Planning to apply for a higher education loan? Here’s your guide

1. Planning to apply for a higher education loan? Here’s your guide

2. Having a good education helps us grow as individuals and also assists us in getting fabulous career prospects. Yet, financial limitations often stand in the way of a person’s ability to pursue higher studies. Indeed higher education expenses all around the world are increasing rapidly. Students often lose golden opportunities to study further because of these high costs. • To help students out of this problem, banks and financial institutions offer higher education loans. Now, the lack of funds won’t stand in the way of a student’s dreams. A student can travel to any country they desire in the pursuit of academics. Moreover, receiving a student loan also assists youngsters in building a decent record as a consumer if they repay on schedule. • The good news is that getting a higher education loan is quite simple. You just need to have a few documents in place and meet certain criteria. The following article will guide you if you are planning to apply for a higher education loan.

3. What exactly does a higher education loan cover? A basic higher education loan covers many essential expenses that may be incurred by the student. These can include: • Tuition fee expenses payable to college • Hostel charges which include security deposits • Acquisition of books and other learning materials • Examination fee, library fee, and research center charges • Overall traveling costs incurred during the course Who is eligible for a higher education loan? • Different banks may have varying eligibility criteria for a higher education loan. The criteria that are generally required include: • The candidate should be a resident of India • The candidate must have a good academic record which may need to be proved through marksheets and other records • The candidate should have applied and gained admission for a registered course of study • The course of study should be career-focussed (such as a medical course, engineering course, etc.) • The candidate should be aged at least 18 years of age (this may vary between banks and financial institutions) • The co-borrower, for example, parent(s) or guardian, needs to prove their income

4. What documents are required? • The following are the documents that are necessary to apply for a higher education loan: • A filled education loan application form • ID and address verification documents (passport, Aadhaar card, voter’s ID etc.) • Photographs of the candidate (usually passport size) • Income statements such as salary slips or passbook copy of the co-borrowers (usually a 6-month record) • Previous mark sheets (SSC, HSC, and degree courses) • Documents detailing the assets owned by the co-borrower such as house papers

5. Furthermore, securing admission to a reputed university is definitely a sure shot way of getting an instant approval on your higher education loan. Do make sure to tick all the points noted in this article when applying for a student loan. We hope this article has been useful and informative for you. • All the best!

6. We hope this article was helpful to you.

7. You can find more interesting things on these sites mentioned below :- Website: https://www.auxilo.com/education-loan/studying-in-india-loan Facebook: https://www.facebook.com/AuxiloFinserve/ Twitter: https://twitter.com/AuxiloFinserve Youtube : https://www.youtube.com/channel/UClc_BEIN262Fm5eY_8sPA5w?view_as=subscriber Instagram: https://www.instagram.com/auxilofinserve/