by
MeraCareerGuide
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25. June 2011 03:38
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There are
certain things that one must keep ready in order to make sure that the person
gets loan as soon as possible.
- » Ensure
that you have secured confirmed admission
- » Estimate
the amount of loan required for the full course as banks have different
rates of interests for different slabs of loan amount.
- » Usually guarantors are required
for sanctioning of loans so that if the applicant fails to pay the loan
the same can be paid by the guarantor. Should have regular source of
income to the extent that they are able to repay the loan in case of
need/unforeseen circumstances
- » Guarantors are essential for
sanctioning of loans. Usually, a guarantor is required so that if the
applicant fails or becomes incapable of repaying, the guarantor will be
responsible for clearing the debt. Usually, a guarantor so chosen is a
person with a net worth (i.e., annual income) equivalent to, or more than,
the loan amount.
- » Lastly keep all the documents
ready.
- » Apply on time to avoid later confusion.
Banks usually take around 15-30
days for processing the documents.
- » Some institutes/colleges even
have tie ups with banks and even assist students in getting education
loan.
- » Enquire with the institute if it
has any tie-ups with banks or whether it assists students in applying for
educational loans. Most of the reputed colleges/institutes have a tie-up
with certain banks for educational loans. The main criterion for these
banks is confirmed admission. Hence, checking this out could be
worthwhile.