With the rising cost of higher education in India and abroad in prestigious universities/colleges it seems a distant dream for individuals to pursue it. Financial constraints ruin most of the competent students to achieve their goals of securing admission in the dream academy. Thanks to education loans in India that has opened the door of higher education for such aspirants as there is a number of leading banks and finance companies that offer the loan with attractive interest rate and flexible repayment options. However, the loan sanctioning would undergo scrutinizes that range from the type of course study, institute, country, currency rates, student's repayment capacity, academic score, and parents/co-borrower's credit score.
Students with good academic records and parents/guardians with good credit score can negotiate with the lenders for low-interest rate deals. Some of the documents that would be required to qualify for the educational loan would be:
• Mark sheet of the last qualifying exam and proof of admission.
• A stable source of income of parents/guardian
• Account statement of the last six months
• Statement of the assets and liabilities of the co-borrower
• Recognition and reputation of the institute
Students Loan are approved for job oriented courses which include graduation, post-graduation and professional courses such as architecture, aviation, MBAs, besides courses approved by University Grants Commission (UGC), government, All India Council of Technical Education (AICTE) and Indian Council of Medical Research (ICMR), Engineering and Medicine.
The main purpose of Students Loan is to offer uninterrupted funding for students higher education right from exam fees, tuition fees, mess and accommodation, study tours, project funding, thesis work funding, and more. Usually, lenders across India offer interest rates as low as 11-15% with a mere processing fee on it. Another advantage is the repayment of the loan starts six months or one year after the course completion and it is termed as "moratorium period." Students Loan can help the student without cash to study his or her ambitious course and fulfill their dreams.
While studying abroad, borrowers have to show sufficient proof of funds failing which they won’t be able to study in a foreign nation. Therefore, private lenders have come up with Pre-Visa Disbursement Loan, Pre-Admission Loan, Certificate of Availability of Funds; GRE score based loan, Bridge loan, fast-track loan etc. which cater exclusively to students’ particular requirements. Some of the preferred destinations for students to study abroad would be USA, UK, Australia, New Zealand, Germany, and France for Indian students.
Students should understand their education loans in terms of fund allocated, an expense covered, the interest rate applicable, discount or concession available, tenure for loan clearance, repayment options, strategy for repayments and other costs they’ll have to incur on their own. Do not have any ambiguity in this regard in your mind.
The factors that will determine your loan eligibility would be the student’s academic score, country, course, university reputation, job prospects, a credit score of co-borrower and collaterals. Women applicants are given a special concession of 0.5% on the loan amount. Also, if the existing loan proves costly on your wallet you can opt for balance transfer.
Apply for Students Loan online now!