Speed up your education loan repayment: 5 steps to pay off ₹30 lakh faster3 min read 22 Mar 2023, 07:33 PM IST
This fiscal year, the interest rate on education loans has spiked due to RBI opting rate hike cycle to tackle inflationary pressure. The policy rate hikes have led to a substantial increase in the cost of funds at banks and other financial firms which resulted in an increase in their benchmark lending rates. And hence, the end rate for any form of loan increased significantly in FY23.
Education is one of the mediums to fulfill your dreams in the future! But sometimes the desired degree can be very expensive and hence leaves no option but to use other mediums for funding your education. One such option would be an education loan! In the current scenario, getting an education loan is as easy as a few clicks through online platforms. Banks and other financial institutions do offer education loans at attractive interest rates either for studying in India or abroad. But the real burden is not getting an education loan, instead, it is how you repay them!
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