Why Education Loan

In today's growing Indian economy there are huge opportunities available for students planning higher education. India not only offers varied career options but also many institutes to choose from.

But the question that makes or breaks your dream is where the finance will come from. To find solution to this you need answer few questions

• What is finance available with me or my family?

If your family has enough savings for your career needs, that can meet your education expenses, then you need not to borrow any money from anywhere.

• What are the scholarships available?

If you are sufficiently capable of getting through the scholarship exams, then there is a possibility that you can meet all your education expenses easily. You need to pay very less if you are a scholar.

• Does your institute provide any special deduction in fees?

The government-affiliated institutions provide special deduction in fees if you belong to OBC, SC/ST and any other category.

After analyzing the total cost of your education, if the reimbursements are more than your family savings and neither you are capable to crack any scholarship test, then you can apply for a loan. To decide on your education loan requirement you need to follow few steps

ANALYSZING THE TOTAL COST

It is very important to analyze all the direct and indirect expenses that will occur on your education. The correct interpretation will help you to raise an appropriate amount of loan for your education.

Total cost = Direct cost + Indirect Cost

Loan requirement = Total cost - (Finance Available + Subsidy + Scholarships)

DIRECT COST

• Direct cost is major amount of money that a student has to spend on his studies. It includes the tuition fees, other fees like maintenance charges and computer charges and the hostel expenses.

INDIRECT COST

• Indirect cost includes daily expenses that are equally important as direct expenses. The money spent on books and transportation comes under indirect cost. You can also add your cell phone bill and private tuition fees, as they are some of the essential personal expenses.

Once you have decided on your education loan requirement, it is time to approach only dedicated education Loan Company in India

Credila Financial services

www.credila.com

1-800-209-3636