Here are the 4 steps to apply for study loans In India

 

Getting admission to colleges is a hassle. You need to keep track of all your documents and also need to arrange for funds needed to pay for fees. Most of the time, your loved ones take care of your education. But, there’s another way you could arrange for funds and that is by applying for student loans. You could apply for loans to secure a seat in a college of your choice for a course of your choice. You could apply for education loans for a course that takes place anywhere in the world. While the common misconception is that education loans should be applied for a course abroad, you could also opt for study loans In India. But, the process of loan application involves four steps. They are:

1.      1. Choosing a lender:

This is the foundational step in the loan application process. Choosing a lender is dependent on whether you have collateral (things like a property, a life insurance policy or a fixed deposit that has the same value as the loan amount ) or not. You can choose a government or private bank only if you have collateral. But, if you are seeking a loan that does not require collateral and has a quick sanction period, you can choose an NBFC. Please keep in mind that unsecured loans i.e. loans that don’t require collateral are offered by the government and private banks too, but according to RBI’s regulations, there’s a limit.

1.      2. Filling and submitting the form:

Once you have chosen the agency, you have to fill and submit the application form for study loans In India. In this form, you are supposed to provide the agency lender with personal information such as contact details. Apart from the details, you are also supposed to provide documents that will verify the information that you gave. To verify your information, you could produce government-issued ID cards, certificates and even admission letters that verify your academic credentials and need for the loan. Another thing to keep in mind about this step is that you are supposed to also provide personal and bank details and documents of a co-creditor.

 

1.     3.  Wait for the lender to complete verification:

In this procedure for study loans In India, the lender makes sure that the details you provided are accurate. One of the ways they check is by verifying the veracity of the documents you provided as proof. In addition, if the lender needs your biometrics, they will send you a doorstep service to obtain it. If the lender finds that all the information you provided is accurate, your loan is approved.

1.     4.  Disbursal of loan:

Once the verification process is complete, your loan is either approved or rejected. If it is approved, your money is credited into your account after two or three days at minimum and two weeks at maximum. Once it is credited, you could pay for your dream course.

 

Please follow the four steps mentioned above to get your study loans In India approved. If you have queries, please get them answered by contacting your preferred financial institution. Hope you found the article informative.