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Education loan eligibility u2013 this is one of the most important factors one should consider before applying for a student loan. If you apply without checking-up on your eligibility, it could lead to a disproved application and a wasted processing fee. Keeping this in mind, the following article will go over 5 important things every student should know about education loan eligibility. Hopefully, this will help you breeze through the application process and ensure smooth sailing with your education loan.
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Education loan eligibility – this is one of the most important factors one should consider before applying for a student loan. If you apply without checking-up on your eligibility, it could lead to a disproved application and a wasted processing fee. Keeping this in mind, the following article will go over 5 important things every student should know about education loan eligibility. Hopefully, this will help you breeze through the application process and ensure smooth sailing with your education loan.
1. There are two level of eligibility.The first thing you should know about student loan eligibility is that there are 2 levels to it. The first and basic level is to check whether or not you are eligible to take a loan. This is rather simple – you just need to be an Indian citizen above the age of 18. You will further require a co-borrower who has their own source of income and a bank account that allows them to issue cheques. Tick all these boxes? Congratulation, you are eligible to apply for an education loan. The second level decides how much of a loan you are eligible for. This depends on numerous factors such as your academic record, the courses you are planning on studying, the college at which you choose to do the course, the financial background of your family & co-borrower, etc.
2. Educational loan eligibility can be calculated.Yes, it might seem like a complicated thing to calculate. After all, it is decided based on so many factors. However, there is an online tool that you can use to check the loan amount you are eligible to apply for. This tool is known as the education loan eligibility calculator. It gives you a rough estimate of your eligibility based only 2 or 3 factors. These factors include your monthly income, monthly expenses and the interest rate of your loan. Once you type in these amounts, the calculator will provide you with an estimation of your eligibility within a matter of seconds.
3. Your eligibility can be increased! That’s right! If you use the eligibility calculator and it shows an amount lower than what you need, don’t worry. There are a couple of ways in which you can boost your eligibility amount. The first is to provide collateral even if your lender does not require it. Most non-banking finance companies do not require collateral – but if you voluntarily provide it anyways, you can ask for a higher loan amount. Another smart way to enjoy a higher eligibility is to opt for multiple co-borrowers. It will be further helpful if each co-borrower has a source of income. This will help increase your education loan eligibility. So there you have it, 3 important factors you should know about education loan eligibility. Remember to also cross-check your eligibility with the lender once before applying. We hope this article has been helpful for you, good luck, all the best and happy borrowing!
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