7 KEY STEPS TO SECURE YOUR EDUCATION LOAN FOR STUDYING ABROAD
Published By Moushumi Mahanta | 07 Sep, 2024
The demand for education loans has risen significantly in recent years as more students aspire to attend prestigious universities abroad.
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Here are 7 steps to secure your education loan:
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Understand Total Expenditure
Consider all financial commitments, including tuition, accommodation, living expenses, and unforeseen costs, to accurately determine your loan needs.
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Use Financial Tools
Utilize tools like the Education Loan EMI Calculator and College Course Expense Calculator to estimate expenses and avoid borrowing more than necessary.
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Thorough Research
Analyze different lenders based on eligibility, interest rates, repayment terms, and collateral requirements to find a loan that matches your financial situation and goals.
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Comprehensive Loan Coverage
Choose loans from new-age NBFCs that offer holistic coverage for all educational expenses, including travel, accommodation, and living costs.
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Ensure Proper Documentation
Prepare and submit all required documents accurately to streamline the loan application process and avoid delays.
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Loan Evaluation Criteria
Be aware that new-age NBFCs evaluate loans based on student-centric factors like academic performance, chosen course, and future employment potential.
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Smart Repayment Strategy
Start repaying the loan early by making small contributions during the grace period to manage debt effectively and build financially prudent habits.