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Getting a higher education will offer you a lot of benefits, in your career and future. But while your dreams may be big, there is always the issue of finance. Many educational institutes both local as well as international ones often ask for high academic fees. This at times, does not include hostel stay and other requirements. So how do you get the right education loan in India to pursue your studies? Here are some tips that can help you.
Confirm your eligibility and your courses • Many a times, when you apply at an educational institute you will be put on a waiting list. During this time, it might help you to save time by applying for an educational loan. However, most banks or financial institutes do not offer an overseas education loan in India until and unless you provide proof that you are confirmed in the program.
Additionally, at times these banks and financial institutes will not offer you financial assistance if the course you have applied for, is a short term one. Thus in order to save you the possibility of extra trouble, you must first confirm if you are eligible for your courses or your institutes in the field of education you have applied for.
Check out interest rates • Several top ranking banks and institutes offer education loan in India. Each of these institutes has different interest rates, which differs on the courses you apply for. It is best if you take the time to research your different options available and compare the different kinds of loans that are on offer and compare them.
Most government run banks often have a low interest rate scheme for students, which make it an excellent choice to approach them for a loan. Once you have checked out the different banks and what all they are offering, it is best to select at least 3 to 5 banks to apply at. This is merely a precaution, if in case your first preference of a bank rejects your application.
Understand all your requirements • Certain banks will offer you the ideal loan amount with the best interest rates. However, you will need to first satisfy their requirements. The standard requirements for most banks are documents. Most of the banks will ask for documents related to your identity, address, collateral details and even your previous school records.
However, certain banks offer rates based on criteria you have achieved, for example, maintaining a certain class of excellence in all your records. This is very rare, however, few banks do offer these facilities. Additionally, some banks are affiliated with certain educational institutes. Therefore, if you have got admission in a particular institute that is affiliated with a certain bank, you are most likely to get a good loan rate if you apply for loan there.
Source: http://www.sooperarticles.com/finance-articles/get-right-education-loan-fund-your-dreams-learning-1462888.html https://www.facebook.com/AvanseEducationLoan https://www.linkedin.com/company/avanse-financial-services https://twitter.com/avanseeduloan https://plus.google.com/+AvanseFinancialServicesLtdMumbai https://www.youtube.com/channel/UCcsuUx1EH1C08XmX2embpug