Education loan usually covers about 90 percent of your total expenditure on education ,including tuition fee, books, travel, and passage expense ,project ,uniform ,library, examination fee ,and so on.
The question ‘how to get an education loan’ indicate that person wants to about what are the process to Education loan.
Select the bank and the loan scheme you ant to take .
Once the conformation done both the thing contact bank to confirm the documents to approve thee loan facility.
After the submissions of document the bank will elevate your profile and sanction your loan accordingly.
Eligibility criteria for Education loan
The student must be a citizen of India.
The student must have been admitted to a recognized institution for a full-time course.
The student’s parents or guardians must have a stable source of income.
The student must have a good credit history and score.
Some lenders may require collateral or a co-signer.
The student must have completed their higher secondary education or equivalent.
Some lenders may also consider the student’s academic performance and future earning potential.
Document Required For Education Loan
Education loans are sanctioned to a candidate only after submission of a long list of documents. Consequently, it is extremely important for candidates to get the list of documents required for education loan right!
Thousands of Indian students opt for study abroad ventures to attain quality education. Education loans are considered as the best ways to cover the cost of studying abroad. Seeing the increasing trend in outbound students, several banks provide education loans for abroad studies at an affordable rate. If you are also finding one for yourself, here is a comprehensive blog which contains the list of best education loan in India.
- Academic fees demand letter
- Bank statement/ Bank passbook copy
- Collateral Related Documents (If Required).
- For Self Employed/ Business/ Pensioners
Types Of Loans
Education loan is taken by students to provide a range of services and continue their education with the least financial load. Before you move on to figure out how to get the education loan, look at some of the common types of education loans to study abroad
This pays for students’ pre-application expenses like application, examination, interview and student tours
These are used as proof of funds availability for abroad loans and that students will not become a liability for the host nation for both accommodation and fees
This includes not only academic expenses but also, in-flight and overseas travel expenses and cost of admission processes before the commencement of the higher studies.
These can be taken to repay the loans taken before and students can also choose to refinance to extend their loan tenure
It covers a combined set of educational expenses including exam, tuition, books, educational equipment, travel, accommodation, deposits and insurance
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