In the current world of booming Information Technology, Artificial Intelligence, Machine Learning, Healthcare, and many more, students often have big dreams and plans for their future. To fulfill their career path, selecting the correct education path is very necessary, which will eventually build the road to their career. In this article, you will learn how to get a student loan in India.
When it comes to planning for higher education, there are a few important things to keep in mind. First, you need to decide what type of education you want to pursue. There are many different options available, including traditional universities, community colleges, and vocational schools. Secondly, consider your budget, and how much you and your guardians are planning to invest in your higher studies. Higher education can be expensive, but there are ways to cut costs. Third, make sure you have a good idea of your career goals. This will help you decide which types of colleges and universities are best suited for your future. Finally, make sure you have a good plan for after-school activities and internships. These can help you build network and learn more about the industry you want to join.
How to Get a Student Loan
Coming to the budget part, which is one of the most important parts, now-a-days we have many options to go through the admissions procedure. Starting from various scholarships to student loans, it has to be planned and settled initially. If you are planning to take a student loan for your higher studies, there are many things to look at. One should research all about their higher study programs, colleges, loan amount to be applied for, bank, and their interest rates, etc. Let’s discuss all that one by one in detail.
- Decide your higher degree/program: What type of career do you want to pursue? There are many things to consider when choosing a higher education goal. Some factors to consider include what you want to study and how you want to study. Other factors include your budget and your work and family situation.
- Select your institution: Once you are fixed on your higher education plan, your next step will be where to pursue the degree or program. Selecting the right college or university plays a big role in achieving your career goals as well. Collect the program brochure from shortlisted colleges or universities, check their facilities and past few years’ performances, and finalize the perfect match for your plan.
- Check on your budget: Besides the program or degree you want to pursue and the college or university you choose, budget is one more important factor. Depending on how much you and your guardians are planning for your higher education, you will have to start the student loan application. In India, based on the below factors, the loan amount threshold can differ
- Course types such as undergraduate, postgraduate, medical, engineering, MBA, etc.
- Institution type
- Study in abroad costs higher than in India
- Contact the bank: Depending on your choice of education type, college, place, etc., plan the amount of loan that you are going to apply for. Compare student loan interest rates from various reputable banks. Also review all the terms and conditions, repayment options, pre-closing options, etc. before approaching the bank. Once the research is done, you can contact the bank directly online or at any branch for further processing.
Must Read: Loan Processing steps in Banks
- Be ready with the required documents: The loan process contains several steps, which also include document verification. Depending on the loan amount, co-applicant income statement, and bank document requirements, However, the common documents are as follows
- Proof of Identity
- Proof of Address
- College admission letter, prospectus, or brochure
- Fee structure of the course provided by the college
- Income documents of your co-applicant
This concludes my article on how to obtain a student loan in India. I hope this article is useful for you and helps you to understand the important procedure of getting a student loan. A loan application is a complex process that may take time. Proper documentation will aid in getting the loan approved as soon as possible. Please review all the steps and bank terms and conditions before applying for any student loan. Apart from student loans from financial institutions, there are many other alternatives to getting educational assistance. Look out for government loans, scholarship schemes, etc., which can be more suitable than paying high interest to banks.