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August 8, 2022

Guide on how to take education loans in India

The entire process of taking a loan seems quite lengthy and strenuous. However, many students go through this process since it is a reliable investment for your education. Even though this process is crucial, it does not necessarily have to be difficult. With proper guidance, you can easily get a good loan deal without having to struggle too much.

Here are some useful tips you should always keep in mind during the process of searching for study loans in India:

1.   Make a plan regarding the finances

The very first step before you commence with the loan process is to make sure that you have a proper estimate of all the involved expenses. You can then decide upon a sum that you are going to be requiring for spending on your education. After this is done, you now have an estimate of the loan amount you would be requiring from the financial institution.

This is done so that you do not exceed the amount you ask for a study loan. It is best advised to take only as much as you need so that it will be easier for you to finish off the repayment process easily.

2.   Make sure to use the educational loan eligibility calculator

The education loan eligibility calculator is specially designed to give clarity to students about the maximum amount they could get before they apply for the loan.

This calculator is designed to be used quite easily, all it needs are 4 variables, which are your monthly income, monthly obligations, interest rate, and the total tenure on the loan. The calculator will then get you all the results of the figures you need, this would be of great help as you can rely on these calculations since you do not have to cross-check the entire calculation process for mistakes.

3.   Compare the different loan plans

After you know the amount you need, check with financial institutions as to what loan plans they are offering. Always remember that you do not need to take the first option you get since there are a lot of options for you to choose from.

Every financial institution would have its own terms and conditions and would offer loan plans with differing interest rates as well. This gives the students an advantage as they can check with what each lender is offering and then choose a plan that is best suited to them.

4.   Make sure your loan application form is error-free

While availing of study loans in India, students often make mistakes while filling up their loan application forms. This, however, is a huge issue and causes many applications to be rejected by financial institutions.

Getting your application rejected for such small reasons does not make sense and would be a waste of your time. Hence, it is recommended to make sure you do not make any mistakes while filling up the form. This form would require you to fill in details of your academic qualifications, the course that you have applied for, the income of your family, the income of your co-applicant, and your credit score.

We hope this article will help you understand the tips you should keep in mind during the process of searching for education loans in India.

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