Documents Required for Education Loan On Property

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How Does CIBIL Score Matter In Education Loans?
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• Usually, the cost of pursuing higher studies
  abroad is quite expensive and to pay for it many
  aspirants look for external financing such as an
  education loan. For instance, the cost of
  pursuing a course in the United Kingdom can cost
  anywhere between Rs.19 lakh and Rs.39 lakh based
  on the selection of an academic course and
  University.
• However, the chances of availing such a loan
  depends significantly on the CIBIL score of the
  guarantor backing up the applicant. It is because
  the score serves as a summary of an applicants
  credit history and his/her track of previous
  repayments.

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CIBIL Score and Education Loan Against Property

• One must, nevertheless, note that a high CIBIL
  score can come in handy in more than one way for
  borrowers. For instance, individuals with a high
  credit score are more likely to secure a lower
  interest rate and better terms of repayment than
  most others.
• For instance, the following factors impact ones
  CIBIL score to a great extent.
• Repayment history accounts for 35 of this
  rating.
• Credit utilisation ratio makes up 30 of the
  score.
• Loan tenure acquires 15 weightage.
• Credit mix and CIBIL score enquiry makeup for 10
  of this score.

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• One can take measures to improve this existing
  credit score by taking care of a few factors. The
  most effective means include
• Repaying debt in time.
• Keeping credit utilisation ratio below 50.
• Maintaining a diverse credit mix.
• Limiting the number of loan applications at a
  given time.
• Hence, individuals with low credit scores can
  avail an education loan against property from a
  lender who extends credit against a low CIBIL
  score requirement.

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Education Loan Against Property

• Simple eligibility - Being a secured credit
  option, a loan against property is made available
  at simple eligible criteria.
• High loan value with zero restrictions to use -
  Leading financial institutions provide up to 75
  90 of the mortgaged propertys market value as
  the loan amount.
• Flexible repayment tenure - Leading financial
  institutions offer this credit at flexible
  repayment tenure that allows borrowers to plan
  their repayment and streamline it accordingly.
  For instance, usually self-employed applicants
  get up to 18 years to repay the mortgage loan.

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Conclusion

• Also, the lenders provide tailor-made
  pre-approved offers to customers that make the
  process of availing a financial product less
  time-consuming and simple. Usually, these offers
  are available on multiple financial products like
  loans against property and home loans. You can
  check your pre-approved offer by sharing details
  like name and mobile number.
• With all these aspects in mind, individuals can
  proceed to apply for a suitable funding option,
  preferably a loan against property, to fund
  higher education. Simultaneously, they must also
  make proper arrangements to ensure timely
  repayment of the advance and improved financial
  management.