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5-step process to get an educational loan in India

Higher education is a road to a successful professional career. There are many students who want to study engineering, medicine, business management, or any other course for their further studies; education loans make that possible by providing financial assistance to them.

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5-step process to get an educational loan in India

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  1. 5-step process to get an educational loan in India

  2. Higher education is a road to a successful professional career. There are many students who want to study engineering, medicine, business management, or any other course for their further studies; education loans make that possible by providing financial assistance to them. Whether it is an education to study in Singapore, UK, USA, or even it is to study MBA in India, lenders have got you covered. All you have to do is follow a simple procedure to get an education loan for pursuing your higher studies and pay its costs. In this article, we will give you a close look at how to proceed to get an education loan.

  3. Calculate the education loan amount you are eligible to get The first step is to check the education loan amount you are eligible to get for your executive MBA education. Use an education loan eligibility calculator to estimate that amount. Also, do not forget to adjust that amount for inflation; and FOREX rates if you plan to study in Singapore or other foreign countries. Check the eligibility criteria to get an education loan to study the course of your choice at the kind of university you want. Collect identity cards or other documents that you need to prove that you are eligible for acquiring an education loan.

  4. Compare the lenders on the types of and quality of services they provide The second step is to gauge the lenders based on the types and quality of the services they provide. Read reviews about different lenders and shortlist the best ones for yourself. Check if the lender provides you principal amount as much as you need with an attractive interest rate charged on it. Negotiate a suitable moratorium period and repayment tenure of your loan for executive MBA education. And ask for value-added services that you may need like the certificate of availability of funds, fast-track loan approval, and so on.

  5. Apply for the education loan The last step on your behalf is to apply for an educational loan in India; either offline or online. You may visit the lender’s nearest branch to apply for an education loan, or visit the lender’s website and follow the on-screen prompts to do the same. Attach documents that the lender asks you to provide along with the application form.

  6. Let the verification process complete From this phase, the lender will begin the work. They will verify the authenticity of the details and the documents you provided them during the application procedure. Some lenders may ask a student to appear for an interview to get to know their interests and ambitions.

  7. Avail the first installment of the education loan Once the education loan procedure is complete, the lender will sanction the education loan and the first installment of the loan will be disbursed to the university as tuition fees, and the rest will be deposited in the co-borrower’s account.

  8. We hope this article was helpful to you.

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