What services should you expect from a student loan refinancer?

Student loans help students achieve their higher education aspirations. The story doesn’t end here. Many of those students find repayment of student loans cumbersome and tiresome due to inflexibility in the repayment methods. To help such students, some lenders offer the service of being student loan refinance. These refinancers make the life of students easier by allowing them better alternatives to repay their student loans.

In this article, we will tell you about what student loan refinancing features should you expect from the refinancers.

1) Low-interest rate

The student loan refinancer would offer you the refinancing service at up to 100 basis points lesser than your current student loan financer. In short, you would get refinancing services with an interest rate up to 1% lesser than that your current financer levies on your student loan.

2)  Suitable EMI options

Most often than not, students change their student loan financers because they find it difficult to pay the high EMIs to clear off their student loans. In this case, look for a refinancer that offers you more suitable EMI value to help you with repaying your student loan with ease.

3) Extended repayment tenure and flexibility

A student loan refinancer would offer you an extended repayment tenure and allow you to repay your student loan flexibly. They would allow you to repay the loan through step-up EMIs. Here, the EMI would be of lesser value initially, and as you earn higher pay, the EMI value would increase proportionally. This will help you to repay the loan easily.

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4) Zero processing fees

A good student loan refinancer would not levy any processing fees on your student loan. This would keep the total refinanced amount in check. The best refinancer would only levy documentation charges and nothing more on the re-financed student loan amount.

5) Hassle-free and transparent process

The most suitable student loan refinancer would keep the refinancing process hassle-free. They would keep the paperwork minimal. They would also keep the whole refinancing process transparent. They would not levy any hidden charges or put hidden clauses in the agreement.

6) Doorstep service

The student loan refinancer would make refinancing even easier by sending one of their representatives to your house to complete the refinancing procedure and paperwork. This would save your time and efforts.

7) Foreign currency acceptance

The refinancer would accept the student loan EMIs in foreign currency as well if you intend to earn a job in foreign lands. This feature would save your time and efforts in converting the foreign currency into Indian Rupees.

8) Fund switchover charges if need be

In case your current lender asks you to pay some money as charges for switching over your student loan to your refinancer, the best student loan refinancer would offer to cover that in the refinancing as well and thus save your money.

So, these are the services you should expect from student loan refinancers. Please consult a financial advisor while deciding on a student loan refinancer to help you with repayment. All the best!