Education loan criteria that every borrower should know

1. Education Loan

2. Education Loan Criteria That Every Borrower Should Know.

3. The cost of education is increasing day by day. This is a huge problem for many students. Luckily, the hurdle of cost is easily overcome with an education loan. These financial solutions ensure that dreams are realized as they help pave the way for bright students. • What’s more is that, education loans have progressed significantly over the years. Today, lenders offer attractive features such as 100% finance and collateral-free financing along with numerous other benefits that make it easier for students to finance their higher education plans. • However, there are certain eligibility criteria one needs to satisfy to obtain such loans. Applying for the loan without knowing and understanding these criteria could cause problems for you. Keeping this in mind, the following article will go over the criteria you need to meet in order to get the loan you need.

4. The basic education loan criteria • Let’s begin with the basic criteria you need to meet. Firstly, you should above the age of 18. Next, you should also be an Indian citizen. Finally, you should have a confirmed admission at the college you wish to study at. Next up, you also need to have a guarantor who must also be an Indian citizen above the age of 18. In addition to this, your guarantor must also have a bank account and be able to issue cheques. If you and your guarantor check all these boxes, then you are eligible for an education loan.

5. Loan Amount Eligibility: • Being eligible for the loan is one thing, but the loan amount you are eligible for, that’s a whole other ballgame. The loan amount you are eligible for depends on numerous factors. These include things like your past academic record, your entrance exam results, the course you plan on pursuing, its job prospects, etc. • Your financial status will also come into the picture. If you come from a well-to-do family and your guarantor has a good credit score, high monthly income and comparatively lower expenses, your eligibility will be very good.

6. Can I check my education loan eligibility? • Different lenders will assess your eligibility differently. However, there is an easy method to get a rough idea about education loan eligibility – just hop onto the internet and find an eligibility calculator. • These nifty online tools will help you get a pretty accurate reading of your eligibility using a few simple details. Once you enter these details and hit the enter button, the calculator should project your rough eligibility amount on the screen.

7. Can I get a more accurate estimation? • You most certainly can, all you have to do is visit the branch of your lender or schedule a home visit. Once the representative has a look at your documents, they should be able to ascertain your eligibility better. Know that, you may always push for higher loan amounts, especially if you can willing offer collateral, have a good academic record, have obtained good results in your entrance exams or come from a strong financial background. • Hope this has been helpful, good luck and all the best.

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