Its’ been rigorous hard work for past couple of years and finally it has paid off to see yourself fix a spot in merit list. You’re on the ninth cloud and your parents feel proud of you as well. But what next? Are you going to put a brake on your studies after getting into the merit spot? Definitely not! Infact, the real race of building a sound and effective career that will lead to your future growth kick starts NOW.

Once students pass out from schools, while it’s surely momentous for the time being, funding their higher studies is the real concern that parents face thereafter. Today, the costs of higher professional education have touched the roof and it’s only going to shoot up in future as if sky is the limit for education costs. Many middle and upper middle section people of the society often stay tensed and worried on arranging the requisite finance for their children for higher education aspirations.

In such scenarios, education loans come as a guiding star in the darkness of much needed financial support to help talented and meritorious students to turn their dreams of studying in reputed professional institutes into reality.

How to apply for study loan for higher studies?

Today, markets are flooded with public and private sector finance firms who offer loans at most economic al rate of interests that range between 11% and 14%. Some private finance firms offer loans at no marginal money costs thereby offering 100% finance for your higher studies. The most alluring part of education loans is that they can be repaid after the completion of your higher study course.
A study loan takes a complete care of your expenses incurred towards the tuition and other fees, library charges, hostel and mess charges, cost of books and equipment, maintenance, caution fund/building fund/refundable deposit and cost of passage (for studies abroad), etc.

It is advisable that you have sufficient prior knowledge about the various education loan schemes and their pros and cons available in the market. Also, it will be good to calculate all the expenses such as tuition fees, books, boarding and lodging expenses, before you avail an education loan. Once decided you can approach the relevant finance firm. You need to work on four point module which starts from actually taking a loan to the repayment solution.

Loan eligibility

For taking a study loan, you should be an Indian national and must have obtained admission in an approved professional or technical course at a leading educational institution in India or abroad through the entrance tests or the due selection process. The loan applicants should have an earning parent or guardian as a co-signer to the loan in form of guarantor agreeing to pay your debt, incase you fail to do so.

The process

Once the bank/company receives applications for a study loan, they determine the period of the loan. For loan above Rs 4 lakh, you have to furnish the minimum down payment (payment from your own sources) of five per cent for studies in India and 15 per cent for studies abroad. However, there are many finance firms who offer education loan at no marginal money requirements. Besides, taking education at the utmost priority level these financial firms do offer fast track loans for higher studies which act as a speedy approval of your admission process at the time of application. It is advisable do a good research and figure out such firms which take a complete care of your finances and worries for higher education before applying for the loan.

Planning the loan repayment

Once you take an education loan the next big concern that runs through your mind is repayment of loan amount. But relax! There are various finance companies who understand that education loan serves as the starting point for the student’s financial independence and therefore they believe in good credit practices. Generally, education loans have a repayment period ranging from five to seven years and the EMI starts from the first year after the course completion or six months after the loan applicant secures a job. You have flexi repayment options such EMI payment course, Interest servicing during course & partial interest servicing during course. Look for these options and then decide the repayment as per your flexibility.

Moratorium period

In case your repayment starts within six months of course completion you can request the lender to re-schedule the repayment period or seek for a moratorium period. A moratorium period is a time during the loan term when the borrower is not required to make any repayment. It is a waiting period before which repayment by way of EMIs begins. Normally, the repayment begins after the loan is disbursed and the payments have to be made each month. Students need not pay interest during the moratorium period.
Difference between secured & unsecured study loan

Most study loans fall into the unsecured loan category, but in some cases, collateral security can be asked which is usually property owned by the guarantor (parent/caretaker), free from any other legal complications or liabilities. If a student fails to repay the loan, they need to pay it on their behalf or release the property.

While secure loans have lower and fixed interest rates, unsecured student loans from a bank or private lender usually have higher-than-average interest rates due to the risk component on providing a loan without any collateral. But, such loans provide a sizable amount of money to students in a relatively short span of time.

Education loans are of great help especially for underprivileged and talented students. Today, government has taken concrete steps for providing better education facilities to the youth of our nation. In order to make sure that no student is denied of pursuing higher education, various banks and private finance firms in India have come up with state-of-the-art facilities for educational loan scheme. So bank a suitable opportunity now and create own your world of successes by pursuing good and quality higher education in India or abroad.

