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23:04 BST, September 21, 2021Education is one of the primary rights of every human being, but with the steady rising in the fees of educational institutes, it has certainly become difficult for many students as well as parents all around the world to afford education.
However, this problem also comes with a solution in the form of an educational loan or also known as a student loan in many areas. This loan is taken in order to acquire education and pay the fees with the help of educational, financial support without any hassle.
The education loan was initiated in order to help students who can not afford to study as well as to aid them to support their fees on their own. This can help relieve their parents and can also teach them to get more independent.
So, if you are also one of the students who want to carry their education further with the help of an educational loan, here are some of the things you should know before applying for it:
Eligibility Criteria
The first and foremost thing you need to know before applying for the loan is to know what is the eligibility criteria for this or on what conditions you need to apply for the loan.
Since every bank has their own terms and conditions, they also have different eligibility criteria that completely depends on the place you live as well as the amount of loan and the institution you want to get in.
For higher amounts of loans, you might also need to show the financial condition of your parents or any kinds of real estate properties you have under you or your parents’ name. Age is also another main factor involved in getting a student loan.
Amount of Loan
You must always know how much amount of money the bank is going to lend as your educational loan to know if it is going to be enough to pay the fees of your desired institution or not.
The amount of your loan depends on the institute you choose. This is important as this will help you to know how much amount of money you would need to pay back after the interest rates are applied to it.
Knowing the amount of loan also helps you to set your goals and make a budget to know in how much time you would be able to repay it to the bank.
Interest And Repay
Along with knowing all the other conditions for the education loan, you should also know how much amount of interest or also known as mark-up amount, you would have to pay against your education loan amount.
This will certainly help you to choose a bank that offers a low amount of interest rate so that you can easily be able to pay it back.
In addition to that, you would also need to identify how much time you would be given to repay the bank so that you can set your goals and know if you would be able to achieve that or not.
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