Student Loan Eligibility

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4 Important Things You Must Know About Student
Loan Eligibility.
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Student loan eligibility is a very important
factor to consider when applying for an
educational loan. Though most lenders will
promise 100 financing, your eligibility
determines the terms and conditions applicable on
this promise. To give you a better picture, the
follow article will tell you 4 important factors
to keep in mind in regards to student loans and
their eligibility. 1. Primary eligibility
benchmarks. You need to satisfy certain basic
eligibility criteria to avail a student loan in
the first place. To begin with, you need to more
than 18 years old and an Indian citizen. You will
also compulsorily need a guarantor who is above
18 and an Indian citizen as well. The guarantor
will also need to have a bank account that allows
him/her to write cheques. 2. Student loan
eligibility.Now that youve satisfied the
minimum eligibility criteria, you can check how
much of a loan your lender is willing to provide.
This will depend on a number of factors. Some of
the include your academic record, your entrance
exam marks, the credit history and financial
backing of your guarantor along with his/her
monthly income and outgo.
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3. How do I check my eligibility?
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Simple, just visit the website of your lender and
look for a student loan eligibility calculator.
Click on it and fill-in the details and press the
enter button. Within seconds, the calculator will
calculate the loan amount you are eligible for
keeping mind your monthly income and expenses,
the loan tenure and interest rate.4. Okay, but
what about 100 financing?The loan amount
provided by the student loan eligibility
calculator might not be enough to cover the cost
of your education. In that case, you can pursue
your lender to provide 100 financing, however,
they might provide it to you under certain
conditions. To understand them, you first need to
place yourself in the shoes of your lender. You
have to understand that providing a student loan
is a risk. The level of risk depends on a number
of factors. For example if you are an average
student with a mediocre financial backing, you
pose a significant risk to the lender. On the
other hand, a student with a meritorious academic
background and decent financial backing is a much
lower risk to the lender
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Keeping this in mind, the lender will be more
willing to provide the second student 100
financing, but when it comes to the first
student, they may provide 100 financing only if
the borrower provides some sort of collateral or
agree to pay a higher rate of interest. Now you
can apply this logic to various scenarios say
you need financing above and beyond 100 course
fees and your lender denies at first, offering
security collateral might cause your lender to
change their mind. These were 4 of the more
important points to keep in mind about student
loan eligibility. Hope you have a better idea of
things work in this regards. Good luck and all
the best, study hard!
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