Even when you have a small kid at home, the concern to manage to pay for their college and higher education fees can’t be ignored. It is because by the time your child will be ready to go into a college; the expenses of education will be even more!
Thus, the question – how to finance your child’s higher education – is bound to haunt you. But if you have plans in action beforehand, you can be in a position to manage all easily. Here are a few easy ways to fund your child’s higher education that you can go through in this quick post!
Start saving from the beginning
The savings for your child’s higher education should begin as early as they are born. You should open a fixed deposit, recurring deposit, and invest in other schemes. This way, you will be able to earn interest on them and by maturity; you will have a large amount to cover your ward’s academic needs.
Seek financial help from family and friends
The immediate thing that you can do to manage the academic needs of your child is asking for financial help from family members and friends. However, the chance to avail the required finance via this channel is brim as they may have their own children’s concerns to look at.
Take the conventional education loan
The next thing is applying for a conventional education loan. But availing funds via this route means going through complicated formalities and submitting many documents. You may not have enough documents sometimes to get the loan approval. What’s more, the approval time is more, and you should be applying for it in advance if you want funds at the right time.
Go for higher education loan
Many lenders let you apply for a higher education loan at a competitive rate of interest. The higher education loan comes with a higher loan amount of up to Rs.25 lakh. It comes with many features like a speedy approval and quick disbursals and more. The education loan eligibility criteria are also less complicated. The higher education loan is an extension of the personal loan facility that is curated to meet academic purposes. Its advantage is that it is an unsecured loan, which means that you don’t need to put any collateral. If you have been able to manage a higher Cibil score and earning well, then you can get the loan approval at lower education loan interest rates.
You are now aware of ways you can employ to fund your child’s higher education needs. You can go for any of them as per your needs and urgency of funds.
If you are ready to apply for a higher education loan, then you can do that online and save your time and efforts.
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