By Admin 
If you are dreaming of making a career in the field of art and want to enroll in creative courses like MFA (Master of Fine Arts), then you should not worry about money now. In today’s time, big banks and finance companies of the country are also offering great education loans for such creative courses. The matter is not only limited to the loan, but also easy and smart ways to repay it, which makes the loan to repay the loan after studying, not a burden but a managerial responsibility.
What is mfa
MFA i.e. Master of Fine Arts is a postgraduate course, which opens the way to become professional in areas like painting, graphic design, sculpture, photography, theater, film or creative writing. There is a lot of craze among students about MFA from renowned art colleges in India to top universities from abroad. But the fees and expenses of this course are more than the financial capacity of the family. In such a situation, education loan comes out as a great option.
Who gives the loan
In such a situation, students can easily get education loans ranging from 4 lakh to 10-20 lakh rupees for education of MFA in India. On the other hand, if you are dreaming of doing MFA in countries like America, UK or Europe, then the loan amount can go from 20 lakh to 40 lakh rupees. Banks like SBI, PNB, ICICI, HDFC give loans for this, while education like Credila, Avanse, Incredes provides even a collailel-friend loan, provided the university’s profile and the student’s profile is good.
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After taking a loan for a course like MFA, the most important question is how to repay it easily? There are some easy but effective ways for this.
Use Mortorium period smart: EMI does not have to be filled for 6 to 12 months after completion of the course and after completion of the course. During this time, you can start filling interest from part-time income or internship so that the loan burden is reduced.
Earning from freelance artwork: Many MFA students can start EMI by earning from digital art, portraits, designing or online tuition along with studies.
Choose long term by reducing EMI: Banks often provide EMI filling in a period of 5 to 10 years. This makes the monthly installment lighter.
Keep Refinening Options: If another bank is offering a loan at a low interest rate, then it would be prudent to transfer there.
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