Thanks to technology, information is just nanoseconds away. Early 2016, Forbes magazine had reported that India had more than one billion mobile subscribers. You can imagine how swiftly young India has adapted to technology and made it a way of life. With most Indians literally carrying a warehouse of information in their pockets, the adolescent Indian is more aware and knowledgeable.
They are no more average clueless juveniles; rather they are focused on what they want and have already chalked a path for them in their minds. Indian students are not going the conventional college mode any more. There are no more run of the mill doctors, management grads, lawyers etc. You will see adolescents playing more to their sensibilities than the conventional “hypes”.
Education Loan Is Changing Fate Of Indian Student
They are more interested in doing courses related to their interests, be it fine arts, creative arts, astronomy, aeronautics and what not! Be it sports or arts, they are studying it all. Some are moving abroad to do an advanced course in foreign languages while some want to improve their cooking skills by enrolling in a foreign university that would give them a chance to intern under a renowned chef.
Alas, everything has a price. Education is becoming expensive by the day. When chasing dreams, today’s generation doesn’t bat an eyelid over the cost of pursuing it. Youth are the future of our nation and student loans provide them with the greatest thrust towards their goals.
Earlier, kids would have to give up on their aspirations due to lack of funds. What a person must pursue was decided on the basis of one’s affordability rather than based on their interests. Now children are carving their own destinies because finance is not an obstacle anymore.
With an education loan they come one step closer to their dreams. Young children can freely choose their interests because they know they have a student loan at their behest. With financial support, kids are coming forward with their strengths and achieving greater heights in every discipline. Therefore education loans are priority loans, only next to home loans in India.
The government is clear that no child should be denied their right to education, especially due to financial constraints. They worked on ways to improving accessibility to loans and extending education loan subsidy. In August 2015, they launched a Pradhan Mantri Vidya Lakshmi Karyakram wherein any aspiring candidate can register and through a common online application form, apply to several banks for a student loan in a single shot.
With a financial aid comes the freedom to pursue courses that would otherwise be out of their reach. Students have increasingly benefitted from education loans. One important thing that makes student loans so attractive is the “moratorium period”. This period of “repayment holiday” states that the borrower does not have to pay a single penny until the student is studying a regular course.
Infact the first EMI begins somewhere six months to one year after the course is completed. This means that the borrower and the co-borrower has course period plus six months to one year’s time before they start repaying their student debt.
However, sometimes people forget how important it is to repay the debt in time. One misstep can cause your CIBIL score to plunge. Therefore, pay your education loan on time so that you build a fair credit score. A good score keeps the doors to credit open.
Banks too widened their gamut of courses and institutes approved for loans. This has made it relatively easier for children to learn, gain new skills and flourish in their chosen domains.
Reports suggest that between 2004 and 2012, education loans grew by 35%. More than one lakh Indians search for “education loan” in one month, as per Google’s data. More and more Indian students are looking for opportunities to study newer streams and possess skills that will give them a firmer footing on the global platform.
Therefore, Indian students are shining in every domain. Be it animation, music and dance, astronomy or any global leading positions, you will certainly find more Indians gaining ground. Now that is a thing to be proud about.
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