Step by Step Guide: How to Avail a Personal Loan for Education?
As per reports, the cost to pursue higher education has undergone an increase of over 25% in the last decade. Though expenses involved have risen significantly, each year more students are applying for higher education abroad.
Consequently, the reason for the same can be accredited to the leading NBFCs that extend a substantial amount of money as a higher education loan. To benefit from such endeavour, intending borrowers must make it a point to learn about the eligibility, features and steps involved for its application procedure.
Must Read: Applying For a Personal Loan Online? Here’s What You Need to Know
- Check eligibility criteria
It is vital to learn about loan eligibility criteria before applying for it. Subsequently, applicants should figure out if they match the same or no. Typically, a salaried individual between the age of 23 and 55 years and a monthly salary of at least Rs.25,000 is deemed eligible. Additionally, having a fair credit score of 750 and above may come in handy for availing a quick approval to your loan application.
2. Compare interest rates
Opting for a credit option that offers significant loan amount at a reasonable interest rate proves quite beneficial in planning your loan repayment smartly. Consequently, individuals should make it a point to compare different loan options to choose a competitive loan facility.
Subsequently, they can use a personal loan EMI calculator to make a more informed decision. Regardless, they should also take into account the features extended as well.
3. Find out about the required documents
Submitting an accurate set of documents tends to facilitate the verification process and helps avail loan approval quickly. Therefore, intending applicants should learn about the documents required to apply for a personal loan for higher education.
For example, documents which serve as a proof of identity, address and income are often among the required documents to avail such loan.
4. Learn about the application process
Generally, individuals can apply for such instant paperless loan both online or offline. Borrowers can opt for the option that is most suitable for them. In the case they wish to opt for the online process, applicants have to visit the official website of a leading NBFC and fulfil the requirements accordingly. Similarly, those who intend to opt for the offline process would be required to visit the nearest branch of the lender with the required set of documents.
Hence, by figuring out these things individuals would be able to apply for a personal loan for education easily. Further, it will help them streamline the entire process effectively.
Additional Read: How to Avail a Personal Loan for Education
