Education is extremely important for a student. Education not only helps an individual attain a successful professional career but also makes her or him a responsible citizen.
With instant loans for students, you can now pay college or University fees easily and repay the loan after obtaining a job in easy EMIs. Many banks offer education loans that cover 100% of a student’s expenses.
The application process for a loan is easy. You can access all the important information about documents, eligibility, personal loan calculator, and universities online.
Instant loan for students residing in India
Many banks offer loans to students to help them cover their expenses while studying. Not every student has savings and hence to complete their education, they need financial help. A student can use the loan for anything such as accommodation, travel, transport expenses, or books.
However, an applicant is required to have a revenue source to obtain the loan. If as a student, you do not have a source of income then you can add your spouse or parent as your co-applicant.
This will improve your eligibility criteria and you may be able to get an instant loan for students. This loan is often unsecured and hence no collateral is required, and you can spend the money on anything you want.
If you want to obtain a loan for students but are unsure of the steps involved in availing a loan, then continue reading. Here, we have four steps that will help you obtain a loan easily.
Calculate your expenses
This is the first step in the loan application process. You have to calculate all the expenses that you will have to incur while obtaining your education such as accommodation, travel, moving costs, coaching fees, and more.
You can contact a friend living in that state or country to understand the living expenses or get in touch with your course seniors to understand their cost of living.
Also Read : Tax Saving Benefits Of Loan Against Property
You must estimate a realistic living expense budget if you will be moving to a new city or country. Once you have calculated all the costs you will be required to incur, then you can get an idea about the loan amount you will require while pursuing your education. You can obtain a low-interest personal loan and attain your educational goals.
Check Eligibility
Check the banks that offer low-interest rates and easy repayment options to students. You can also check NBFC personal loan options if they offer better interest rates and a flexible repayment tenor.
While checking whether you are eligible for the amount you require, you must also ensure you keep the EMIs at a level you can manage. The personal loan amount can differentiate between lenders and hence you must apply to the lender that offers you the necessary amount that you need.
Determine repayment tenor
You must choose a lender that offers an easy repayment tenor since your EMI amount will be linked to your repayment tenor. You must be realistic while deciding the tenor since your revenue as a student will not be as high as a working professional’s. Hence, we recommend choosing an EMI that you and your parents or spouse can afford to pay comfortably.
Submit the loan application
Personal loans do not require many documents and if you are an existing customer then you may be pre-approved. You can easily log on to the lender’s website and submit your loan application by following the due process.
If you are an existing client then you can even use the bank’s mobile app to apply for a loan. Many online platforms offer instant loans for students as well. If you wish to apply offline, then you can visit a bank’s branch and submit the loan application in person.
It hardly takes any time to process personal loan applications and hence you may hear from your lender in a matter of days. An instant loan for students can help them achieve their educational goals and tap career opportunities.
