As far as the borrowers go, a person is a rare breed. Most of the borrowers typically have horror stories to tell about education loan tenures that always have been extended till retirement, credit cards charging astronomical amounts, and some other harassment by most of the lenders due to missed EMIs. Most of the people who have taken many kinds of loans are the worst hit. Even if they miss anyone EMI, this casts a slur on their credit report and also makes it very difficult for them to take this kind of education loan in the future. If you also find any kind of difficulty repaying your education loans, you may need to tweak your approach. In some pages that follow, we outline some strategies that can help you manage your debt situation without stressing your wallet.repay very high rate of interest loans first.
As a very first step, you need to prioritize this kind of repayment of your education loans. Always make a list of all outstanding education loans and then identify the ones that need to be tackled first. Ideally, start by repaying all the costliest loans. This will also reduce your rate of interest burden going forward. Pay the very good amount you can easily afford against the very high-cost loan without jeopardizing the total repayment of any other loans. Once you have cleared the total costly debt, move to the next one.
This can be very quite challenging to keep a good track of the EMIs and rate of interest changes if you have many types of loans. Missing an EMI means a penal rate of interest and a bad credit score. Also consider consolidating all your debt, which always involves combining many loans into one single loan. This kind of idea is that you easily avail of an education loan with a much very lower rate of interest than that being paid on any existing loans. Apart from this very lower rate, having a single loan will offer very greater ease in repayment.
This is often the very little things that go a very long way in keeping your finances in fine fettle. Whenever so far we have also discussed different ways in which you could easily reduce your loan burden, you may also need to make most of the lifestyle adjustments to accommodate your education loan repayments and also ensure you have enough money to pay very higher EMIs. The AXIS Bank Education Loan is the loan or funds acquired by all the individuals to easily pursue very higher studies in India or abroad. This education loan repayment commences for all the students after completing their very higher education and some period.This kind of repayment amount will also be determined by your choice of the rate of interest, you need to decide how you want to repay the education loan. That is if you want to very easily start paying during the time moratorium period itself.
