Education in India is getting costlier year after year. For parents,
it is difficult to pay such high education costs. However, it is important to
not compromise on education since it holds the key to success. In such cases,
it becomes crucial to use all the long-standing investments or to borrow money
from some external source. Borrowing loan should be the last option when all
the possible resources for money have exhausted. While borrowing money from a
bank can be a risky decision considering the interest rates. However, banks are
not the only option for taking up an Education Loan in Mumbai.
Apart from the several banks, there are other Educational Loan Providers in Mumbai, known as Non-Bank Finance
Companies (NBFCs).
NBFCs are known to provide student-friendly loans to pursue higher
education or specialization courses understanding the student requirements on a
much wider scale.
Benefits and Features
of Loans from NBFCs
● Flexibility in course selection - NBFCs provide a wide range of course types
for which loan can be taken. Moreover, NBFC loans are more customers focussed,
meaning that they understand the requirements of the customers really well.
NBFCs keep records of data that help them better analyse the several courses
based on the curriculum, quality of learning provided and placement success.
This helps them evaluate your education loan requirement better and to disburse
the loan amount quickly.
● Loan coverage - NBFCs cover 100% of the course fee along with the other incidental
expenses such as the cost of books, library fees, travel expenditure and many
more.
● Easy loan procurement and quick disbursal time - NBFCs follow simple terms and procedure for
loan procurement unlike the traditional loan granting where the rules are more
stringent. NBFCs sanction and disburse the loan in almost 74 hours which is
really quick.
So, consider NBFCs as one of the options for borrowing a Student Loan in Mumbai to seek
education and achieve sky heights of success.
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