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Educational Loans

November 5th, 2009

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loan Educational loan is offered to the students to facilitate them to obtain higher education in India or abroad. The chief motive to provide this privilege to the student community is to let them learn and develop career in the various streams. Many students over the period of time had lost good career opportunities just because they or their parents could not afford the higher education. Now the banks are offering excellent loan schemes to the students so they can pursue the higher education in the streams like medical, biomedical, genetics, engineering, technology etc. Educational loans are available to the students who are pursuing Graduate or Post Graduate Programs in India or Abroad. These programs include Engineering, Medical, Management and other specialty course. This loan can be sanctioned to the students who have secured their admission on merit and through a selection procedure of the desired institute. Students within the age group of 18-25 can apply for loan for graduation programs whereas students from age group of 21-28 can get loan for post graduate or doctoral programs. The age limit can be relaxed by the lending institution depending upon the course and caliber of the student. The educational loan generally covers boarding fees, examination fees, traveling expenses, caution amount or deposit etc. along with the tuition fees charged by the institute. The students obtaining their education in India get maximum loan up to Rs. 7.5 Lac whereas the students going abroad for education can get up to Rs. 15 Lacs. The repayment can be done in 5-7 years after the student begins the repayment. No security is required for the educational loan up to Rs.4 Lac. The parents/guardian or a friend/relative can sign as guarantor while applying for this loan above Rs. 4 Lac or bank may seek a collateral security equivalent to the loan amount. The maximum limit of education loan can be extended by the lending institutes or banks in deserving cases.

Term Loans for Small Businesses

November 5th, 2009

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If you need financial assistance for your small business, you may consider applying for a term loan. Generally, there are two types of term loans for small businesses – short term and long term loans. In this article, let’s discuss the basic details about each.

Business startup financing

But first, what is a term loan? These are loans that have a fixed length of repayment period. The term may range from 1 year to as long as 10 years or more, depending on the amount of money borrowed. The amortization includes the principal sum of the loan plus the rate of interest.

Short Term Business Loans

Short term loans can be repaid within a year or less. Because of the short repayment period, the amount you can borrow is limited to a smaller value. Short term loans for small business vary depending on the purpose of the loan.

Examples are accounts receivable loans, equity, lines of credit, working capital loans, credit card loans. These loans are ideal for covering projects, marketing campaign expenses, purchasing more supplies, hiring additional workers, and the like.

Private Loan Repayment Protection An Option for Worried Borrowers

September 16th, 2009

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Student Loans A new private company called SafeStart is offering a loan repayment option for in-debt students that may provide an alternative to the government’s new income-based repayment (IBR) program. SafeStart is marketed to borrowers at colleges, universities and online schools who are worried about whether they will be able to make their monthly loan repayments after graduation.

Students who pay into the program—a cost of around $40 – $60 for every thousand dollars of Stafford loans they take out—are covered in case they find themselves unable to make monthly payments during the first five years after graduating. They receive an interest-free line of credit which can be used to make up to 36 payments over a five-year period, provided the student meets the qualifications for financial hardship. College graduates are considered to be facing financial hardship if their monthly student loan payments exceed 10 percent of their income.

Money management training and debt counseling are also included in the program, which currently serves undergraduates only. Some financial aid experts are skeptical that SafeStart offers any significant advantages over government repayment programs, but it could be a viable option for some individuals, depending on their financial and career situations after they graduate.

Debt Consolidation- Your Debt Helper

September 15th, 2009

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Hand The term debt refers to the accumulated amount of loan that a person is unable to repay. They usually pile up when you spend more than earnings or are unable to pay for your credit card bills or lack proper budget planning. So debt consolidation is the best option for managing your debt. It is an integral part of debt management keeping in mind all financial constraints that can help an individual to get rid of debts.

They conduct debt counseling to educate the people for the debt related issues. They find solutions to many of your debt related problems. A number of programs are available to assist at those times of financial burdens. Normally the consolidation specialists provide face to face assistance to tackle debt related problems.

While taking the help of debt consolidation programs some points need to be kept in mind. With the help of these plans you can pay earlier balance at the time of debt payment. It helps you to repay the loan amount at pretty low rate of interests. These programs are ideal for the borrower to maintain an easy to manage monthly payment plan which provides him with much ease and comfort.

The attractive loan schemes coming in the market daily allure the people to borrow more loans which make them responsible for many lenders.

The debt consolidation program facilitates the debtor to bring all their loans in to a single one. The borrower not only solves his or her debt problems but also get a number of benefits from it like you could very well improve your bad credit history. For a secured future you can make use of this plan.

Home Loans Up to Rs 10 Lakh to Get 1 PC Interest Subsidy

September 10th, 2009

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home loan To give a fillip to affordable housing across the country, the government is likely to clear a proposal to provide one per cent interest subsidy on housing loans up to Rs 10 lakh for houses not costing more than Rs 20 lakh.

The new interest subsidy scheme is likely to cost the exchequer around Rs 1,000 crore, and the home loans will be disbursed through nationalised banks and the National Housing Bank.

The proposal moved by the Kumari Selja-led housing and urban poverty alleviation ministry, is slated to come up before the union cabinet on Wednesday. “The proposal for housing loans up to Rs 10 lakh is aimed at boosting the housing shortage in the country, especially the shortage in the middle income and lower income segments,” said a ministry official.