In today's fast-paced world, traditional degrees often don't suffice for achieving career growth or launching a business. That's where skill-based courses and vocational training come into the picture. Whether it's data analytics, graphic design, or culinary arts, these courses offer practical knowledge that directly applies to specific job roles.
The funding dilemma
Choosing the right skill-based course is an important decision, but figuring out how to fund it can be equally crucial. High tuition fees and associated costs often present a barrier to entry for many. Education Loans are increasingly becoming the solution to this challenge, helping to normalise access to these career-enhancing courses.
With competitive Education Loan interest rates and invaluable tools like an Education Loan calculator, banks like Axis Bank are ensuring that financing your education is as straightforward as possible. This facilitates a smoother journey towards acquiring new skills, setting you on a path for career growth and long-term success.
Benefits of Education Loans
When considering Education Loans, it is prudent to know about the suite of benefits that Axis Bank's Education Loan offers:
- Flexible amount: Whether your course cost is ₹50,000 or more, Axis Bank has you covered. You can even get funding up to 100% of the total cost of education.
- Quick and easy disbursals: Post-sanction, you can expect the loan to be disbursed within just two days. The loan can also be customised to credit successive advances as required by your chosen institute.
- Pre-admission sanction letter: This provisional letter can be a boon during the admission and, for some countries, even the visa process. You can apply for this right after receiving your GRE scores.
- Re-financing: If you have already paid some instalments towards the course, Axis Bank can re-finance those for you.
- More than just fees: The loan provided by Axis Bank covers fees, living, and travel expenses, based on your eligibility, making it truly comprehensive.
By leveraging these benefits, especially the Education Loan calculator, you can ensure that you make an informed decision tailored to your specific needs and capabilities.
Choosing wisely
When considering an education loan, keep these elements in mind:
- Interest rates: An Education Loan calculator can help you determine the total cost over time.
- Loan amount: Ensure that the loan can cover all your costs.
- Repayment terms: Flexibility in repayment is a significant advantage.
Making smart choices with education loans
Opting for an education loan isn't just about getting your hands on some quick cash to pay for tuition. It is a long-term commitment that can significantly impact your financial future. Therefore, making an informed decision is crucial. Here are some tips on how to make smart choices with Education Loans:
Know the total cost
One of the first steps you should take is to calculate the total cost of your loan, which goes beyond the principal amount borrowed. Use an Education Loan calculator to figure out your monthly payments and the total interest you will pay over the life of the loan. This will provide you with a comprehensive understanding of what you are committing to.
Look beyond the interest rates
While competitive Education Loan interest rates are important, do not overlook other benefits. For instance, Axis Bank's Education Loan offers quick and easy disbursals within just two days post-sanction. Such features can be invaluable when you need to secure your seat in a course.
Also Read: [How to plan your educational loan repayment effectively?]
Read the fine print
Always read the loan terms carefully. Know what happens if you miss a payment, understand the repayment flexibility, and be aware of any additional charges. This can save you from unpleasant surprises down the line.
Recap…
Skill-based courses and vocational training are avenues that offer high career ROI. While these come with a price tag, Education Loans, particularly those as comprehensive as Axis Bank's, can be a smart way to fund these courses. With competitive interest rates, flexible amounts, and a range of other benefits, Axis Bank ensures that you don't just acquire a skill but also the financial ease to master it.
Also Read: [How to select the right Education Loan for you?]
Disclaimer: This article is for information purpose only. The views expressed in this article are personal and do not necessarily constitute the views of Axis Bank Ltd. and its employees. Axis Bank Ltd. and/or the author shall not be responsible for any direct / indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information. Please consult your financial advisor before making any financial decision
