Education loans are financial loans given to students to pay for their education. The cost of education is increasing yearly, and there is a lot of pressure on the students and their parents to pay for it. Therefore, for a student to pursue higher education, they must take out an education loan. These loans can be taken from banks, financial institutions, and specialized credit agencies offering education loans.
The borrower can repay the money lent at once or in installments over a fixed period. Interest rates on these loans vary depending on factors such as the type and duration of the loan but are usually lower than those charged for personal loans because a student’s assets secure them.
Education loan fulfills the dream of every student to attain higher education.