123ArticleOnline Logo
Welcome to 123ArticleOnline.com!
ALL >> Business >> View Article

4 Myths Of Education Loans Debunked

By Author: Neha Sharma
Total Articles: 108

If you are planning to study whether in a local college, university or a university abroad, you may need to apply for an education loan. If you are applying for a loan for Indian education or a loan for foreign education, there are certain doubts you will have. In this article, we would like to debunk the some common myths that normally surround the education loan.

Myth 1: My grades aren’t great, so I won’t get an educational loan.

Everyone has dreams of studying abroad but there is always academic restraint or two in most cases. This seems to be the common myth applicable to an education loan. While the primary risk will be not getting the admission itself, but, if an Indian or an International university accepts your academic application, a loan for foreign education and even a loan for Indian education can be easily available.

Myth 2: Loan EMIs last a lifetime.

Any debts can really affect your credit score as well as savings if the repayments continue for 10 to 20 years. But, the government has made it easier for students to pay back the student loan as they ban begin the repayments as early as 6 months in a job. Normally a loan for Indian education and loan for foreign education does not take more than 15 years. But, if students take up other debts while still repaying the loan, it does extend the process. So, if you manage your repayments well, the repayments can be replenished soon enough.

Myth 3: Education loan affects credit score negatively.

As a student taking an educational loan, it is the first marker on your credit history. But, it does not dampen the credit history if you make the repayments on time. In fact, if you repay your student loan well on time, it is a great start to your credit history and will be your strength for any loan you seek in the near future. Though, it will be part of your liabilities, if you repay a major part of your education loan before taking up any new liabilities, your credit score will be fine.

Myth 4: I got admission in foreign university, now I can get the student loan very easily.

While as admission into the selected university is vital, it is one of the criteria for education loan eligibility. There are other criteria based on your economic background, personal and academic information as well. So, consider it seriously and try to fulfill as many criteria for the student loan early on.

Author Bio :- Neha Sharma is a finance student who loves writing about education loan and more. She is delighted to share her knowledge of loan for Indian education and loan for foreign education to the students who are interest in applying for a loan.

Total Views: 118Word Count: 470See All articles From Author

Business Articles

1. Guide To Buy Carbon Fiber Motorbike Parts
Author: Lao Yutang

2. A Smart And Detailed Guideline On Making Your Catalog Pop!
Author: Shawn Nag

3. Busy – Accounting Software By Hk Computers
Author: HK Bookkeeping

4. Waterfront Resort Montauk Yacht Club
Author: Unknown Member

5. Mechanical Sifter By Chitra Machineries
Author: Chitra Machineries Pvt. Ltd.

6. Folders By Patel Printing
Author: Patel Printing

7. World Health Day 2018
Author: Phenixcare

8. Expertise In Manufacturing Monitoring, Measurement, Marking Robotics Automation Systems-micro Logics
Author: Micro Logics

9. Benefits Of Prefabhomes
Author: Vishal Shah

10. Here's Why You Should Invest In A Mobile App For Your Business
Author: Surabhi Joshi

11. Cpe Bags: Market, Trend, Andother Things To Know Before Purchase
Author: Linda

12. Keys To A Successful Job Search
Author: Umesh Ahirrao

13. Different Design Phases In Fashion
Author: Umesh Ahirrao

14. Buyer’s Guide For Finding A Reliable Commercial Rebar Bender
Author: HOPPT Australia

15. Promote Your New Facebook Page Efficiently
Author: Gaurav Rachewar

Login To Account
Login Email:
Password:
Forgot Password?
New User?
Sign Up Newsletter
Email Address: