StuCred: Best A-Z Finance Aid Tips You Will Read This Year

  • 9 May 2020 | 1350 Views | By

Who doesn’t want to learn in the college of their choice? Everyone right? The right to education is for anyone and thus, money follows. But not everyone is capable of getting an education because of low income. And because of this, some may even not get their preferred college choice. Quality education is an unquestionable requirement for a total and fruitful life. For some, it is comparable to moving on from a top establishment. The expense of education is expanding quickly in this decade. Truth be told, the expense of learning at reputed organizations is now very high. 

Remembering this, guardians, who need to give their kids the most ideal education, put their cash in Mutual Funds (MFs), Fixed deposits (FDs), and so forth., as long as possible. In any case, regardless of this, one may experience a lack of money. Education loans do a fundamental job in such a situation by assisting with overcoming any issues between the deficit and the necessary money.

How can Students get Loans?

Students who think to take loans for their college can be categorized as one of the two categories. It is possible that they are more than ready to take out any amount of money they need, or they are excessively startled of not having the option to repay the credit to try and consider taking one out. The most ideal approach to consider if a student loan is directly for you is to get a comprehension of the reason for the loan and also should understand how it works. From that point, the students ought to consider the reasons why an education loan can create a good choice of college.

It’s then essential to see how the loan can impact on students and also how it can impact on a student’s credit history, and their capacity to accommodate themselves and their family as a grown-up. At long last, four key inquiries should drive the choice to get for school, and the amount you should borrow, recalling that money is a factor in settling on a decent school decision, however not by any means the only factor.

Interest is an expense charged for the utilization of another person’s money. It is normally charged once a month dependent on the unpaid loan. It’s anything but a one-time expense, as certain borrowers assume it wrong. The interest rate is communicated as a level of the loan. There are fixed interest rates for new students. A variable interest rate changes according to month and year. Qualification for most loans is based on credit history. 

Click to learn about simple and compound interest

What is StuCred?

StuCred is a fintech application that permits college students to get an instant and continuous loan with no human cooperation. After a one-time identity and school verification, students can acquire cash 24X7 on the application. They can acquire anyplace between Rs 500 and Rs 10,000 at zero percent loan fee, and reimburse inside 30 days. Rather than creating income through interests, they demand a flat tax charge or minimal assistance charge. In one and half long periods of activity, the Chennai-based startup professes to have more than 25,000 clients. The bootstrapped startup has tie-ups with more than 250 universities the nation over, including IIT Bombay, IIM Ahmedabad, IIM Bengaluru, and numerous others. StuCred understands that college students have interests beyond their studies. However, because of college deadlines that get in the way of a good time, students cannot enjoy themselves. For this, StuCred provides instant credit loans.

StuCred app was officially launched and started giving loans about eight months ago. Yet, in that short measure of time, StuCred has immediately become the most loved cash lending platform for anyone that utilizes it. There are numerous explanations behind this, key among them is trust. StuCred is one of the most reliable organizations, with a target that mirrors this quality-to teach and enables the students of India to learn. StuCred understands college students better than some other organization since it was thought of by undergrads.

Benefits of StuCred

StuCred is definitely the best student loan app in today’s time. There are different types of apps that provide loans to students but what StuCred offers are above them all. The best interest-free money application for students is unquestionably StuCred. The benefits of StuCred includes – 

1. Hassle-free process

To get a loan on StuCred, the process to apply for the loan is very simple. You have to submit documents of your college and also your personal details. The app will verify it based on the college you have selected. Select your bank and get the money transferred directly into your account without any hassle. Within a month, you have to return without any interest. 

2. Only service charge applied

Based on the loan you take, there will be a service charge of 6% applied but not the interest. This is the only reason why StuCred is different from others. Other apps who give loans charge both and eventually, students have to pay a big amount of money. But this is not in the case of StuCred and also the reason why students love to use this app.

3. Multiple repayment options

Once you take the loan, you have to repay it within a month. You can take a loan of Rs. 500 to Rs. 30,000 without any interest. But while repaying some apps might provide you only one or two options. Not in the case of StuCred as it provides multiple repayment options like bank transfer, wallet payment, online banking, etc. This allows students to have multiple options for repayment as students do not have different options.

 4. Customer care service

Customer satisfaction is the priority of StuCred. Every issue that has been in the student’s mind has been solved without any questions asked. StuCred helps in solving every query that a student may have and eventually it fulfills the student’s need. 24/7 support by the team of the company has benefitted the students in solving even the basic technical question on how to apply has been solved. This makes StuCred apart from rest other apps.

5. Cashback

It has been noted that StuCred has added the feature of cashback if someone repays the loan on or before time. This has increased the trust among customers and is also benefited by taking a loan. You can use this cashback on future loans and save some amount of money. The cashback feature has increased the downloads of StuCred.

Types of loans 

  • Federal Student Loans 

If your basic documents and good credit history this type of loan can help you to meet your education requirements. Even if you have achieved scholarships or grants, it would not help to cover the expense. Government loans require returns of loans with interest. All federal loans supported after June 2010 are financed through FDLP as claimed by the education department. The government set the laws and interest rates over it. 

  • Private Student Loans 

Private loans for students help overcome any issues between the real expense of your education and government loan help that you get. Banks, credit cards, and different sorts of moneylenders all issue private student loans. They do not require the permission of FAFSA. Financing costs, advance cutoff points, terms, and conditions, are set by the loan specialist and not by the government. 

You should qualify for the loan, the amount that you have blended from the person or bank, and the terms and conditions related depend on various elements, which can incorporate your record of loan repayment, regardless of whether you have a co-borrower, your co-borrower’s financial record, and your decision of school or course of study.

The Student Debt Trap

Student debts haven’t been considered a wise option, as they create undue stress, lifts focus from the studies and debts can take a large amount of time to be serviced. However, with the increase in education prices, necessity of digital information sources, people can hardly stay from it. Further, owing to less knowledge about interest and other charges, discipline in borrowing might become a tough lesson.

With advent of digital lending applications like StuCred, which lends only micro loans, amount lent is small and can be easily recovered.

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