Steps to Get a Student Loan

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Steps to Get a Student Loan
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Education is an asset. Here are a few steps to
get a student loan.

• The first step is to find a financial institution
  or bank of one's preference. Their interest rates
  have to be checked. Banks usually ask for the
  offer letter of admission from the candidate.
  They verify it first. The standard of the course
  and the institution are both taken into
  consideration.

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• A guarantor on behalf of the student is required
  if the initial parameters are met. A term
  insurance is then done in the candidate's name. A
  term insurance provides high cover and the rate
  of premium is very low. It is done to ensure that
  in case of an untimely demise of the student, the
  loan can be paid back.

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• The bank provides costs of books, fees, computer,
  hostel etc. In case of a full time course, a
  payment holiday is given. The student can start
  paying back the loan after one year of completion
  of the course or after getting a job. The
  earliest is considered in this case.

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• The repayment has to be made in form of equated
  monthly installments. No payment holiday is given
  in case of part time courses or executive
  courses. This payment holiday is termed as
  moratorium period. Study Loan In India is
  available both for undergraduate and postgraduate
  studies.

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• Thus it is very easy to get a student loan. It is
  advisable to check the quality of the course and
  it's job prospects. So if one has the
  determination to study, there is always a way out.

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• The Indian government is trying to make norms and
  procedures of getting a student loan simpler.
  Hence things will become easier. Nothing is more
  valuable than education as it stays for a
  lifetime. Hope these steps will be helpful in
  securing a student loan.

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