How to improve your student loan eligibility for an easy loan approval

The cost to attain quality education has increased in the last few years. Thus, many meritorious students find it difficult to pursue higher education of their choice. However, thanks to the education loans, students can now breathe a sigh of relief. The students can now pursue higher studies from a reputable institute, with the help of monetary assistance, provided in the form of education loans. Thanks to industrialization in India, now there are a lot of banks and NBFCs (non-banking financial companies) which have started providing education loans. However, you have to meet the required student loan eligibility to avail these loans.

How are education loans helping students to pursue higher education?

There are a number of benefits that you can avail by opting for an education loan in India. A few of those benefits are here as follows:

• An education loan provides you with all the monetary assistance that you need to pursue higher education. The differed expenses covered by the education loans range from college fees, tuition fees, residential costs, costs of study material, etc. Even the other kinds of miscellaneous costs that you incur while pursuing your education are covered by these loans.
• There are numbers of courses and subjects which are covered by these loans. However, make sure that you are meeting the required student loan eligibility criteria before applying for them. The variety of courses covered by these loans range from science, arts, commerce, mass media, philosophy, engineering, medicine, etc.
• The repayment of these loans is done in the flexible form of installments. Thus, you can carefully plan and repay the loan amount. The banks and NBFCs (non-banking financial companies) have also started providing tools such as an EMI calculator. You can make use of these tools to find the interest rates, loan repayment tenure as well as your principal amount. This tool is free of cost and multi-variant in nature.

However, you cannot enjoy the benefits of these loans without meeting the required eligibility criteria, prescribed by the banks and NBFCs (non-banking financial companies). Thus, ways through which you can improve your student loan eligibility are here as follows:

• Make sure that the first thing you do is check your co-borrower’s credit history and score. Their credit history and score are important for loan eligibility. The banks and NBFCs (non-banking financial companies) check their credit history.
• The financial institutions grant a loan, only to those students whom they deem worthy. Your student loan worthiness is dependent on your educational background. Therefore, ensure that you score good marks and have cleared all the pre-requisite examinations.
• Your student loan eligibility is also dependent on the co-borrower that you bring to co-sign the loan amount. Because he shall be the primary debtor for the loan amount. Therefore, make sure that the co-borrower that you bring has a good source of income, credit score and history. You can also increase your loan approval chances by making use of multiple co-borrower facilities; there are a lot of banks and NBFCs (non-banking financial companies) which have started providing them.