If you are thinking of pursuing higher education, then you obviously need a strong will and drive, but you also need an education loan. Higher education nowadays is not cheap, and education loan is the best way to deal with it. In fact, even if you can afford to pay outright for the education, it is beneficial to apply for an education loan. Apart from reducing the financial burden on you, education loan also offers tax benefits that are useful once you start earning. However, education loan interest rates are not as low as other in interest rates of other loans. So, you need to manage your education loan properly. Additionally, before applying for an education loan, you should be aware of the eligibility criteria for education loans. The education loan eligibility criterion depends on a variety of factors such as the lender but it also depends on:
- The institute and course you wish to pursue
- Your academic record
- Collateral, if any
- The country of the institute
There are other factors as well that need to be considered when applying for the loan but the ones mentioned above are the most relevant ones. Now, let’s check out the factors that affect the education loan eligibility:
Education Loan Eligibility
Lenders usually give education loan to loan for career-oriented courses that include medicine, engineering, management, etc. These loans can be for not just post-graduation but graduation as well. The eligibility of a student is also dependent the merit of the applicant in terms of academics, scores during examinations, background of their academic, and other achievements. The value of the course is also considered by the lender before approving the education loan. Institutions that are accredited by the Government hold higher value. Additionally, these factors also determine the education loan interest rate based on the lender.
Education loan up to INR 2 Lakhs
A key aspect to remember is that if the value of the loan is too high, only then you should apply to the bank. However, if the value of the loan is low, then you should apply to PaySense. PaySense offers you instant education loan up to INR 2 Lakhs. Moreover, while most lenders specify which aspects of your education the loan amount can be used for, PaySense does not. So, if you do not want to be hassled by never ending paperwork for the loan, download the PaySense app and apply now for you education loan.
Apply for Loans of upto ₹5 Lakhs easily using your phone or laptop, and pay back on low EMIs