5 step process to land an educational loan for your higher studies

1. 5 5- -step process to land an educational loan for your higher studies step process to land an educational loan for your higher studies Pursuing higher education is a costly affair. No doubt it gives you an air of skill and finesse in your field of specialization but many students lack funds to finance the costs of their higher education. Financial lenders offer education loans to such students so that they can cover their education-related costs. In this article, we will tell you about the 5-step process to fund your further studies through an educational loan educational loan. 1. 1.Calculate the educational loan amount you are eligible to get Calculate the educational loan amount you are eligible to get Financial lenders offer education loan eligibility calculators on their websites to students who want to calculate the maximum loan amount they can get. These calculators are available for free. Note that this calculator will give you a speculative amount in the result; not the exact value. 2. 2.Compare the lenders on the basis of the kind and quality of services they provide Compare the lenders on the basis of the kind and quality of services they provide Read reviews about different lenders on the internet. Shortlist a few lenders who have some of the best reviews on the internet. Visit the offices of these lenders or visit their websites, and ask them questions about the maximum loan amount they will give, the types of education-related expenses they will cover, the interest rate they will levy, the moratorium period they will offer, the repayment and the EMI value they will set, and so on. Rate those lenders based on their answers to these questions.Also, ask lenders whether they provide services like doorstep loan service, proof of funds, pre-visa educational loan, pre-admission educational loan, fast-track loan approval, and so on. Select the right lender to fund your higher education based on these factors.

2. 3. 3.Check if you fulfil the Check if you fulfil the lender’s Check if you have documents that prove that you fulfil the lender’s eligibility criteria. Gather these documents, and fill the Study loan loan application form. Correctly spell all the details you provide in the application form. While submitting the application, also provide all the documents that the lender asks you to submit to them. lender’s eligibility criteria eligibility criteria Wait through the application verification process From hereon, the lender processes your education loan application form. They verify the details, and the authenticity of the documents you provided them. The lender may also ask you to appear for an interview before they sanction your loan. Once everything is verified, the lender moves ahead. 5. 5.Wait for loan sanction and disbursal Wait for loan sanction and disbursal The lender then sanctions your education loan. They also disburse a part of your loan amount to your university directly as your course fee, and deposit a part of the loan amount in the bank account of your co-borrower. You can use the money in your co-borrower’s account to pay your education-related expenses. So, this is the 5-step process to get an educational loan to fund your higher studies. Please consult a financial advisor to select the right education loan lender for financing your higher education. All the best! Related Article - 4 benefits of unsecured education loans 4. 4.Wait through the application verification process