Taking student loans for higher studies?
Then ask for some extra money!
Why?
Because apart from the university’s tuition fees there are other miscellaneous expenses like, books and stationary costs, travel, and accommodation expenses, laptop purchasing cost, etc. which you will incur.
And not able to pay for them will unnecessarily create financial stress.
So, while applying for an education loan, take additional amount for miscellaneous expenses along with living expenses and tuition fees amount for the entire course duration!
But won’t it increase my interest outgo?
No, it won’t!!
As the interest is charged only on the disbursed amount of the education loan.
For example, if you need ₹45 lakhs for your abroad education then you should apply for a ₹55 lakhs loan and keep the amount of ₹10 lakhs as a safe side margin. If you disburse only ₹40 lakhs then the interest rate will only be charged on ₹40 lakhs and your rest of ₹15 lakhs will lapse automatically, and you will not have to pay any interest on it.
(Amount taken as an example and is not indicative)
So, ask for more money to make your life easier!!
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