How to check the eligible student’s loan amount?

While educational costs are creeping every day, it's more or less impossible for parents to finance their child's educational dreams entirely with their little savings. Naturally, they may opt to take an educational loan. Today, leading banks and private finance companies across India have started offering study loans for the meritorious students who wish to excel in high their career, however, need to apply break due to financial contingencies.

Borrower of student loans have to meet particular eligibility factors based on which lenders will offer you the loan amount. Let’s understand few of the Student Loan Eligibility parameters to be able to get sufficient access to funds:

Firstly, study loans are usually offered to the candidate who has secured admission in courses like management studies, engineering, doctorate degree, aeronautical or any graduate, post-graduate level studies.

The student should be 16 years and above, who have successfully completed the basic 12 years of schooling; he or she should have secured admission into a recognized institution anywhere across the globe including India before applying for a loan.

Some important factors to determine Study loan eligibility would be student's academic score, parents or guardian credit score, their income source, the age of the students, university reputation, the country they wish to study, the currency rate, type of course & job prospects in future, etc. After a thorough evaluation of these factors, lenders will offer you a particular loan amount. The offered interest rates will have a direct impact on student loan eligibility. Higher the interest rate lesser would be loan amount and lower the interest more money you may get qualified for.

In today's time of technological invention, no one has to run pillar to posts to know about their loan eligibility during sultry afternoons or bone-chilling winters. In prior days, students had to visit lenders office or banks, wait in queues, give interviews and then they would sit and determine a rough quote about the loan amount. However, with the introduction of student loan eligibility calculator, you're all free from the tedious calculation and you will have ample time for your entrance preparations.

These calculators will ask you few questions such as interest rate you can afford, country, type of course, age, academic score, parents or guardian credit score, and after evaluating these values you will be given a qualified loan amount. In fact, you will be given a complete break up: What would be your principal amount, interest applicable, processing fee, and monthly installment that you'll have to pay.

The tenure for loan repayment is around 7 to 10 years and you don’t have to start immediate payment of your monthly installments. You can start loan repayment after 6 months once you get your first job post studies or after 1-year completion of degree depending on which date comes first. It is known as the moratorium.

Private finance companies are keen on making the entire process of study loan application to documentation, checking student loan eligibility for loan approval quite simple and hassle-free. The emphasize on smooth processing so that you not even sense the slightest of worries for your application which used to be roller coaster ride until a couple of years ago. So, check your student loan eligibilityonline and hurry to finance your dream!

About This Author

Vishal Tambe
Joined: March 12th, 2019