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Things to Keep In Mind While Applying For Educational Loan
Is it the time to study further or going abroad for pursuing your masters?
-Whatever be the case, students might land up themselves to take educational loans from banks.
Be it Government sector banks or the private sector banks, nowadays, loans are granted by every renowned bank to students for a better and secured education. Loan is the amount of money you require which is granted to you and after a particular period of time, you need to pay back the entire amount with the interest added on to it.
These little things would help you while you apply for educational loan from the bank.
• Know the Type of Loan: Student Educational loans are of two types. One is Federal Students loan which is provided by the government and the other is Private Student Loan which is provided by banks and other financial institutions.
• Be thorough about the process: Before filing in for the application, students must be thorough about the entire process of taking and repaying the loan from banks or other institutes. Students must be aware about the course fees, documents, scholarship grants, interest to be paid or any other important areas of loans.
• Get ready for the loan interview: Loan applicants must be prepared for the final interview that is taken by the bank or the institute. They verify your documents and other identities with fee structure and basic allowance to pay back the loan on time. • Keep up with the documents: Students must be up to date with their basic documents. Students going to abroad for further studies must keep their passport, visa and other ID proofs with themselves ready for any kind of verification.
• Important details: Students should keep in mind the minute detail about the loan and its application. Things like it takes 15 days foe educational loan to get sanctioned. Post that, you need to sign on a promissory note. Interest rates on educational loan varies from 10% to 15% rates of interest.
• Bank details: One must be aware about the bank details from which the loan has to be granted. Every bank has its own policies. In most cases, banks either pay the loan directly to the institution or to you. Depending on the amount you require, there are various documents that need to be produced like income statement, statement of assets and liabilities etc.
• Be Polite While Dealing with Bank Official While dealing with the bank official be polite and mannered. Give reply to the points on the questions they ask.
With these basic things to keep in mind, your loan becomes an easy process to study further and ace your dreams!!
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