Source : http://checkthis.com/studloan

While it’s no secret that pursuing higher studies in India or abroad has grown more expensive in recent years, the numbers are nonetheless surprising. The cost of tuition and other fees, library charges, hostel and mess charges, cost of books and equipment, maintenance, caution fund/building fund/refundable deposit and cost of passage (for studies abroad), etc. has grown significantly over past few years. The only way to stay atop the rising tide of expenses would be taking a suitable student loan.
However, when it comes to education loan there is a set of pros and cons that constantly hinder the minds of parents and students. Many of them stay concerned on matters like loan interest rates, payment duration, ways to repay etc. before getting into the serious business of education loan. However, in India more and more companies emphasize on offering customer friendly solutions for those needy students who wish to take an education loan. They believe “The more is the transparency better is the relationship between the banks or private finance firm and customers (parents and students).” Therefore, most of the leading banks & private finance firms have come up with Education loan Interest which helps you compare the costs of pursuing studies at different universities or institutes, the interest rates applicable, the processing fees, administration costs, payment duration and the flexible options to repay the loan.
Variables like your marital status, age and how long you will be attending come into the equation. Then with some financial information like how much you will be able to contribute each year and what scholarships or gifts you’ve already secured, the student loan calculator India can tell you what amount of debt you can expect to take on and what your costs will be after you pursue your higher studies to be repaid.
Monthly Payments
Incase you think you’ll be using one or more of these loan programs to pay for your higher studies, it’s a good idea to determine ahead of time approximately what your payments will be after you graduate. A Education loan Interest helps you gauge the size of your monthly payments. Remember the size will vary depending on what types of financial aid you are eligible for and what university or institute you attend.
Amortization
Besides understanding what the monthly student loan payments look like a Education loan Interest tool also helps you understand how your loans will amortize (be paid off) over time. First you calculate the monthly payment for each of your respective loans individually, taking into account the loan amount, interest rate, loan term and prepayment. Then add up the monthly payment for each of the loans to determine how much you will pay in total each month. The amortization of the loans over time is calculated by reducing the amount being paid towards the principal each month from your loan balances. The principal portion of the monthly payments will go down by the end of each loan term.
While calculating your student loan is not a fun story at all but you don’t have to get discouraged as well. Every student has its own experience on student loan like high debt or low job prospects but Education loan Interest makes these debt more manageable, and, in the long run, worthwhile. It helps students and parents stay mentally prepared with the loan structure, their outstanding balances from time to time and flexible options available to clear off the debt. It brings peace of mind for them and helps them build a concrete approach for the student loan.
Source: (http://www.articles.seoforums.me.uk/Europe-UK-US-Article/how-easily-calculate-costs-fulfill-your-dreams)

If you have any one of this wish, then you should avail a personal loan to accomplish them. Out of so many products in the market, ICICI Personal loan has turned out to be very popular amongst the loan applicants. It won’t matter whether you are a salaried employee or a self-employed individual, the product is for everyone. Salaried employees, self-employed people and doctors can avail a maximum amount of Rs. 20 Lakhs, Rs. 30 Lakhs and Rs. 40 Lakhs respectively. The tenure for the loan ranges from one year to five years. And the best part is- you don’t have to furnish any kind of collateral or security. Read this article for more information about the product.

Eligibility criteria: Anybody who wants to avail finance from the bank has to meet the below eligibility norms-

Salaried employee:

The applicant should fall in the age group of 23 to 58 years. It clearly means he/she should be at least 23 years old while applying for a loan and must not be above the age of 58 when the tenure expires.
He /she needs to earn a monthly salary of at least Rs. 17,500. In case of residents of New Delhi and Mumbai, the income should be Rs. 25,000. For people living in Chennai, Pune, Kolkata, Bengaluru and Hyderabad, the income should be at least Rs. 20,000.
The working experience of the interested applicant should be at least two years
He/she should be working with current employer for period of at least one year

Self-employed Individuals:

The applicant should fall in the age bracket of 28 to 65 years. In case of doctors, the minimum age is 25 years
A non-professional must post a turnover of at least Rs. 40 Lakhs and a professional must have turnover of a minimum of Rs. 15 Lakhs
The minimum profit after tax for non-professionals should be Rs. 1 Lakh and for self- employed/proprietorship firm it should be Rs. 2 Lakhs
They need to be employed in their present business for a minimum period of five years. In case of doctors, it is three years
A minimum of one year of liability or asset relationship with the bank in the past 36 months is required.

Documents needed for a loan:

In order to obtain finance from ICICI, the applicant has to complete the necessary documentation work. The documents which have to be deposited to the bank have been mentioned below-

Salaried employee:

Identity Proof:- Aadhar card/Driving License /Passport /PAN Card/ Voters ID card
Two Photographs of Passport size
Proof of Residence:- Utility Bill / Passport/Leave and License Agreement
Bank Statement of the past three months in which the salary is credited
Salary slips of the past three months.

Self-employed Individuals:

Proof of Identity- Aadhar card/PAN card/ Passport/Voter ID card
Address Proof- Utility Bill / Passport/Leave and License Agreement
Proof of Age- Passport/Birth certificate/ High school marksheet
Bank statement of the previous six months
Proof of continuity of business.
Proof of Income- Audited Balance Sheet and Profit & Loss account of the previous two years
Proof of Office address
Proof of office ownership.
Interest rate and processing fee:

The bank charges the applicants an interest rate of 11.59% to 22% per annum. The processing fee charged is 2.25% of the amount availed by him/her plus the service taxes applicable. A prepayment charge of 5% of the principal amount which is outstanding along with service tax is levied if someone wants to prepay his loan.

ICICI Personal loan EMI Calculator:

Knowing about the installment you will be paying each month is very important. Calculating the EMI can turn out to be a very confusing and time taking process. But why to worry when ICICI personal loan EMI calculator is there to give you instant results. Yes you heard it correctly. You can now know the amount of EMI you will have to give each month along with the total interest which is going to be payable. All you have to do is nothing but just type in your details like loan amount, interest rate and tenure. Let’s make it more easy for you with the help of an example.

