Why Do You Need to Calculate the Interest Rate on Education Loan?

 Why Do You Need to Calculate the Interest Rate on Education Loan?

When you are planning to study abroad and you need to take a loan for your study, then it is necessary to know about the rate of interest on your education loan because after some time you have to repay it. There are many lenders, banks, NBFCs who provide education loan interest rates but also takes charge more than leap finance. So, firstly you have to compare the interest rate on the education loan because it helps you to understand the things clearly and you can repay the amount according to your state.

Things which impact on your education loan

Many things impact on the education loan, so make sure that all the things are compulsory for you and don’t add extra things:

  1. University- University is the main thing is the education loan. Because if you successfully take your admission in the best college. In the university, the leap finance checks that the placement rate is high or not, because if the placement rate is high then there are more chances that you get a job, and based on this the leap finance takes the interest rate.
  2. Course- The course also affects the rate of interest because it depends on the course how much payment of that. And you can repay the amount.
  3. Country- The country also give an impact on the interest rate, because if the country has a friendly immigration policy and better corporate police, then the terms of the interest are favorable for you.
  4. GRE and overall academic performance- Your GRE and your academic performance in history also affect the interest rate.
  5. Your work experience- The rate of interest also depends on your work experience that means the course you choose and your skills are an upgrade from this, there are more chances for you to getting a high paid job.
  6. Loan tenure- At leap finance, we think about the repayment of the amount by you according to your course tenure and when you will be able to repay the amount, according to this the rate of interest id decided.
  7. Collateral Vs no collateral- Leap finance allows us to show the rate of interest and trying to improve the customer’s experience and low the rate of interest. So the student can easily pay the amount.
  8. Personalized Interest rate- The personalized rate of interest is sent to you by leap finance so you can easily calculate it. They send you it when you submit the loan documents online. This will help to take decision faster and help you to know your immediate situation and your life in another country during the course.
  9. Prepayment- If you pay the prepayment then the interest rate applicable changes. But at leap finance, you do not need to worry about this because it never charges extra interest rate.

As you see in all the factors that leap finance is much better than other banks/ NBFC/ lenders because the interest rate of leap finance is low and for the students, it is easy to repay the amount with a low-interest rate.

 

Geraldine Robinson

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