Student loans are advances which are utilised to meet the financial requirements of studying at top educational institutes. These loans are offered by various lenders across India.
How to get a student loan at the most beneficial loan terms?
With a secured student loan, a borrower can avail financial support for their higher-education expenses like graduation, post-graduation, etc. A financial organisation economises the process of availing loans for the borrowers. They may fund not only the educational fees but other essentials expenses such as accommodation, logistics, etc. as well.
Other than the eligibility criteria, there are a few essential facts to consider to know how to get a student loan against property, viz. –
- Secured loan v/s unsecured loan – There are two types of student loans. One is secured, and another one is unsecured. In an unsecured student loan, a borrower can avail only the expenses listed by the educational institution itself. Whereas a secured student loan or loan against property foe education offers up to Rs.3.5 crore depending on the property value.
- Calculate EMI – Despite the repayment capability of an individual, it is beneficial to calculate the EMI beforehand. Every financial institution provides an online EMI calculator. Hence, the borrower can anticipate their financial obligations and avoid any chances of missing out on such obligations.
The world is gradually becoming digitised. Even applying for a student loan is online now. With a firm knowledge regarding the subject, an individual can easily apply for a student loan in India.