Why students should fulfill education loan eligibility

The costs of acquiring quality education have sky-rocketed in recent years. There are numerous meritorious students who are unable to attain quality education because of lack of funds. In such times, these students look for ways to raise funds- opting for a job, etc. Most of the times, they end up asking for financial assistance from their parents. Thus, parents often gamble on their future by devoting all of their financial savings to secure their child’s future. However, now the students don’t have to depend on their parent’s for money. They can simply obtain an education loan from a financial institution and pursue higher education in the field of their choice. But they need to fulfill the required education loan eligibility for that. Thus, this article will help you understand why and how to fulfill student loan eligibility.

The various reasons why students should fulfill study loan eligibility are:

• The interest rates charged by banks and NBFCs (non-banking financial companies) for an education loan are way lower than those given out by traditional financiers and loan sharks. The financial institutions also give out a number of discounts on interest rates for meritorious students and women- to encourage them to pursue higher education.
• An education loan covers all the expenses incurred by the students while pursuing higher education. The different expenses covered by the education loans range from the cost of education fees, tuition fees, study material, living expenses, travel expenses, etc. Even the other miscellaneous expenses incurred by the students while pursuing higher education covered by these loans.
• You can study a course of your choice by fulfilling

education loans eligibility and obtaining a study loan. The different courses included in the study loans range in the fields of science, arts, commerce, MBA, medicine, engineering, etc.

• The repayment of these loans is done in the flexible form of EMIs (equated monthly installments). Thus, you can plan out your future repayments in advance and ensure that you never default on any of your loan repayments.

The eligibility criteria for availing the benefits of a study loan are as follows:

• You need to be an Indian citizen in the age-group of 18 years to 35 years to obtain an education loan. There must also be an earning member of the Indian society who will co-sign the loan amount. This co-borrower shall be the primary debtor and can be any of your family members, relatives, siblings, etc.
• You must clear all the pre-requisite examinations to fulfill the

education loan eligibility criteria. Other than that, you need to have a letter of confirmation from the university.

• The banks and NBFCs (non-banking financial companies) also scrutinize your academic record, the course of your choice, the country you will be studying in, etc.
• Other than that, financial institutions also check the co-borrowers income, credit history and, credit score.
• Make sure that you have all of the required documents along with you.

These are the things you need to meet the education loan eligibility in India. Good luck and all the best!

An personal loan would be the first financial help for your family in your absence.