The desire to pursue education in a foreign country comes at a major cost. A cost that the majority of middle-class aspirations can’t afford. Given this, education loans are extremely important in the advancement of one’s dream job. It helps you bridge the gap between your financial constraints and your desire to study abroad. You won’t have to go into your parents’ savings to cover your college expenses. Yet many people are unable to take out this loan. The reason for this is a lack of knowledge about how to obtain short-term loans to help support your education.
Different Ways of Availing Short Term Loan for Education
You can apply for a short-term loan for education in one of three ways: offline, online, or through a loan app. Scroll down to learn more.
Education Loan using Loan App:
There are a variety of digital applications that can help you get financial aid for your education right away. All you need is one of these apps on your phone, and the money is just a few clicks away.
Benefits of Loan App:
- Instant Approval:
A loan app’s average approval time is less than 20 seconds. The advancements used in these apps speed up the credit appraisal procedure by ten times.
- Instant Disbursement:
Loan apps help you get immediate funding so that you don’t have to drop a semester because you can’t afford to pay your college expenses. However, for that, make sure the person (your parents) applying on your behalf meets the lender minimum qualifying criteria.
- Loan Status:
When it comes to remembering your due dates, online applications are your close companion. You can check not just your due dates but also the status of your loan application, the number of EMIs left, how much you have paid toward the principal amount and interest rate, and many other things.
How to Apply for an Education Loan through Loan App?
- Go to the app store on your smartphone and download your preferred loan app.
- Register yourself on the app by sharing your name, address, and contact details.
- A one-time password (OTP) will be texted to your phone number. To finish the registration process, enter the same.
- Complete the KYC process.
- Upload your KYC documents and income proof.
- To determine your affordability, use an EMI calculator.
- Complete the application process, then sit back and wait for the funds to arrive.
Financial institutions allow you to apply for a loan by browsing to their official website.
Benefits of Online Loan:
- Better Comparison: Online, you can draw detailed comparisons among various lenders’ products and interest rates.
- Minimal Documents:The documentation required is minimal, regardless of whether you apply via an app or a website.
- Organised Information: Applying through websites is sometimes regarded as excellent. You can read several education loan-related blogs, keep yourself informed about new loan regulations, and much more.
How to Apply for an Online Education Loan?
- Visit the lender’s website.
- Check to determine if you are eligible for the loan and if you have all of the necessary paperwork.
- Complete the online application and upload your supporting documentation.
- It will take you less than 5 minutes to find out if you are eligible for a loan. The lender will disburse the funds within 24 hours of approval.
Financial institutions allow customers to apply for an education loan through their branch or outlet. Many traditional lenders only provide an offline option for submitting a loan request. However, there are certain advantages to this process that you can’t overlook.
Benefits of Offline Loan for Education
- Better Assistance:
If you are a first-time borrower who isn’t tech-savvy, offline loans are preferable. The branch officials assist with everything from form filing to document comprehension. If you are unsure about something or have any issues, the officials can help you resolve them.
There is always room for negotiation when communicating directly with executives. However, your profile should be strong for that.
- Doorstep Service:
Another advantage is the availability of doorstep service. Financial organisations send their executives to your home for a variety of reasons, including form filling and document collection. It means that similar to an online loan, you can acquire funds for your education from the comfort of your own home.
How to Apply for an Offline Education Loan?
- Explore the loan market. Compare different lenders’ offers. Once done, pick the ideal lending institution.
- Pay a visit to the branch. Contact the lender’s executive and explain your requirement. Also, inform them of the college to which you are enrolling as well as the course to which you are applying.
- Go through the qualifying criteria carefully. Understand the list of mandatory documents required for getting a loan.
- Fill out the offline form. Enter your personal details. Make sure it is filled correctly.
- Submit your documents.
- The lender will transfer the amount after successful verification of your details.
Loan apps outperform all of the other options when it comes to getting a student loan. If your profile satisfies the minimum qualifying criteria, you can receive immediate approval and same-day disbursement.