Applying online for an education loan: from application to disbursal
Education loan is necessary for you to fund your education at your dream college or university.
This system has helped fulfil the learning aspirations of many students for decades. The process
of applying for such loans has become easier with the advent of online application forms. These
forms help the students to get a loan with the help of few mouse clicks; making it easy for you to
get a loan from the comfort of your house. All you have to do is go online and search for
‘education loan apply online’ to get results of lenders available.
This article will help you understand the steps involved in applying for an education loan online.
1. Consider available options
Take a look at the types of education loans online available in the market before
proceeding with one. Some lenders give loans without the need of collateral. Some
lenders give an education loan against property. Discover the terms and conditions of
every type of loan and make an informed decision. Also see if the loans cover up the
costs of accommodation, travel and other expenses along with the college tuition fee.
These are important considerations when you apply for education loan online.
2. Check eligibility criteria
Look at the eligibility criteria required to get a loan from the shortlisted vendors. Know
the documents required—admission letter, academic certificates—to apply for an
education loan to those vendors. Remember that an education loan against a property
will give you more principal amount in the loan than the loan without any collateral.
Meeting the eligibility criteria and collecting the required documents will save you from
getting rejected based on eligibility criteria.
3. Estimate the repayment amount and period
Keeping confidence in your loan repayment ability aside, calculate the potential
repayment period and repayment EMIs of the loan. Various lenders give loan eligibility
and repayment calculators to help you understand the math