Outlook Money
Pursuing higher studies overseas can be expensive but an education loan might help make it more feasible. Here are some things you should think about to increase your chances of approval:
Loan approval depends on your academic record, course, university, and the credit profiles of you and your co-applicant. A strong academic background and a good credit history are crucial.
While a co-borrower can help you get greater loan amounts and improve your eligibility for a loan, they will also share financial responsibility.
Make sure you have all of the necessary paperwork available, including entrance evidence, academic records, ID proof, and financial statements. This helps to speed up the application process.
Loans over Rs 7.5 lakh often require collateral, such as property or fixed deposits. The need for collateral depends on the loan amount and the co-applicant's financial status.
Different lenders offer varying terms, interest rates, and fees. Research and compare these aspects to find the most favorable loan terms for your needs, considering not only the interest rate but also loan tenure and any extra charges.
Compiled By Manas Malhotra