is because it covers the maximum expenses. Due to this, students can make a reliable journey.
0 Comments