Opting for an education loan is the best option for students who want to pursue higher studies in India or abroad but do not want to finance their education using their parents’ savings. They make sincere efforts to apply for the loan at the right time to make the student loan process hassle-free. However, following the right direction will reap benefits if you know when to apply for a study loan. If you are looking for this information, we are here to help you. But before that, let’s quickly uncover the reasons that make a student loan a wise choice when you want to pursue higher studies.

Why education loans for students is a prudent choice?

Obtaining quality education in India or abroad comes with a hefty price tag. Not every family is financially ready to support their child’s higher education. In such situations, a student loan proves to be a silver lining. Obtaining a study loan is one of the best ways to finance higher education independently without liquidating a family’s savings. It even helps meritorious students to fulfil their dreams of pursuing higher studies by earning a self-made badge!

Also, since the study loan is the first debt of a student, responsibly repaying it can help build a robust credit score. This will unlock multiple benefits later in life when you apply for other financial products such as credit card, home loan or car loan.

When to apply for student loans?

Applying for a student loan at the right time is crucial to maximising your chances of getting admission into the chosen university. Although the loan application process is much simpler nowadays, it is advisable to apply for a student loan well in advance to ensure quick loan disbursal. You can apply for a student loan in India either “before getting admission” or “after getting admission” to the university or college. Let’s discuss these two scenarios one by one:

Loan after admission: An admission letter is a valid proof of your enrolment in a university or college in a specific course. The university or college sends an admission letter once you have secured a seat. With an admission letter in hand, it becomes easy to convince financial institutions and get loan approval.  

Loan before admission: Many colleges are reluctant to give admissions until students mention their sources of funds. In such cases, you can apply for an education loan before getting admission. Having an already sanctioned study loan gives assurance to the university of your source of funds and increases the chances of securing a spot in your preferred university.

Now, the question arises, how to decide the best time to apply for the study loan. We advise you to take your decision after understanding the requirements of the university where you are seeking admission and the financial institutions where you have applied for the loan. 

Application process

Gone are the days when you had to visit financial institutions in person and enquire about the student loan application process. In this technological era, you can easily obtain information and apply for a study loan online from the comfort of your home with a single click of a mouse. You can apply for a study loan from Avanse Financial Services by following 4 simple and easy steps and get your loan approved quickly.

Step 1: Apply for an online education loan.

Step 2: Speak to our consultants.

Step 3: Share the required document.

Step 4: Your study loan will be disbursed if you tick all the boxes.

When to apply for a student loan with Avanse Financial Services?

At Avanse Financial Services, it is easy to get education loans for students in the most hassle-free manner. We encourage students to apply for the loan minimum 8 months before the commencement date of their chosen course. In case you have applied for the loan before getting admission, we will release the funds as soon as you submit the admission letter received from the university.

Do you want pre-approved study loans? If your answer is yes, you can apply with Avanse Financial Services. This assures your institution that you have enough funds to pay your fees. You can also apply for a pre-admission student loan with Avnase Financial Services in case you need the finances immediately.

So, connect with us today to get complete details about a study loan, eligibility criteria and education loan rate of interest. We will be glad to help you at every step and make your journey to get quality education smooth and successful.