A Step By Step Guide: How to Take Out Student Loans

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Determining the cost of education and loan amount - Begin with determining the overall cost you expect to incur during your study period. This cost includes tuition fee, books, accommodation, food, transportation and personal expenses, etc.

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

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

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Enquire about their education loan products - Approach them with your requirement and enquire about their education loan products. Some education loan providers even provide doorstep service and customized education loans to make the entire process simpler for students and their families.

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Applying for an 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.

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

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Reading and Signing the Loan Documents - Once, and if, your loan is approved, the lending bank/financial institution will issue a loan document which outlines the various elements of the education loan along with the terms and conditions associated with it.

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Disbursement and Repayment - Once you have signed the loan document, the bank disburses suitable instalments directly to the concerned educational institution according to the fee schedule of the same.

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

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