How to Apply for a Student Loan in India

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Determining the cost of education and loan amount - Start with determining the total cost you will incur during your study period. This cost includes tuition fees, books, accommodation, food, transportation, personal expenses, etc.

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Find out the amount of the education loan - Your admission offer letter may also include the amount that you will have to pay for your course every year/semester. Once you have the complete cost of education, you can figure out how much education loan you will need.

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Compare education loans from different lenders - After deciding your loan amount the next step is to find the right lender. There are many banks and financial institutions in India that provide education loans to students studying in India and abroad.

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Inquire about their Education Loan products - Contact them as per your requirement and inquire about their Education Loan products.

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Applying for Education Loan – Once you have chosen your lender, they will ask you to fill out an application form. Most lenders have an online loan application form for students to fill out.

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Fill in the correct information in the loan application form - It is advisable to fill in the correct information in these forms as discrepancies can be seen as deliberate distortion of data and lead to loan rejection.

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Reading and signing loan documents – Once, and if, your loan is approved, the lending bank/financial institution will issue a loan document that outlines the terms and conditions associated with the various elements of the education loan.

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Disbursement and Repayment – Once you have signed the loan document, the bank disburses the appropriate installments directly to the concerned educational institution as per the fee schedule of the same.

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Download Best Books For Higher Education Books, Study Materials & More

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