Debunking myths around your Study Loan

Education is one of the most significant investments with the maximum ROI. It helps you gain knowledge and skills and increases your chances of landing a high-paying job or perhaps starting your own business. But the growing cost of education often puts a dent in the aspirations of bright students who wish to pursue their dream education and carve exciting careers. However, all hopes are preserved with study loans as a saviour. So, here we are today to debunk certain study loan myths that will make you understand more about your hassle-free loan journey. 

Myth 1: Study loan is a burden. Hence, self-finance.

Let’s start with the first thought that drives in when you think of a study loan-  ‘an absolute burden with all the EMIs and repayment hurdle. The fact is that a study loan makes your quality education accessible and affordable. With the growing fintech market offering 100% digital study loan processes it is an absolute myth that study loans are a burden. Investing in quality education by taking a loan will earn you several benefits for the future.

  Myth 2: All study loans require collateral as security

Do you think collateral-free study loans are a myth? Many financial institutes offer collateral-free study loans that help students achieve quality education. Here, they follow a unique underwriting process based on your educational aspiration.

Myth 3: Up-skilling and re-skilling programs are not eligible for a study loan.

A study loan can be used for various educational purposes, such as up-skilling and re-skilling programs, undergraduate and graduate degrees, vocational training, online learning, international studies or even schools and coaching. Numerous financial institutions have noticed the rising demand for executive education. As a result, they have developed financial products to serve these market groups as well.

Myth 4: A guarantor is an absolute necessity for a study loan.

Just like collateral-free loans, guarantor-free loans are also not a myth. Many financial institutes offer guarantor-free study loans that help students achieve quality education.

Myth 5: Study loan EMIs start only once you complete your course.

This could be a myth or a fact depending on the loan product offered by your chosen financial institution. Certain financial institutes give a moratorium period that allows you to repay once you complete your course. Also, there are financial institutes where your repayment starts immediately once you start your course. 

Myth 6: You are eligible for a study loan only once.

Education is no more a burden that you cannot crack because of financial constraints. There are revolving study loans that let you take financial aid for all your education milestones, given that you have a good repayment history for past study loans. 

Yes, study loans are indeed your entry to a successful future. With the help of loans for students, it's now possible to succeed academically and professionally without depleting one's savings or relying solely on friends and family. Avoid letting these myths prevent you from reaching your educational goal.