The increasing cost of pursuing higher studies has driven a majority of individuals to apply for an education loan to finance it.
Regardless, many of them think the process to be cumbersome and hassle-prone. Contrarily, the following highlights how to get education loan easily in just 4 steps –
- Step 1 – Compare Options
To begin with, individuals should compare the rates set against different education loan options to pick the most suitable one. Additionally, they should also check alternative credit options like loan against property for education in universities abroad. As such loan options do not come with a restriction on the end-use and also offer a substantial loan to value.
- Step 2 – Eligibility Criteria
After selecting a loan option, individuals should check the eligibility criteria set by its lending institution. Usually, most financial institutions extend education loans to applicants who are resident Indians with a regular source of income and come under a specific age bracket.
- Step 3 – Keep Documents Handy
Applicants should keep all their essential documents handy to quicken the process of application. Documents that serve as a proof of applicant’s identity, address and income records are mostly deemed essential to avail a loan. While applying for an education loan against property, borrowers should also carry documents of the property they intend to mortgage.
- Step 4 – Apply Online
Lastly, filing an online application form is the most important step of how to get education loan. They also need to submit the essential list of documents required to begin the verification process.
Consequently, borrowers need to compare the benefits of an education loan and property loan to decide loan against property vs education loan – which one is better for them.