New-age private financial institutions offer educational loans with a range of benefits and features. However, for many students, an education loan is their first experience with credit. This can often lead to confusion when trying to find the right private student loan lender. Don’t worry, as we’ve got your back. Here’s everything you need to know about finding the perfect pvt. loan provider.
Key highlights:
- About Private Student Loan Providers
- Factors to Keep in Mind When Trying to Find the Right Private Loan Company
- Thorough Research
- It’s More Than Interest Rates
- Turnaround Time Offered by Student Loan Providers
- Cost Covered by Student Loan Lenders
- How to Choose a Student Loan Partner Based on Collateral
- How to Choose a Student Loan Repayment Plan Offered by Financing Institution
About Private Student Loan Providers
There are several players offering education loans, including private education loan lenders such as Non-Banking Financial Companies (NBFCs). The education inflation has made it extremely challenging for students to receive quality education. This is where student loan lenders, such as Avanse Financial Services, step in to offer hyper-personalised education loans.
Financing solutions offered by student loan providers bridge the gap between the students and their academic aspirations. However, the students are first-time borrowers and can find it difficult to find the right education financing partner. Therefore, it is advised to conduct thorough research when looking for a private student loan player.
Also Read: Everything You Must Know About a Student Loan to Study in the UK
Factors to Keep in Mind When Trying to Find the Right Private Loan Company
Thorough Research
You need to identify your financial requirements and tailor your research accordingly. Aspects such as interest rates, features & benefits extended to you, repayment terms, and eligibility criteria, to name a few, should be checked when considering the private student loan providers.
It’s More Than Interest Rates
Many students usually make the common mistake of selecting a private loan company based on interest rates. When shortlisting private student loan providers, you must look past the interest rates. You will have to check the customer service offered, costs covered, repayment tenure and options too.
Turnaround Time Offered by Student Loan Providers
Often, students require the amount quickly to meet the university fee deadlines. Some of the best private student loan lenders will offer short TATs to process education loans. If your documents are in place and you meet the other requirements, your student loan can be sanctioned quickly.
Also Read: What Students Must Know About Education Loan Eligibility Criteria
Cost Covered by Student Loan Lenders
If you are wondering how to pick the best student loan partner, you must also consider the costs covered by the financing solutions they offer. New-age financing institutions will offer education loans that cover the holistic cost of education, including tuition fees, travelling expenses, accommodation costs, living expenses, cost of learning devices and other education-related expenses.
How to Choose a Student Loan Partner Based on Collateral
Most private education loan players offer both secured (with collateral) and unsecured (without collateral) student loans. You can select between the two based on your financial needs and personal preferences.
How to Choose a Student Loan Repayment Plan Offered by Financing Institution
If you are wondering how to choose the best student loan repayment plan, then please remember that every student has unique financial requirements. Therefore, you must select the repayment plan that best suits you.
You can try our online Education Loan EMI Calculator to find the estimated EMIs. This online tool will let you try different combinations of tenure and loan amount, enabling you to make the right decisions.
If you are planning to opt for an educational loan to study abroad or to study in India, you can start with robust research. At Avanse Financial Services, we offer hyper-personalised student loans with several benefits such as 100% financing, quick sanctions, flexible repayment options and more. To learn more about student loans, please feel free to connect with us.
.png)
