Friday, 30 October 2020

Simple Tips to Tackle Interest Rate Hike on Your Home Loan

Every parent wants the best for their child, especially when it comes to his or her education.

But a great degree at the best institutions can be quite expensive, especially if you are looking at universities abroad. Costs like books, practicals, tutorials, and living expenses drive these costs even higher. And experts advise dipping into your savings may not be the best thing to do.

You can overcome this financial hurdle by applying for a Higher Education Loan. It is an unsecured form of credit that can cover the finances of your child’s education at a reputable institute that will add to his or her profile, and employment skills for the future. 

Here’s a look at some benefits of availing a Personal Loan for higher education:

You can manage more than just tuition fees

The cost of financing your child’s higher studies may be more than what you have saved up for. Also, dipping into your savings to tackle the high cost is not a wise decision. A Personal Loan for higher education will help you finance the admission and tuition fees as well as other expenditure like applying for a visa, travel, accommodation and lifestyle needs. Moreover, you can avail a large sanction of up to Rs.25 lakh on this loan without pledging any collateral or asset.  

You can stay a step ahead with the Flexi Loan facility

Higher studies in India or abroad can be heavy on your pocket and can come with unexpected cash requirements arising due to medical emergencies, an extra course, or last-minute travel. Instead of borrowing a higher loan amount which entails a higher Personal Loan interest rate, you can choose a loan that offers you the Flexi Loan facility. This option allows you to borrow as per your needs from your sanctioned loan amount and pay interest only on the amount you utilise. Additionally, you can also choose to pay interest-only EMIs and repay the principal at the end of the tenor. This will reduce your EMIs by up to 45% and help you cater to unforeseen expenses with ease. 

Quick loan processing helps you with swift admission process

Many lenders today offer doorstep-document pickup facility for availing a higher education loan. This hastens the loan approval and verification process to a large extent. The disbursal of money to your account is done within 24 hours of approval. This enables you to pay for your child’s spot in a top university within the due date. With this assurance, you can also begin the visa application formalities and flight bookings at the earliest to save time and money.  

You can track your expenses and debt with an online account

The best Personal Loans today offer the convenience of online account management. This means that you can access your account from anywhere in the world and at any time. You can also use this online account to track your expenses, so that you can always stay prepared for the upcoming EMI payment dates. Moreover, you can easily download your loan statements in one click whenever you want to evaluate your credits with respect to your income. All this saves a lot of time for you.

Additionally, applying for pre-approved offers will help you access loan deals that fit your financial requirements and get Personal Loan approvals easily. So, check the offers available with top lenders before applying for a Personal Loan that perfectly suits your pocket and your child’s needs. 

Lenders like Bajaj Finserv offer a Personal Loan for Higher Education that can provide you with financing up to Rs.25 lakh at nominal interest rates, along with simple eligibility criteria, a Flexi Loan facility, and disbursal in just 24 hours. 

Source: https://www.moneylife.in/article/simple-tips-to-tackle-interest-rate-hike-on-your-home-loan/55080.html

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