Suppose Abhishek Mukherjee, programming head of Colors channel wants to go on an exotic vacation to New Zealand and he requires Rs. 2 Lakhs for the same. He approaches ICICI bank and secures the same amount at an interest rate of 12% for a tenure of five years. Now let’s use this calculator to find out his monthly EMI. It turns out that he will have to pay an EMI of Rs. 4,449 each month to repay his loan. The total interest payable will be Rs. 66,934. This means he will have to pay a total of Rs. 2,66,934 in order to ensure that his loan is successfully repaid.

A necessary as well as luxurious means of transportation is a car. Each and every individual wants to buy a car and the Government and financial institutions has introduced measures to ensure that more than half of the population are able to avail the benefits of a new car. Various banks, lending institutions and dealers offer auto loans catering to a variety of people with different financial background. People with good credit rating are offered a good rate on their auto loans whereas people with bad credit or no credit are offered rates keeping in mind that there should not be any risk involved in the bargain, but to back that no one is left out of the auto industry and everyone can achieve the dream of buying a car in today’s scenario.

People whether with good or bad credit often approach banks or lenders or car experts to calculate the type of loan one is qualified to get and for many other factors which need to be calculated prior to buying a car. However, what everyone forgets is one can calculate car loan rates by himself or herself even before approaching an expert on the same. This is possible because of free car loan calculators available in the market especially online which is accessible to 95% of the population nowadays.

Car finance calculators are available online and they either need to be down loaded as free applications or are already available on an auto loan service providers website. These free car loan calculators assist laymen to calculate car loan rates and select the best auto loan which suits the budget and requirements of the person taking help of the car loan calculator. Knowing how to calculate car loan rates is not something which requires proficiency or specialization in a particular field or subject of study. All one needs to be careful is keep him/her updated about the car loan market and the different gimmicks and standards in place which act as the decisive factor behind providing car loans to different people.

Access to the internet is the only prerequisite of getting benefit of the car loan calculators. To ensure car finance calculation is accurate and portrays the actual financial condition of the auto industry as well as the correct car loan rates available in the market, all one needs to do is provide the correct information about oneself in the form and answer few questions about ones financial condition, income and expenses, type of loan expected and the term period of repayment of the loan. There are several auto loan websites which assist you in comparing car loan rates of different lenders and then select the right type of loan suiting your financial stature and repayment capability. The free car loan calculator in such instances gather auto loan data including rates and other information, from various lenders and calculate the type of loan which would suit you based on the terms and conditions placed by different lenders.

What happens at the end of such calculations is that you get a clear picture as to which lender would provide you with what rates on the car loan and help you decide on the best lender to approach for the loan. Free car loan calculators available online are a convenient and hassle free option to carry out calculations after comparing different car loan rates being offered by different lenders in the market. Online car loan calculators makes it easy for anyone and everyone to save themselves from hidden costs and also helps one to avoid extending ones budget to buy the car of his/her choice.

Many a times you find yourself financially crunched due to pre-commitments. At such times you let go of your short term dreams, which you may otherwise fulfill by availing a personal loan for the same. Availing a personal loan instead of procrastinating is a mature decision. One may choose from the plethora of personal loans offered by the various financial institutes in order to sponsor one’s short term dreams.

May it be a holiday trip or buying a laptop for yourself, one must avail personal loan in order to fulfill them. The financial institutes offer these loans at a reasonable rate and without any security.

Availing Personal Loans
If you are an internet banking user and/ or a mobile banking user, you would find it easier to avail the loan. You may simply apply for personal loan online and wait for approval.

Personal loans are unsecured loans and thus the financial institution checks with the credit bureau for your credit score before approving the same. They require you to maintain a good credit history in order to be able to approve you the loan. In cases when the loan amount applied for is relatively small, the bank may offer you the loan even if the credit score is not up to the mark, but one must then try and improve one’s credit score in order to avail other financial schemes on a later date.

Documents Required
Documents required for your loan are proof of identity, proof of address, salary slip or the last six month’s bank statement showing your income source.

Interest Rates
The interest is high as the loan is unsecured and may range up to 20%. Though this should not be a matter of concern for you as the loan amount would be small and so would be the time required by you to pay back in full.

Benefits Women Can Avail
If you are a woman, you must avail the lower interest benefit and even the pre-approved loan benefit.

Balance Transfer Option
Financial institutes offer you the benefit to transfer your personal loan balance to any other financial institute if you so desire and wish to change your EMI figure.

Charges
The financial institute charges you a certain amount in case of late EMI payments.It is advisable to maintain timely payment of one’s EMI so as to avoid negative scores which reflect in one’s credit history. Otherwise, availing offers from financial institutes at a later date would then be cumbersome.

Apply for personal loans online and avail the benefits to fulfill your short term dreams. They are easy and quick to avail. The right financial planning will help you sponsor your short term dreams with a personal loan.