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Many students dream of studying at an international university. Your career can benefit greatly from such an opportunity. Even so, most students are hesitant about going abroad to get a degree as they are worried about finances.
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Many students dream of studying at an international university. Your career can benefit greatly from such an opportunity. Even so, most students are hesitant about going abroad to get a degree as they are worried about finances. To help out in such a scenario, there are many lenders providing study loans in India. There’s a misconception that study loans in India take a lot of time to process and get approved. If you choose a well-established loan provider, you will have an easy time going through your loan application process. To further ease your loan application worries, we have listed down the process step by step. Let’s go through them.
Step #1 • Check whether the course and institute you are planning to get enrolled in are recognized by leading banks and NBFCs. Step #2 - Decide on the loan amount • The second step is to start calculating how much funding you are going to require. Plan out the expenses you will require for your accommodation in the city, travel costs, and study materials like laptop, project equipment, and so on. Add these to the tuition fees for your course. Once you have finalized on the sum you need, you can create a shortlist of lenders that are willing to lend that amount.
Step #3 – Compare lenders • Look for lenders that specialize in providing a study loan in India as they will understand your unique needs as a student. You can use these parameters to make an efficient comparison between lenders- - The interest rates offered by the lender - Option of unsecured loans, in case you are not able to provide collateral - The processing fees - Processing time taken by the lender - Pre-admission expenses - 100% financing (i.e. whether you will have to pay any margin money) Step #4 - Reach out to the lender • Leading loan providers understand that taking a study loan is a big deal for you. So, if you have any questions or doubts regarding study loans in India, you can reach out to the chosen lender through a call or arrange a meeting. You can ask for counselling regarding your choice of course or education Institution Loan, loan amount, and so on.
Step #5 - Apply for the loan • Now you will begin the application process. Along with the completed loan application form, you will have to submit the following documents as well: - KYC documents of yourself as well as your co-applicant - Academic records from your past (10th,12th, Graduation certificate, etc) - Proof of admission from the institute of your choice - Proof of income of the co-applicant (payslips, bank statements, Form 16/ITR) - Documents concerning the collateral ownership (in case you are opting for secured loans) • Document requirements may differ from lender to lender. • During the application process, you may have to also give a personal interview to the lender where you will be evaluated on the basis of your choice of course, institute, your dedication to studies, and so on, so be prepared. The lender will then take a decision on your request for funding. If all goes well, your education loan should get approved within a few days. Post that, the lender will disburse the funds to the college. • Do note that the exact details of loan approval and disbursal can vary between lenders. We hope this article has helped you learn about the process of taking a study loan in India. Good luck.
