3 Important Tips To Apply For A Study Loan

By Author: vishal tambe
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Pursuing higher education will help you shape up your future and give bright career opportunities. Today, there are reputed institutes/universities across the world that will help you pursue higher studies in engineering, law, MBA, master's, architecture, aviation, and other verticals. However, due to the rising inflation, the costs of studies are getting skyrocketing high. Most educational institutes/universities charge very high fee and managing funds to send your son or daughter for further studies would seriously derail your finances. Many middle and upper middle-class people who initially plan to borrow finance from traditional lenders fall prey to exorbitant interest rate and would lose on their property or jewelry which they would pledge as collateral to these loan sharks.
One of the ideal ways to fund your studies is to opt for a Study Loans. There are many reputed banks and non-banking finance companies that offer student loan facilities. They offer a loan with varied benefits and concessional rates. Since these loans are offered to students, ...
... the interest rate is mere 12.70% to 14.50% with mere processing fee on it. Women applicants are offered a concession of 0.5% on the interest rates and also 1% rebate is offered if the interest rate is serviced during the moratorium period.
Another great advantage of taking the loan from top NBFCs is that they're willing to fund collateral free loan up to Rs 50 lakhs with an instant sanction in 24 hours. They understand the sense of urgency and quickly evaluate your application. They would instantly disburse the money to the university account.
Here are 3 important tips that would help you ease your loan application process:
Check your eligibility and if the course could be funded or not.
Many times, when you apply for Study Loans in India, they won’t sanction the loan unless you have secured admission. These banks and financial institutes will offer a loan if you apply for the course which is covered in their impaneled lists. Also, another assumption is that you can choose any ballpark figure. However, there are certain loan eligibility criteria based on which the loan amount would be evaluated. Lenders will then offer that loan amount at the best possible rate. There are online eligibility calculators that would help you give a gist about your loan amount, interest rate, EMI and other important parameters.
Know what is the moratorium period?

One of the greatest benefits of Educational Loan is that you don't have to make immediate repayments right from day one. Instead, you make repayments after six months to one year of the course completion. Experts’ advice if you make payments towards the interest rate only during the moratorium period, it would significantly bring down the loan costs. Opting for a part-time job, living a sedentary lifestyle, cracking scholarship programs would help you pay towards the interest rates.
Keep your documents handy
It is possible you may get the deal of your choice from a particular bank or NBFC; however, you have to keep the documents handy and meet their eligibility criteria. Good academic, credit score of the co-borrower, a course with higher job prospects, university grading would help you get easy loan approval. Lenders would ask for documents related to your academic history, credit history of the co-borrower, income details, IT returns, KYC details - photo identity and address, proof, etc. Once they receive the application they would evaluate and immediately inform you via email, SMS or phone call.
Apply for study loans online and follow your dreams now!