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Things to consider while applying for student loan in india

If you're planning to attend university or pursue master's in top-notch university you're likely already planning to apply for a student loan to fund your higher studies. In this time of creeping education costs, student loans in India are undoubtedly a great thing for aspirants that might not be able to afford to attend prestigious university/institutes across India or anywhere on the globe. However, these students loans come attached with a certain amount of confusion pertaining to their eligibility, how to apply online, how the EMI and interest rate is calculated, and how it works when it comes to monthly repayments, etc.

So here's a quick guide to help you understand the student loan process, as well as what you should consider while applying for your loan.

What does student loan in india cover?

Student’s loan takes complete care of your tuition and exam fee and every year the money is paid directly to the university, so you won't actually see the money in your bank account at any point of time. Other than this it will cover towards your maintenance such as food, travel, study tours, project funding, and other general living costs.

Who can take a student loan?

Most people, who are full time and part time undergraduates as well as postgraduates, can apply for a student loan in india. It helps to pay the tuition fees at the university/institute. Even working professionals can opt for an executive loan to realize their educational dreams. Whether you're eligible for desired loan amount depends on a number of factors like your age & academic score, parents/co-borrowers credit score, country & university you wish to seek studies, university reputation, currency rates, and the collaterals. You should be 18-35 years of age and Indian national as well. They will also consider you've studied a higher education course before you apply for a student loan in india.

How much you can borrow?

Well! You can borrow the entire eligible amount to fund your higher studies. However, experts say you should not borrow more money, Instead, you check your dream course, job prospects, parents’ or guardians’ household income, and the finances in hand to fund your studies. Once you deduct finances you can look for an amount to borrow. Lesser the money you borrower less would be your interest rate and monthly instalment.

When Do I need to apply for students’ loan?

Most candidates apply for students’ loan in hustle bustle once they get the admission in their Dream College or university. However, it’s would be wise, once they give their entrance test and waiting for their results, they visit online and compare loans of leading lenders in India. This way they will get an idea on interest rates, eligible loan amount, monthly instalments, etc. By understanding the loan it will be easier for them to apply for it just before they wait for the entrance results.

 

How to repay the money?

The best part of students loan in india is you don't have to immediately make the repayments. Instead, you can wait for the course completion and start repaying within 6 months to one year of course completion. So, technically you have a period of around 4-5 years to make payments towards your interest rates and try to significantly bring down your loan amount. Live a sedentary lifestyle or opt for a part-time job but try to make some payments towards the interest rates.

Apply for students’ loan online and fulfill your dream goals now!

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