How to determine your education loan eligibility?


Education is one of the essential components of life. There are many renowned universities in India and abroad that let students pursue quality studies in different verticals. Government and private finance companies come up with new loan schemes so that no deserving student remains devoid of higher education. Students who have secured admission in any of the reputed university/colleges in a recognized degree or diploma after their higher secondary board are eligible for the loan. Lenders will offer loan to pay college fees, hostel, laboratory charges, costs of purchasing books, computers, laptops, etc. There is a certain education loan eligibility criteria based on which lenders will decide how much loan an individual gets qualified for? And the rate of interest as well.


Some factors that would decide the Education Loan Eligibility would be your academic records, nature of course, university grade, country, additional course-related expenses, the credit history of co-borrower, their financial statements, etc. Once the loan gets approved by the bank or private finance firm, it's disbursed to the account provided by the borrower. In case of a student loan, students have to provide the account details of the college or university. To find out about the interest rate, principal amount, monthly installment you can make use of education loan eligibility calculators online. 


The best thing about a student loan is that you don't have to begin the repayment immediately. Lenders give a grace period of six months to 12 months after the course completion to start repaying the debt. It is termed as moratorium period. The borrower can use this time to secure a relevant part time job so that he or she could contribute to the interest rate payment. It will significantly bring down the loan costs. These days due to the availability of the internet and online services, hassle-free and speedy loans are being approved by lenders. Private lenders offer collateral free loan up to Rs 40 lakhs with instant e-sanction in one-day.  They provide a low-interest rate of around 11-15% with mere processing fee on it. Women applicants are given a special concession of 0.5% on the interest rate.


You can find Education Loan Calculator on any of the bank or private finance company site. To qualify for the loan, the student has to be above 18 years and below 35 years. He or she should be an Indian and should have secured admission in any of the reputed colleges/university. The co-applicant has to have a sound monthly income source. It will assure that the loan will be repaid comfortably within the given time period. In case the primary borrower is working professional and applying for further studies, both primary and secondary borrower has to maintain a good credit score in order to avail the loan.


Education loan eligibility can be verified online right from the comfort of your home or college. You can compare quotes of reputed banks and private lenders and take an informed decision.

For more related blogs click here!!



THANKS & CHEERS...

Comments

Post a Comment

Popular posts from this blog

The Criteria for Education Loan Eligibility

Image
When it comes to the 21 st century, high quality education is given the utmost importance. Unfortunately, the cost of education is increasing year by year, making it difficult for even the students with potential to get the education they deserve. Parents who want to fulfil their child’s dreams of higher education tend to rely on mutual funds, fixed deposits, etc. However, even after doing all this, there is a chance that the parents still cannot afford to fund their child’s education. That is where an Education Loan comes into the picture. An education loan plays a very important role in bridging the gap between the shortage of funds and the amount required. An education loan is given to students who want to study in either a university in India or abroad. However, as in the case of other loan types, there is certain criterion that the student has to fulfil in order to be eligible for an education loan. Since education loans are given to students who have the potential but la...
Read more

Ways in which an education loan for abroad is helping students

Image
The demand for quality education has reached its peak in today’s times. Thus, every individual is striving to reach the top by attaining a quality education. The west has established itself as an educational hub, all across the world. Thus, students from all around are traveling to the west to seek quality education and carve their names on the pedestal. But the cost of education has increased tremendously; thus, students are finding it difficult to pursue a course of their choice. However, thanks to the financial assistance provided by banks and NBFCs (non-banking financial companies), students can fulfill their educational dreams. The interest rates charged by financial institutions for an Education loan for abroad are much lower when compared with the interest rates offered by traditional financiers and loan sharks. There are a number of ways in which an education loan is influencing a student’s decision. A few of those reasons are here as follows: ·    ...
Read more