Education Loan - Application Process
If you want to fulfill all your aspirations in life, there's no easy way to achieve this objective. Education plays a crucial role in this process as it opens up ample of opportunities for you.
It won't be an exaggeration to say one who invests time and resources in education is the one who invests in a bright future. Unfortunately, education-which is as fundamental a right as the right to liberty is-gets severely inhibited by the costs associated with it.
Education loans help us tide over this difficulty. And, please don't forget, it's always a productive form of a loan as it promises you a better future-so never treat it like a burden.
But before you apply for an education loan, do the groundwork first:
- Shortlist the colleges you want to pursue your courses from.
- Evaluate them based on their curriculum strengths, quality of coaching their placement-record, of course.
- Correctlyappraise the fee structure and other expenses you will incur during the entire course duration. Scholarships can help you reduce your upfront money requirements considerably.
- Check the availability of the funds with you and your co-applicants (mostly parents). This will help you arrive at an approximate amount that you need to raise through an education loan.
- Once you finalise the above, ensure co-applicants have with them all necessary documents and collateral securities among other things.
- Find out if the college you want to apply with has tie-ups with lending institutions-banks and NBFCs
You can apply for an education loan once the necessary documentation is in place. You can negotiate for lower rates and better terms depending on the strengths of your application. Once the institution evaluates your student loan application based on information and documents you provided, it might approve your loan and money will be released in favour of your college. You can read more about the education loan eligibility criteria here.
It's noteworthy that your course fees, your future earning potential and financial profile of your co-applicants will determine the amount an institution might approve.
Tata Capital understands the importance of education in your life and thus offers you hassle-free education loans at affordable rates. APPLY NOW