Applying For A Study Loan? Ensure The Lender Offers These 6 Features

Applying For A Study Loan? Ensure The Lender Offers These 6 Features

When you are opting for a study loan, the lender you select has a very important impact. An unreliable and unsupportive lender can really make your borrowing experience a bad one. On the other hand, a good lender can go beyond providing just financial assistance and give you guidance in other matters as well. Are you looking to take a study loan and want to ensure that you have the best lender? We are here to aid you in this regard. In this article, we take a look at 6 features that you should ensure the lender offers before going ahead. 

 





1. 100% financing 

 

Many lenders may ask you to arrange the money for a certain portion of the total expenses yourself. This is referred to as margin money. However, if you are short on funds, then arranging that amount can be challenging as well. Therefore, it is advised that you opt for a lender that provides 100% financing with their study loan. 100% financing ensures that the lender takes care of the total expenses without you having to shell out anything. 

 

2. Quick loan sanctioning time

 

A loan that is processed and sanctioned quickly helps you avoid losing out on time. When you are applying for university admissions, time is of immense importance. A slight delay in submitting a required document can lead to unpleasant consequences for you. Therefore, a lender that understands these aspects and sanctions your study loan quickly is to be preferred. 

 

3. Flexible repayment options 

 

If you choose a loan lender that has flexible education loan repayment options, then the process to repay the loan becomes more convenient. It is not that the amount that you have to pay will become lesser but you will have more ways and methods to repay that. An inflexible repayment structure may not give you that much freedom. 

 


4. Simple eligibility criteria 

 

Checking the eligibility criteria is important before you select a study loan. It is preferable to choose a lender that has simple and minimum eligibility criteria as it will make things easy for you. Most lenders require that you are an Indian citizen of at least 18 years old. They might have basic criteria regarding the income stability of the co-borrowers and your admission status. 

 

5. Excellent customer service

 

As a student and a first-time borrower, you may have questions that need answers and doubts that need clearance. A lender that understands this element and helps you with different aspects of the loan application is important. So, before you finalize a lender for your study loan, do check the kind of customer services they offer. Some lenders also provide doorstep services at nominal costs, so you can opt for that as well if you feel the need.  

 

6. Coverage for a large number of courses and countries 

Leading lenders these days are offering study loans to students who may be taking unconventional courses or travelling to countries outside of the usual study abroad sphere. It is beneficial to opt for such a lender depending on your study plans. 

 

Now that you are aware of the features you should look for in a lender, we hope you have ease in applying for your study loan! Good luck!

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