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- Financial Strategy For Education Goal
Brain and budget: What is your financial strategy for your education goal?
1. What all does an overseas education loan typically cover?
Correct option is C - From flights and laptops to insurance and hostel fees, most global education loans cover a wide range of expenses. Just check with your lender for the specifics.
2. What’s the most common myth about education loans that many people still believe?
Correct option is D - Interest starts adding up from the moment your loan is disbursed not after the course ends. The moratorium gives you time to repay but doesn’t pause the interest.
3. Which of the following is a key feature of education loans that benefits students during their study period?
Correct option is B - The moratorium period lets you focus on studies while the repayment clock is paused (for EMIs) for 6-12 months after completing the course. However, interest is still silently piling up in the background.
4. What does the term “margin money” mean in education loans?
Correct option is C - Margin money is the portion of your education expenses that you pay from your own pocket. For example, if your total course cost is ₹10 lakh and the bank agrees to give you ₹9 lakh, the remaining ₹1 lakh, which you arrange yourself, is the margin money. Some banks, especially public ones, may not ask for this if the loan amount is on the lower side.
5. What should you ideally do once you’ve graduated and landed your first job?
Correct option is D - The faster you plan and begin repaying even in small bits, the better your credit score and the lesser your total interest.
6. What’s a big mistake many students make with education loans?
Correct option is C - Don’t just take the highest possible loan. Be realistic about your earning potential post-graduation. Borrow what you can comfortably repay.
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90% Score
7 answers out of 8 questions attempted correctly.
Summary
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This content is intended solely for informational purposes. The views expressed in this content are personal. Axis Bank and/or the author shall not be liable for any direct or indirect loss or liability incurred by the reader arising from reliance on the content herein. Readers are advised to consult a qualified financial advisor before making any financial decisions. Axis Bank does not endorse or guarantee the accuracy of any third-party content or links included in this content.
