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5 Steps of applying for an education loan

Education loans have been helping students learn the trade of their dreams and set an exemplary career path for their professional life. The students on completing their education tread on that path and pay back the loan gradually from their earnings. In today's time, the ways of applying for such loans have evolved with time. Education loans have become commonplace due to their easy, fast and streamlined processes. Usually, students search “apply education loan” on Google to know the steps involved in getting an education loan. This article will help you understand the different ways of applying for an education loan and the steps involved in them: 1. Calculate the education loan amount you are eligible for –

Various lenders offer education loan eligibility calculator on their websites to help aspirants calculate the principal loan amount they would be eligible for based on their parents’ or guardian’s monthly income, monthly obligations, and the interest rate on the loan and the tenure of its repayment. Use the calculators of different lenders to arrive on an approximate loan amount you would be eligible for your higher education.


2. Compare lenders and their services—either online or offline –

Once you have a fair idea of the loan amount you are eligible for, you should compare the lenders before you apply for an education loan. This can be done in two ways: One, by visiting the office of various lenders or two, by comparing the lenders online. In both ways, ask the lender’s executives about the services they provide like pre-visa loan, pre-admission loan, proof of funds, doorstep service and so on. Also negotiate with the executives to bag a lower interest rate and higher principal amount on your education loan. This negotiation may not be possible in the online method. 3. Fill the loan application form –

Once you have decided your lender, you have to fill the loan application form. If you decide to apply for an education loan offline, the lender's executives will help you in filling the application form. They will ask for original credentials and their photocopies. If you apply online, then the web portal will guide you in filling the application online and uploading your credentials. After this step, the application from your side is completed.


4. Get your credentials verified –

No matter whether you filled the application form online or offline, the lender will verify the information and credentials you provide them when you apply for an education loan. The lender’s executives will visit your home to ascertain the legibility of your credentials and assets. If you have provided the right information and documents to the lender, you will not face any hiccup in this step.

5. Get your loan sanctioned and disbursed –

Once your application is verified, the lender will sanction your loan in a few business days and then within some more time, the loan amount will be disbursed in your bank account or will be paid to your university. So, these are the 5 steps to apply for an education loan online or offline. Education loans have become easy to get, and all-encompassing in the expenses they cover. Many lenders have boosted millions of students to achieve their dreams by making the education loans accessible. All the best!


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5 Steps of applying for an education loan  

Education loans have been helping students learn the trade of their dreams and set an exemplary career path for their professional life. The...

5 Steps of applying for an education loan  

Education loans have been helping students learn the trade of their dreams and set an exemplary career path for their professional life. The...

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