Nowadays with increasing activity of online degree courses in India, higher education has been disrupted. Online programs are now the new choice because of their flexible schedules, recognized degrees and industry-congruent curricula. Nevertheless, online degrees may be expensive to many students despite them being less expensive than the traditional on-campus degrees. To curb this, EMI (Equated Monthly Installment) is being extended by the universities and other financial partners and this has made online education more affordable and manageable (financially). EMI options enable the students to pay in small monthly installments as opposed to paying in one lump sum. This has greatly minimized financial limitations and motivated learners of all colours to venture into online undergraduate and postgraduate degrees.
What Are EMI Options in Online Education?
EMI means that the students can pay a fixed monthly installment within a period of a given time based on the total program fee. The learners can start paying in monthly installments instead of paying the full course upfront which is normally between 3 months to 36 months depending on the institution and the financial partner. EMI facilities in online education are typically provided by NBFCs, banks, fintech, and university alliances. Zero-cost EMI is also offered by many universities where students have to pay the actual course fee and no extra interest.
Why EMI Options Are Important for Online Degree Students
Online degree programs are supposed to be inclusive and EMI options are very fundamental towards this aim. A lot of students, particularly the working population and new graduates, might not be able to afford huge amounts of money at the beginning of their life. EMI plans enable them to invest in education without requiring to interrupt their monthly budget. Also, the EMI would assist the students in taking care of their bills and other obligations like rent, family or the loans they have. This will help learners to concentrate more in their studies and professional development, as they will be free of financial strain.
Types of EMI Options Available for Online Degree Courses
Zero-Cost EMI
Zero-cost EMI programs enable students to pay course fees in installments without interest. The overall fee paid out is the same as the initial charge. They are typically provided on short term contracts and are hugely popular amongst the students.
Low-Interest EMI
In low rate EMI schemes, there is a low interest percentage charged on the overall charge. Such schemes usually enable the long repayment period which makes the monthly payments extremely inexpensive.
No-Credit-Card EMI
Most sites have provided EMI services without the use of a credit card. It happens by processing them through the bank accounts, Aadhaar check or even digital lending websites and is therefore available to students who do not have credit cards.
Education Loan-Based EMI
Others choose education loans, in which repayment of EMI starts once the course has been completed or once there is a moratorium period. This alternative has been more prevalent among more expensive postgraduates such as online MBAs.
How Universities Offer EMI Facilities
The majority of online degree programs providers collaborate with banks, non-banking financing institutions, and fintech organizations and offer EMI options. Students are given an opportunity to pay in EMI during the time of admission. The EMI plan is activated as soon as it is verified and approved. In other universities, semesters or annual fee payment is also an option and they operate like EMI, except that there are no third-party lenders. This institutional elasticity also alleviates the finances.
Eligibility Criteria for EMI Options
Although the availability of EMI options is high, students have minimum eligibility criteria that they have to fulfill:
- Should be an Indian citizen (domestic EMI options)
- Minimum age (generally 18 years or older)
- Authentic bank account/ KYC documents.
- Constant source of income or co-applicant (with some plans)
- Credit score can be verified in case of a longer term EMIs.
- The eligibility procedure is normally fast and electronic and it can be done in minutes.
Benefits of EMI Options for Online Degree Courses
Financial flexibility is also one of the largest benefits of EMI options. Students are able to join quality programs without having to amass money. EMI initiatives also result in early career investment whereby learners can reskill or upskill at the opportune time. Budget predictability is another major advantage as constant monthly payments allow students to plan their expenses in a more efficient way. Lifelong learning is also promoted through EMI options because it eliminates the cost factor.
Things to Consider Before Choosing an EMI Plan
Although EMI options are useful, there are some factors that need to be considered by students before settling on EMI options. These involve the amount that is to be paid, the interest (where applicable), the time in which it is to be repaid, and the penalty imposed in case of late payments. Another consideration one should make is that the EMI either is a zero or interest-bearing, and the processing or convenience fees are part of it. The small print can be used to prevent the financial burden later on.
Popular Online Degree Programs with EMI Options
In India most popular online programs provide EMI facilities such as:
- Online MBA and Executive MBA
- Online BBA and B.Com
- Online MCA and M.Sc
- Online BA and MA programs
- Higher institutions that have been granted by UGC and are available using official online platforms are more likely to have structured EMI plans.
Future of EMI-Based Online Education in India
EMI options will be student-centric and will probably become even friendlier with the expansion of digital learning and fintech advancement. Flexible payment schemes, credit evaluation algorithms, and tailor-made EMI schemes depending on earnings will probably re-write the way students finance on-line learning. Due to the broadening acceptance of online degrees by employers, the education supported by EMI will keep a large number of learners empowered in urban and rural India.
Conclusion
EMI has become a strong facilitator of online education in India. They remove the financial constraints and help students and professionals in the workforce to acquire the due online degree programs without strain on their pockets. You can simply connect to Online Universities for absolutely free career counselling. Online education has become accessible like never before with zero-cost EMI, no-credit-card options, and flexible repayment tenures. To the learners who are intending to upgrade or gain a degree, EMI options offer a visionary and feasible route of investing in education without being forced to give up their financial stability.
