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Student loan eligibility is an important factor for anyone taking an education loan. If you go ahead and apply for your study loan without paying heed to this important aspect, two disappointing things could happen, and one is worse than the other. To begin with, your loan could be rejected and if that happens, your processing fee has been flushed away!
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Things you must know about student loan eligibility & how to tackle it.
Student loan eligibility is an important factor for anyone taking an education loan. If you go ahead and apply for your study loan without paying heed to this important aspect, two disappointing things could happen, and one is worse than the other. To begin with, your loan could be rejected and if that happens, your processing fee has been flushed away! To save yourself from these two nightmarish situations, the following article will explain everything you need to know about student loan eligibility and how to best tackle. It. Read on!
Student loan eligibility work at two levels:The first is the basic eligibility - you need to clear this level in order to even get a student. Sounds daunting but this level of student loan eligibility is quite easy to satisfy, all you need is: • To be an Indian Citizen. • To be above the age of 18 • A confirmed letter of admission at the college of your choice • A co-borrower who satisfies points 1 & 2 and also has a bank account that allows him/her to issue cheques!
The second level of student loan eligibility:The second level of student loan eligibility is a little trickier – it decides the loan amount you are qualified to borrow. If you apply for more than you qualify then your application is rejected and you know what happens to the processing fee. What are the factors that decide the amount I qualify for?There are several factors that decide the second level of student loan eligibility. Some of these factors include: • Your academic history • Your entrance exams results • The courses & college you have selected • Your family’s financial background • Your co-borrower’s financial background
How do I check my student loan eligibility?It’s easy – just get onto the internet, visit one of the many lender websites and look for the ‘Eligibility Calculator’. This is an online tool that will tell you the loan amount you qualify for based on your monthly income, expenses and the interest rate of the loan. Quickly type in these details and hit the enter button – before you have time to bat and eye lid, you should get your student loan eligibility before you.
What if I need more than my projected eligibility amount?This is a big question people have – what if my qualification amount is not enough? Well, there are multiple ways to increase your student loan eligibility. You could start by offering collateral; this should help you get a sizeable increase in your eligibility amount. Another way to increase your eligibility is by adding multiple co-borrowers. This is especially true if all your co-borrowers have their own independent source of income. Student loan eligibility is a vital part of the entire education loan universe. It is of utmost importance that you give this aspect your study loan enough thought before applying. Hope this has been helpful, good luck and happy borrowing!
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