Education Loan: What You Must Know
We discuss what you must know about education loan before you opt for one.
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Edited Highlights
00:00 Chapter 1 Introduction
00:08 We discuss the important things to keep in mind when you take an education loan
00:18 This means education loan interest rates, loan term other charges collateral and co-borrower requirements besides coverage
1:07 We discuss the important aspects of education loan or study loan or student loan
1:16 Chapter 2 How Education Loans Help
1:17 Such loans help you finance your higher education
1:23 They supplement savings from higher education
1:31 Education loan repayment happens from higher income on finishing the course or programme
1:57 Chapter 3 Key Things to Check Out in Education Loans
2:34 Determine the required amount of education loan
2:55 List the various expense heads
3:16 Look for coverage of important items such as tuition fees, hostel, device and study travel costs
3:27 Cost estimate gives you a sense of the education loan amount
3:52 Domestic education loan up to Rs 20-30 lakh
4:01 Rs 30 lakh education loan likely to be for prestigious institutions like IITs and IIMs
4:08 Education loans upto Rs 80 lakh for studies abroad
4:18 Public sector banks typically provide loans at lower interest rate
4:30 Maximum loan amount will be lower than private sector banks
4:34 Private banks charge higher interest rates but have higher maximum loan amounts
4:39 Concessional rates and special schemes for applicants, courses and institutions
4:44 Vocational and Non-Vocational courses have different interest rates
4:47 Concessional rates for meritorious students
4:57 Possibly lower interest rates for female students
5:22 Determine the required education loan term
5:28 Maximum loan term can go up to 15 years
5:37 Processing charge 1.0-2.5% of loan amount
5:43 There could be a prepayment penalty
5:54 There could be a late EMI payment charge
6:14 Moratorium and collateral requirement are equally important
6:25 Collateral requirements will typically be for bigger sized loans
6:45 Financial asset like life insurance policy may be required to serve as collateral
7:08 Parent and relatives may be required to be co-borrowers for the loan
7:14 Co-borrower needs to have a good credit score
7:27 Moratorium is the period when you don’t have to repay the loan
7:35 Repayment commences after the period is over
7:40 Typically one year after course completion or within six months of starting a job
8:17 Check out the cost items and courses the education loan covers
8:47 Estimate the time for loan processing since this may take time
9:26 It might be even more for overseas education
9:59 Ensure loan papers are in order for timely loan processing
10:16 Consider education loan pre-approval to speed up the process
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