How to Finance Your Education in Commerce Fields

Opting for the commerce stream is a good choice because it opens up a lot of career opportunities. The biggest advantage of studying commerce in college is that you stand a chance to work in prestigious job profiles, provided you work hard throughout. However, the cost of education is not exactly affordable for many. Courses like BBA require considerable funds if you get a chance to study at an institution of repute. Therefore, planning ahead of time is necessary so that the financials can be worked out strategically. With education loans being offered by financiers big and small, obtaining one is not a big deal. However, choosing the loan policy that is tailored expressly for you and thus best suits your needs is of paramount importance. It is here that the non-banking sector comes into the picture and, as of now, is one of the frontrunners in the loan race.

Steps to finance your education

Financing your education is not a big deal if you follow the right steps and have faith in yourself. It is important to not lose hope or panic if the fee seems way out of what you can presently afford. Rather, you should follow these steps to ensure that your financial needs are comfortably met.

• Apply for scholarships: Universities often have scholarships in place so that talented but financially weak students can afford their courses. However, these scholarships sometimes do not cover all costs. In that case, listing the institutions of your choice beforehand is important, along with the probable cost their courses come with. Sit for entrance exams that need to be cleared for you to be eligible for the scholarship. Thereafter, you must approach a reputable financier from the non-banking sector who seems to have the right alignment with your financial requirements.
• Apply for part-time jobs: Although it would be hectic, getting into a part-time job seems like a good idea as it significantly lessens the financial burden on you. Try to get a job that is related to your chosen field. Doing this will help you get hands-on experience as you also get financially independent.
• Apply for student loans: While you keep trying for the above, keep an eye on the best student loan on offer that you could utilise.

What to look out for

While you select the right loan for your admission, make sure the amount sanctioned by the financier accounts for the following costs:

• Tuition fee: The basic fee that you need to pay every semester.
• Academic fee: Once you take admission, you will utilise the college resources for which you need to pay upfront, including examination and library fees.
• Miscellaneous: As you begin your classes, you will need to pay for necessities that are essential for your study, for instance, a computer/laptop, excursions, etc.
• Insurance: It is not a bad idea to pay an insurance premium for your loan, which is in any case mandatory if you are pledging collateral. Even if you are not, paying insurance helps pay up your loan in case you fall sick during the course, or a mishap takes place. Furthermore, your creditworthiness takes a boost with the payment of insurance premiums.

Why choose the non-banking sector

There are several reasons for choosing the non-banking sector instead of large financiers like banks. Banks must adhere to the guidelines set by the Reserve Bank of India in all its operations. Due to this mandate, banks have to hold back from innovative strategies that have the potential to bring greater growth and help people who are in need of funds. The non-banking sector can work more independently to some extent and can integrate the latest technology, like AI, into their system units. By doing so, they can work towards building a better creditability checking system and as a result, disburse funds quicker than the traditional institutions. Moreover, by using these technologies, they can conduct better market research and hold a robust cybersecurity system in place. Thus, the NBFC s can move towards generating revenue without having to rely on external sources. As a stakeholder, students can thus expect a smooth transfer of funds so that they face no difficulty in getting admitted to their dream course.

The final word

It is important to understand that under the current economic system, the cost of education is not affordable. The solution to this problem is sought by the non-banking sector, which has slowly but steadily outgrown its dependence on the online marketplace for generating revenue. With the implementation of new technology, including advanced AI, this sector now has access to improved market research and an untapped client base that has always been elusive to banks. Thus, as students, you can count on these financiers to fund your education so that you can pay up after a generous moratorium period.