Education loan is the biggest initiatives take by the government so that every student can fulfill his or her dream. Education loan is given to those who are not able to pay degree charges. One student can get an education loan from any of bank which comes under government authorization. Before applying for an education loan, you should also take a look at the education loan eligibility criteria. Education loan eligibility criteria for students are also given here.
- Students must be an Indian citizen.
- The best academic record of a student is a plus point for getting an education loan.
- Lenders want to give loans for a professional or a technical course and students must be seeking such courses.
- Students must have to be applied to the foreign university before applying for an education loan.
- The age of the student must be upper than 18 years.
Leap finances are also in India which provides education loans at a lower rate of interest. Leap finances eligibility criteria for getting an education loan is different from others. Eligibility criteria for leap finances are here:
- You should be an Indian citizen.
- Your age must be above 18 years.
- Indian co-signer must be with you to the repayment of your loan amount.
- You should have to apply for a master’s degree or other courses for which leap finances can support you.
- You can apply to the education loan from leap finances even your course application process is still uncompleted. But, the loan amount will be transferred to you when your application will be accepted at the University.
Now, you are well versed in the eligibility criteria for getting an education loan. Education loan is divided into two categories. One of those is an education loan without collateral and the other is an education loan with collateral. Detailed information about both categories is below.
- Education loan without collateral
The no collateral loan, in this they sanction loan to the applicants whose credit score is high and have good academic and good professional experience after completing their study or masters, they have applied to. In this case, the interest rate is high because the applicants don’t ask for any type of security. Even tthe lenders provide the less interest rate loan to the applicants who have a solid credit score. There are also some lenders like Zolve who provide financial aid to students without credit history which can help in builing their credit score and ultimately improve their changes of getting an education loan for MS in US.
- Education loan with collateral
With collateral, you have to pledge your property it can be your house, vehicles, or anything. When you pledged something to the bank, lender, NBFC, you get an education loan on the behalf of them. You get back all when you repay the loan amount otherwise you lost all the things and have to pay the interest of the loan amount. But leap finance doesn’t ask you to pledge something to sanction the loan for your study. Leap finance allows you to pay the loan amount and the interest as the monthly installments, so you can quickly repay the amount.