Easy Steps To Apply For An Education Loan In India
By Anshika Verma30, May 2024 10:07 AMjagranjosh.com
What is an education loan?
A sum of money borrowed to cover education costs is known as an education loan. People remain confused how to properly apply for an education loan. Tap to read how to apply for it!
Identify the Financial Institution
Examine and locate the bank or other financial organisation that provides education loans. Student loans for higher education are offered by numerous banks in India.
Check Eligibility Criteria
Verify the requirements for loan eligibility for students. The majority of banks have precise requirements for qualifying for education loans, including the course of study, and the minimum percentage of marks.
Know required documents
Your application for a student loan must be accompanied by particular documents, such as evidence of your name, address, enrollment in the institution, and parent or guardian's income.
Student Loan Application Form
Complete the application for a student loan. The application form is available in the bank branch or on the bank's website. Please ensure that the form is filled out fully and clearly.
Submit the Application Form
Send the bank the completed application form together with the necessary paperwork. The documents can be turned in person at the bank branch or online at the bank.
Application in process
Await the bank processing your loan application. After reviewing your application, the bank will pay the loan to your institution so that it can be used to cover other costs like tuition.