Applying online for an education loan: from application to disbursal

1. Applying online for an education loan: from application to disbursal

2. I. Introduction • II. Consider available options • III. Check eligibility criteria • IV. Estimate the repayment amount and period • V. Apply through online portals • VI. Appear for the interview • VII. Loan approval and disbursal • VIII. Social Links Presentation Outline

3. 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. Introduction

4. 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. Consider available options

5. 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. Check eligibility criteria

6. 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 behind repayment of the loan. Use these services to carefully plan the finances to repay your student loan. Estimate the repayment amount and period

7. Visit the shortlisted lender’s portal to fill the online form to apply for the education loan. This process is the most important so give them accurate information to increase your chances of getting the education loan. Attach the required documents in the digital format. After this step, some lenders may send their representatives to collect the necessary documents. Apply through online portals

8. Once you complete the education loan online form and after the required documents are verified, some lenders will interview you to see if giving you the loan is the right decision. The lenders will ask you about your academic performance, your goals, and your credentials etc. After this step, the lenders will approve your loan. Appear for the interview

9. After the interview, the lenders will approve your loan. And the loan will be disbursed to you. You can then pay the college tuition fee and other expenses using the disbursed amount. Related Blog:- 5 myths about education loans you should not believe in. Loan approval and disbursal

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