Are you planning to apply for an education loan? Well, you’ll be glad to know that the process has become much easier over the years! You no longer need to queue-up at a branch or fill tons of forms or submit a stack of documents. Today, the process can be started over the internet and completed at your residence, at a time that’s convenient for you. To give you a better idea of the entire procedure, this article will go over the application process, step-by-step.

Here are the following steps that the applicant has to follow:

Step 1: Fill up the loan application form

The first step is to fill the online application form. You will have to provide details such as your name, your contact information, the place you wish to study, the loan amount you need and your admission status. Once you’ve filled out this information, just hit the ‘apply now’ button and representative should get in touch with you to schedule a visit. This saves you the initial branch visit.

Step 2: Home visit & documentation

The next step is the face-to-face discussion where you will be asked questions related to your education plans and loan requirement. The representative will explain all the further processes, the workings of the loan, the charges, and you may also get all your doubts cleared.  The representative will help you will the KYC form and also collect all the required documents at this point.

Step 3: Evaluation & approval

Once you submit your application, a thorough evaluation begins. The lenders will go through all your documents, check your financial background, your academic record and numerous other factors. If all your documents check out and all the other details are in place, your application for an education loan will be approved.

Step 4: Formalities

Congratulations, your education loan has been approved! The next step would be to accept the approval and sign the paperwork. Your co-borrower will also have to agree to some terms and conditions. At this point, some lenders might also ask you to submit post-dated cheques and sign a promissory note.

Step 5: Sanction

If everything is clear, the financial institutions then approve the sanctioning of the loan. Disbursals will be made to your account or directly to the university. Easy isn’t it?
The entire process can take a couple of weeks so make sure you apply early to ensure you do not have any time-related hassles. If you need quick processes, look for fast-track loans that will expedite the process and provide quicker turnaround times. Remember to check all documents and details before accepting the sanction letter.

As you can see, applying for an education loan has become quite easy thanks to the internet. The option to visit a branch to carry out the process is still available if that’s what you prefer. We hope this article has been helpful – good luck and all the best with your education loan application process!

Related Post