Education is the most basic and essential commodity for growth and development on a personal as well as a societal level. Owing to its importance, the cost of obtaining the necessary knowledge and skill to excel in the chosen field is ridiculously high. Despite the sky-rocketing costs, many people do not mind investing lakhs and lakhs in the education of their lads, as it presumably ensures a good future. Parents often drain all their savings in order to provide for their child’s education, leaving the family in a state of financial vulnerability. However, in recent times, the concept of education loans has helped ease the situation a little. But sadly, there are many Disadvantages of Education Loans in India.
•Funding for limited courses
The most common approach to avail an education loan is a bank. However, most banks offer loans only for selected professional courses like medicine or engineering. Students willing to pursue skill-based training courses or vocational courses do not receive the opportunity as these courses are not valued.
But in recent times, that stereotype has disintegrated. People are regarding these courses with appreciation and support as well. Thus,NBFCs (Non-Banking Financial Company) like Eduvanz provides loans for such skill-based courses.
•Eligibility criteria
Another Disadvantage of Education Loans in India is that most banks have a standard criterion to consider a student worthy of a loan. That ironically defeats the entire purpose of student loan, to offer the opportunity for every student to obtain an education.
Hence, as a new-age digital finance company, Eduvanz provides loans for all kinds of students and all kinds of courses.
•Repayment pressure
Considering the fact that employment opportunities in India are insufficient and limited, there builds the pressure of acquiring a job immediately after studies to repay the loan, as there is a specific time frame within which the entire loan must be repaid.
To prevent this complication, and to vanquish such Disadvantages of Education Loans in India, Eduvanz offers personalized loans with flexible repayment options.
Consisting of a team of committed visionaries, Eduvanz aims to create a platform where every student can shoot for their dream job.
Another disadvantage of education loans in India is that most banks have a standard criterion to consider a student worthy of a loan.