The rising costs of educational fees have caused a decline in the numbers of students applying for educational courses in the country. Thus, there are many meritorious students who are unable to bear the burden of the rising costs. Therefore, the parents lack funds in order to financially support their child’s education even after splurging all of their life’s accumulated wealth. However, thanks to the financial assistance; in the form of loans, provided by banks and NBFCs (non-banking financial companies), students can pursue a course of their choice. The education loan for students, provided by these banks and NBFCs have way lower interest rates than the interest rates for the traditional loans. There are many banks and NBFCs (non-banking financial companies) which offer education loans online, thus, students can make use of this feature and compare; the education loan which is best suited for them.
The various benefits of opting for an education loan are as follows:
• The study loans cover all the costs of your education whether you are studying in India or abroad. The various courses covered under the umbrella of study loans are science, arts, commerce, MBA (masters of management studies), mass media, marketing, economics, engineering, medicine, etc. The various costs such as college fees, tuition fees, and costs of residence, travel expenditure as well as all the other miscellaneous expenses are covered under the education loan for students.
• The students can fund their own education by opting for study loans and thus, save their parents from the hassle of exhausting their savings in the form of jewelry, land, cash, etc.
• The flexible repayment pattern provided by the banks and NBFCs (non-banking financial companies) help the students to plan out their future installments in advance. Thus, helping them to plan out their future wisely and to live risk-free. There is also a feature of the moratorium period, given by the banks and NBFCs (non-banking financial companies) to the students in order to find a job. The moratorium period can be anywhere between 6 months to a year, and during this period, the students cannot repay the principal amount of the loan. However, they can repay the piling interest rate of the loan.
• The financial institutions also provide the facility of Education Loan For Students online. Thus, students can enjoy the facilities of quick approval, online management of account and no branch visits by making use of the online feature. Thus, by making use of the online facilities, all of your information is secure as well as within the palm of your hands.
The people who can apply for an education loan are:
• All the citizens of India who are between 18 to 35 years of age can apply for an education loan.
• The banks and NBFCs (non-banking financial companies) also check the academic background of the student, thus, only the meritorious students are funded by the financial institutions.
• An earning member of the Indian society must be willing to become co-borrower for the loan amount. He or she can be a relative, family member, parent, sibling, etc. However, the co-borrower will be the primary debtor for the loan amount.
• You need to keep collateral with the financial institution in order for you to procure an Education Loan For Students. This collateral can be a residential property, life insurance policy, savings in the form of fixed deposits, or any non-agricultural
Benefits of Education Loan for Students in India
All About Small Business Loans
Besides the myriad of problems that a small business owner faces, the most severe issue is lack of capital and limited avenues to raise capital from external sources. Being a small business owner, it is never easy to get a business loan, as most lenders would consider them as borrowers with unstable income and poor credit. Justifiably, as most small business often do not have a steady flow of income in the initial period and runs on low profit, it actually becomes a challenge for the owners to pay off their business loans. Most financial institutions and banks are therefore not very enthusiastic about lending to these small business owners and are concerned about their ability to repay.
However, the good news is that there is a group of lenders who would not like to let go this increasing market segment of small business borrowers and they have devised a lending scheme that fits the requirements of the small business owners. They can use these small business loans for expansion of their business, purchasing new tools and technology or even to meet revenue expenses like paying wages or buying raw materials.
Apprehensive about the increased risk involved in lending to small business owners, these lenders would always take sufficient measures to cover against any probably loss. In most cases the small business owners would be required to keep an asset as the security for his borrowed amount. Also, the interest for small business loans is always charged at a higher rate than other loans. Unlike normal business loans there is often a cap to the amount that any financial company would lend to a small business owner. Depending on the stability of the business, the credit history and several other factors the maximum amount of loan offered is decided.
Small business loans [http://1rstfunds.com/Small-Business-Loans.php] can be either for short term (ranging from few months to an year) or long term, which can be repaid over a longer period that might stretch even to 20-25 years. The small business entrepreneurs needs to decide on this repayment period and other terms and conditions depending on their specific requirements.
The most important factors that most small business owners should consider while deciding on a loan is the flexibility of repayment. As most small business would experience irregular income for some period in its life cycle, a flexible repayment schedule can be immensely helpful. There are lenders that offer extremely flexibility in terms of amount paid towards repayment as well as any pre specified period of repayment. This helps the small business owners to make repayments for any particular period based on their income during that period. As there is no specific pre determined amount to be paid, there is no question of underpayment or further interests being applicable. However, it is very difficult to find such a lender who will be so sensitive to your financial condition and offer you the highest degree of flexibility.
Alternative to small business loans there are many other companies that are offering business cash advance to small business owners, where they are not liable to repay. Business cash advance is not a loan and the organization offering this cash advance gets their money from the credit card sales that the business does in a specific period, there by reducing the burden of paying back the loan and the terms and conditions to qualify for such cash advance are also relatively simple.
With this increasing number of sources available for small business funding it is high time that you unleash the entrepreneur in you and give shape to that dream project you have in your mind.
Home Based Business Opportunities
There a lot of reasons why people are interested in looking for home based business opportunities. Almost every household now has a computer and are online most of the time. Working from home has become a very viable way to earn a living and finding the right home based business opportunity is the first place to start.But, you have to remember, that home based business opportunities are not applicable to people who just want to earn money fast. You still have to dedicate a lot of time in understanding your choice of business, research about it, and weigh their “pros” and “cons”. If you want your business to be a success, it will require a lot of patience, hard work, and knowledge.Here are some interesting home based business opportunities that may be just what you are looking for:o Selling Pet Based Products Online
- Many pet owners would want to buy anything for their pets welfare. From pets accessories down to pets food, this is a great market to get into.o Fashion Accessories
- The Fashion industry is making a lot of money these days. Since a lot of teenagers are always glued to their computers, finding a pretty outfit on the web is very hard for them to resist.o Home Renovation Services
- This is a hot niche right now and it will continue to increase in sales in the next few years. People want their houses to look good without having to go to a lot of stores to find what they need. So offering these types of products online just makes sense.o Catering Services
- Busy families are always looking for convenient ways to make their lives easy. Offering an easy solution for their meals is sure to be a potential income earning opportunity.o Wedding Consultant/Planner
- Weddings are everywhere. Offering your services to help plan a wedding is a great business to get into and can be done from a home office.o Life Business Coaching Services
- Coaching is slowly making its name in the market now. A lot of people want to have personal coaches of their own. If you have the right skill and training this is a great home based business.These are only a few of the home based business opportunities that are of interest. Once you have decided what is right for you, make sure to receive the proper training and skills. Take some time researching and ask yourself if you think it can help you as a person as well as an entrepreneur.