According to UNESCO’s analysis, India accounts for the second-highest number of students studying overseas in different countries, after China. In recent years, since the number of students studying abroad has also increased, the demand for advances to fund education has also surged. With financial institutions offering credits like an education loan against property, the demand for funds has also been met, to quite an extent.
Following is an elaboration on how to apply for education loan on property and how it is beneficial over other advances.
How to apply for the advance?
Before knowing how to avail it, you should first learn what is an education loan – it is a secured advance without end-user restriction that can be utilised to cover any expenses related to studying abroad.
You can apply for the credits by following the steps below –
- Visit your lender’s website and go to the application page for loan against property.
- Check the eligibility criteria. Note that the criteria vary from one institution to another.
- Fill in the necessary details.
- Submit the documents required like KYC documents, income proof, property papers, etc.
- Check and submit your application.
The lender will then review your details and approve the application provided that you satisfy the eligibility criteria. After approval, the loan will be disbursed to you in under four days. This is the process of how to apply for education loan.
Why is it more beneficial?
Loan against property is a better option for you than an education loan because the former allows you to use the borrowed amount to cover various miscellaneous expenses, unlike education loan. With education loan, you can only cover tuition fees and other adjacent costs, while a mortgage loan allows you flexibility in end-usage.
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Additionally, it also comes with benefits like flexible tenor, minimal documentation, balance transfer facilities, quick disbursal, etc. making it a more prudent option when it comes to funding your education.