7 Things To Keep In Mind Before Taking An Education Loan

In this video, we will discuss the seven things you need to keep in mind when you take an education loan
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0:03 In this video, we will discuss the seven things you need to keep in mind when you take an education loan

0:28 First thing that you need to keep in mind is the amount of education loan you need

0:36 You need figure out the shortfall in own savings in meeting the anticipated higher education expenses

0:47 It is important you take the right amount of education loan since we not only do have repay the principal but also the interest on the education loan

1:28 It must cover major head of expenses such as tuition expenses, books, laptops, housing costs and hostel fees

1:35 Second, check out if you have enough time for loan processing since the process does take some weeks

1:51 The loan providers need to figure out a host of things ranging from repayment capacity, other aspects of finances, the course and the institution for which the education loan is being sought

2:02 What is being evaluated by the education loan provider is whether after studying in the institution, the education loan can be successfully repaid

2:22 Check whether all the items of expenses get covered, ideally 100%. Remember anything that is not being covered has to be met through your own funds

3:02 You need to also check if there are collateral requirements. This is typically not existent for fairly large-sized loans to prominent institutions in India and abroad

3:27 The lending institution may seek a collateral to get a certain level of comfort for the education loan

3:43 While the student needs to be the borrower, having a co-borrower helps enhance education loan amount. The co-borrower could be a parent or a spouse in case the student is married

4:19 It is important to keep all the documents for loan processing ready since any slip is likely to mean delays in loan processing

4:49 Check whether you have the facility of being sanctioned a loan amount even before you have zeroed down on an educational institution in India and abroad

5:02 This can come in quite handy for education loan meant to finance higher studies abroad


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