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How to get Educational Loan

I have secured admission in Manchester university. where should I apply for loan for lowest interest? Should I take up the loan in floating rate or fixed rate?

Jul 29, 2015 by Rituja, Chhindwara, Madhya Pradesh.  |   Financial Planning

You can get educational loans from most banks in the city / town where you live, if you fulfil the loan criteria of the banks. The bank will require you to have a co-borrower for the loan. The co-borrower should be your family member. Banks provide educational with or without collateral. If you or your co-borrower provided collateral (like house, land, gold, shares, debentures, saving certificates and other financial instruments), you can get a lower interest rate from the bank. Currently interest rate is broadly in the 10 – 12% range. You can go to bankbazaar.com and compare educational loans offered by different banks based on your requirements. In the interest rate environment that we are in, floating rate may be more beneficial in the long term since the interest rates are likely to come down in the future.

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