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Banks and NBFCs have made provisions for students to get the needed financial solutions that will support their further education. And to make sure that deserving students get the finances they need, there is a list of eligibilities that every student applicant needs to fulfil to get the loan amount that they need. Within all the education loan eligibility set by different lenders.
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What should you remember about the Education loan eligibility?
Banks and NBFCs have made provisions for students to get the needed financial solutions that will support their further education. And to make sure that deserving students get the finances they need, there is a list of eligibilities that every student applicant needs to fulfil to get the loan amount that they need.
Student You already knew that having good academics helps you get into the college of your choice. But did you know that this could also help you the loan of your preference too? Well, it does. There have been many bright-minded students who were able to easily get the loan fit their profile and needs. On the note of getting into top universities, if you get accepted into a renowned college, it will have a positive effect on your application.
While applying for your loan, keep in mind that the lender will give you a good loan amount with a lower interest rate. This will favour you greatly during your repayment process. A lot of students have brought in two co-borrowers instead on one to get a better interest rate. Depending on your needs, the lender will help you frame the loan.
Within all the education loan eligibility set by different lenders, there are 4 main eligibilities that the applicant must follow. They are: • The student applicant must be an Indian citizen. • The student must be a minimum of 18 years and a maximum of 35 years of age. • The student must have a co-borrower or guarantor who is in related to the student. • The co-borrower must also be an Indian citizen with a stable income and a checking account with any bank in India.
Once the student fits all these eligibilities, they can then apply for the loan amount that fits their needs. Besides the above-mentioned education loan eligibility, banks and NBFCs take into consideration other factors that help them pick suitable candidates. The other points that lenders take into consideration is chosen based on the lender as the final decision is made by the lenders themself.
Co-borrower As far as the education loan eligibility goes the co-borrower is, in fact, an important part of the process. It is usually stressed that the co-borrower or guarantor be related to the student. This is why the guarantor is usually the parent of the student. But some lenders would allow another guardian too. It is very important that the co-borrower has a stable job. While your loan is being processed, the lender also takes the financial background of the guarantor.
You can also use an education loan eligibility calculator that is available on the websites of banks and NBFCs. after you enter your monthly income, obligations and an approximate interest rate, you can get the approximate loan amount you are eligible for. Although this being the approximate, it is always better that you consult the lender before applying for the amount. Related Blog:-Education loan eligibility in India
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