For most of the people out there, education comes at the cost of a loan. Whether you want to study abroad or pursue any course in the country only, sometimes, the expenses compel you to take an education loan from a financial institute. So, if you are ready to take this big step, here are some tips that will help you get the approval instantly.
With the expenses related to higher education touching the sky, a loan to fulfil these purposes has turned out to be nothing but a boon. With the aim to help people pursue an efficient education, there are several lenders out there providing such loans.
However, often, people have to wait until a period of time before getting the loan approved. So, if you aren’t left with enough time at hand, here are some ideas that can help you get the loan approved. Read on and know more.
- Eligibility of you and the Guarantor
Your ability to repay plays a major role in getting the education loan approved. While searching for the lender, you will come across eligibility calculators available on the internet. With the help of these calculators, you can easily assess whether you are eligible for taking this loan or not. If the result is positive, your approval won’t take much time. Moreover, the eligibility in case of an education loan depends greatly on the ability of the guarantor to repay in case you are the defaulter.
- Courses & Colleges:
Most of the times, lenders have their list of approved colleges and courses for which you can avail the course. So, if you have already zeroed down on a lender, check out whether they are providing loan for your preferred course and institute or not. If you can find the lender with the same listing, you can get the loan instantly.
Lenders ask for security if you are an unemployed. Mainly, it depends on the amount of education loan you seek. Thus, if you are taking a loan more than Rs 4 lakh, you must keep a guarantor ready to get it approved without any hassles. You can bring anyone as a guarantor, including a parent, siblings, spouse, or in-laws.
- Getting the Documents Ready:
There are certain documents that you would have to provide to the lender. Even one missing document can cause a significant delay in the application approval. Right from identity proof, address proof, age proof, documents of the guarantor, admission letter, to the fee structure, you must collect and submit all these documents. Moreover, if you are going abroad for studies, you must present travel papers, visa approval, GMAT/GRE score, etc.
- Complete KYC:
Another way to get the loan approved faster is by completing your KYC (Know Your Customer) done. It is one of the important parts of the loan process. With this, the lender ensures that you are competent enough to repay the loan on time and also, the documents submitted by you are precise as well.
There are various ways to get the loan on your education approved within a particular frame of time. So, while applying for the loan, make sure you keep these points in mind and take the precautionary steps not to commit any mistake.