What are the eligibility criteria for an online education loan India?

1. What are the eligibility criteria for an online education loan India? There are a plethora of educational institutions that offer a variety of courses in varied fields. The students thus have an abundance of alternatives in front of them to choose from. However, the cost of obtaining a degree from these institutions is way beyond the reach of common man. In here, education loan plays a major role in helping the people by providing them the much-needed financial assistance. Also, thanks to the technological revolution and easy access to internet services, many banks and NBFCs (non-banking financial companies) have started offering their financial services online. Thus, you can now obtain an education loan from the comfort of your home or office and even when you are on the go.

2. However, there is an eligibility criterion that you must fulfill in order to successfully apply for an education loan India. But before, we look at the eligibility criteria; let us understand the importance of opting for an education loan in the first place: • An education loan takes care of all the financial problems that you face while pursuing your higher studies. The different types of costs that an education loan covers are your tuition fees, college fees, living expenses, travel expenses, etc. Other than that, even the other miscellaneous costs that you incur while pursuing your education studies are covered by education loan India. • A study loan provides you with a plethora of educational options in a varied number of fields such as science, arts, commerce, humanities, hotel management, MBA, medicine, engineering, architecture, etc. Thus, you can easily pursue higher education in the field of your choice.

3. The repayment of a study loan is done in the flexible form of EMIs (equated monthly instalments).The best thing about opting for an online education loan India is that you can calculate your EMIs online and choose the perfect loan for you. These EMIs are calculated on the basis of the principal amount that you borrow, the interest rates charged by the banks and NFBCs (non-banking financial companies) and the repayment tenure opted by you.

4. Now that we have gone through the importance of an education loan, let us look at the required eligibility criteria to obtain one, and they are here as follows: • The first and the foremost thing that the financial institutions will check is whether or not you are an Indian citizen in the age group of 18 to 35 years (in the case of a few banks and NFBCs). After that, the financial institutions will also check your academic background. • You also need an earning member of the Indian society to co-sign the loan amount. He or she shall be the primary debtor and can be any of your family members such as siblings, parents, etc. • The financial institutions also scrutinize the University of your Choice; the course that you have applied for and your co-borrowers credit history, score and income source. You also need to possess a letter of confirmation from the university to successfully obtain an education loan India. Also, make sure that you have all the required documents with you.

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