articles

Home / DeveloperSection / Articles / Tips to make it through the education loan process

Tips to make it through the education loan process

Tips to make it through the education loan process

Swara Joshi702 22-Oct-2019

It is known that taking up higher studies courses become an important part of one’s professional future. What is also known is that the cost of these courses, do not come cheap. With the help of services like education loans, students can now avoid having to put off their education and give it the priority it needs. The complexities in jobs have caused a competition to get through the application for education loan process as well.

Here are a few tips to keep in mind to help with the application for education loans.

Tips to make it through the education loan process

1. Applying on time

The education loan process, begins when the student submits the application form online. If the student has received their admission letter way ahead of the semester beginning, it is always better to submit the letter well in time to get the education loan process sorted. After sending in the application, the bank or NBFC will ask the student to submit the needed documents. They loaning companies ask for verifications regarding the identification of both the student applicant and a co-borrower who is (preferably) related to the student. Along with the identification, the students need to attach their past mark sheets so that the loaning agency can verify whether or not to sanction the loan.

The salary slip of the co-borrower is also taken to consideration to check the financial background of the student. It is always better to calculate the finances of the family and the future income to be able to balance out the education loan while being able to provide for other miscellaneous costs.

2. Building the profile

This part of the tip is something the candidate needs to work on way before applying. The profile of the candidate centrally depends on the past and the future academic profile. The past mark sheets of the candidate must show the student as a bright learner. Having a good academic record helps better the chances of getting approval in the education loan process. Securing good scores during entrance exams can also better the chances of getting an education loan.

Among a few banks and NBFCs, the interest rate for students with a good academic record is made comparatively less than the actual rate.

3. Posing you as eligible applicant

Among the many applicants, the loan providers focus on providing the loan for the best eligible candidate. Other than the academics of the student, the applicant needs to also come through as a shining candidate outside of academics. The location and selected university, also reflects a good image of the student. Getting into a prestigious college that would profit the career profile of the student will enhance the profile of the student. When the documents and application submitted prove that the student’s course will help build the career and be able to repay without defaulting, then that candidate has successfully made it through the application for education loan process.

While being able to fit the eligibilities of the bank or NBFC, the student and the co-borrower must also make sure that the loan and EMI plan match their preferences.


Leave Comment

Comments

Liked By