An education loan is designed to help
students to finance their university tuition, books and living expenses. It
usually differs from other types of loans in that the education loan rates may be noticeably lower and the repayment
tenure also defer while the student is still in education. Education loan rates also differ in many countries in terms of
regulating renegotiating and bankruptcy.
With growing number of students and the
increase in competition, banks and financial institutions are also becoming
liberal on the education loan rates.
In past few years the education loan
rates have seen decrease which leads to encouraging students who wish to
pursue their higher studies to take education loan. Female students get
education loans at lower education loan
rates which has developed the interest in female students to pursue their
higher studies. Education loan rates
usually vary between 7% to 11% which is much lesser compared to other loans.
Summary: Education helps in building up a
good society with good people and even Indian government is working hard on the
same by taking care of the education loans and making sure of giving loans at
lower education loan rates.
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