Outlook Money
Not going through the terms of an education loan properly, and overborrowing often leads to long-term financial stress
Applying for an education loan without proper research and comparison of interest rates from different banks can lead to one missing out on the best deals available
It is advisable to seek professional help and guidance to check out the loan details. Aspects, such as processing fees, coverage of education costs, and repayment options should be checked
It is also important to calculate the time it takes for the loan processing - starting from loan application till the time the loan is sanctioned
Availing of loan amount more than what is required can lead to higher loan repayment and interest outgo. So, it is better to calculate the interest rate beforehand
One should take a disciplined approach when it comes to loan repayment
Compiled by Syed Muskan