Wednesday, June 10, 2020

India is gradually realizing the importance of education. Therefore, student loan facilities are also increasing far and wide. However, the exact procedure to procure the known is yet unknown by the majority of people. 

Either because of excessive documentation or due to insufficient knowledge, majority of the students fail to acquire an education loan from the governmental Financial Institutions. 

Here we have got to explain the exact steps and methods that you need to follow for preparing student loan in order to have a better future.

Financial institutions offer personal loans to help students in excelling in their education. A personal loan can be used for traveling, books, accommodation, and other expenses. In order to avail a personal loan, you should have a regular source of income in a normal scenario . 

Exceptionally if you do not have a job, You can attach the request of your spouse or parent as a co-applicant. This will help you to get the loan approved without managing the necessary documentation. Personal loans for students in India are unsecured. 

Therefore, it can be availed without offering any collateral in return.

What is the exact eligibility criteria for procuring personal loans for Indian students?

If you are looking forward to availing a personal loan for receiving higher education within India or Out boundaries,  you need Parents or spouse as the co-applicant.

What is the minimum interest rate for student loans?

Normally, the rate of interest for the student loan starts from 11.75% per annum. the general eligibility criteria include -

       The application should belong to the age group of 16-35
       The source of income for co-applicant should meet the minimum threshold specified by the financial institution.
       You need to provide collateral security in case the amount of loan is more than a particular limit. Income proof of guardian
       Identity proof, age proof, address proof of the applicant and the co-applicant.
       Income proof of guardian
       Copy of passport or visa

Here are the exact steps that you need to take for acquiring a personal loan for students in India 

Figure out your expenses

Until and unless you know what exact expenses you will be required to bear during the education tenure, traveling, moving and studying, it is difficult to move ahead with the application process. 

You should get complete detail about the country or state in which you are planning to go for higher education.

Check the eligibility criteria

Apart from finding out the eligibility criteria for procuring the personal loan, you should also find out whether you are fit for acquiring a particular field of education or not. 

You should have all the documents already prepared and everything should seem at a manageable level . you can compare different financial institution for acquiring
cheaper loans.

Repayment tenure

Much before you opt for a personal loan, you should know when can you provide it back . Always have a realistic approach according to your earnings . 

Go for EMI options and have a talk with your family so that things can be comfortably and affordably managed.

File your application

You need to come up with minimal documentation is required by the financial institution in order to get your loan approved . Follow the exact process For loan approval either through the net banking interface or via mobile application . There are multiple ways to apply for a student loan . 

You can also submit an application in the nearby branch and expect the application work to be completed in the minimal working days .

Carefully use the funds

Take care of your expenses and use each penny very judiciously . Education is definitely an exciting journey but it should also comes up with a lot of blunders.  You do not get bewildered anywhere .

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Important: Please always Check and Confirm the above details with the official website /Organisation/ Institute / Department and Official Advertisement / Notification

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