Tips to get Lowest Interest Rate on Student Loan

Tips to get Lowest Interest Rate on Student Loan

If you really wish to reduce your student loan EMI payments, Paying a lower interest rate should be on your list. Like other loans, banks and Non banking financial companies offer student loans at an interest rate of 9-14%. However, the student loan interest rates are negotiable. This is different from a fixed interest home loan.

 

We are going to show you some tips that can reduce your student loan interest rates:

 

- Build a profile. The record of your academic, the university you attend (in the case of SM), and the university you choose to attend, will affect your interest rate. Always  Keep your profile too impressive so that banks will be happy to offer you a loan at affordable interest rates.

 

- Do your research. Before you ask the bank to lower the interest rate, ask some questions from you. Can you provide a guarantee? What is your partner's signature income? What is your payment term? Interest rates can be negotiated based on these factors. Check interest rates of various banks and non-bank financial institutions also, & find low interest banks/NBFCs and use them to interact with competitors. If your profile is impressive then the bank will be ready to cut interest rates. This way you can get a loan offer with lowest interest rate.

 

- Apply soon. If you have a good GRE score, instead of securing addmission you have to apply for loan. Students who apply early have more time to compare different banks and negotiate a lower interest rate loan.

 

- Calculate costs carefully. Try to calculate your expenses as accurately as possible. Loan amount and interest rate may vary. The higher your income, the higher the interest.

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