Looking at a 5 step process to get study loans

 

Many students dream of studying in some of the best universities in the world. They, like you, have the caliber to study in those universities. But they lack the money to pay the fees of their education at those universities. This is when study loans save the day. Study loans help the students with funds—to study at their chosen universities.

 



 This article will help students to understand the process of getting a study loans. The mentioned process has 5 steps.

 

  1. Calculate the study loan amount you are eligible for

The first step in getting study loans is calculating the loan amount you are eligible for. Many lenders offer education loan eligibility calculators to help students estimate that. The students are supposed to input their monthly income, their monthly obligations, the interest rate and the tenure of the education loan in the calculator, and press the calculate button to know the maximum amount they can get in their education loan.

 

  1. Compare the services different study loan lenders offer

Compare the education loan lenders online. Notice the reviews the customers give to those lenders. The reviews will be positive as well as negative. Based on those reviews, shortlist some lenders and visit their offices. Ask them if they provide a collateral-free loan. Check the interest rate they would levy on the loan, the expenses they would cover, the length of the moratorium period they offer, the EMI value and the tenure of the loan and so on.

Ask them about the types of services they provide. For instance, many lenders provide services like doorstep document verification, pre-admission loans, pre-visa loans, proof of funds and so on.

 

  1. Check if you fulfill their eligibility criteria

The next step is to check if you fulfill the Education Loan eligibility criteria to get an education loan. Keep the proof of documents that show that you are more than 18 years in age, your academic history and so on.

 

  1. Apply for the study loan

This is the last step the students have to do to get study loans. The lender’s executives help the student to fill the education loan application form. They help the student in filling the KYC application form, attaching the necessary credential documents like Identity proof, proof of residence and so on. If you are taking a secured loan then those executives will verify the assets you mentioned in the application form. This will take a little time. Also, if the lender wants to interview you before they sanction the loan then you would have to oblige.

 

  1. Wait for sanction and disbursal of study loan

Once the education loan application form is verified, the lender will process your education loan. You will have to wait for a few business hours or days for the lenders to sanction your loan. After the loan is sanctioned, wait for the lender to disburse the education loan amount to your bank account or directly to your chosen university.

 



So, this is the process of getting education loans. Please consult a financial advisor before you begin planning the finances for your higher education abroad. All the best!

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