There are large numbers of candidates who want to study further. Some of the students are enrolled in further education degree courses while some are still thinking. The main reason for thinking is that they cannot afford to study further. The financial condition of their family is not able to afford the cost of such degrees. There is one solution to this problem is an education loan or study loan. Yes, it is an effective initiative taken by government financial authorities so that no one can leave without studying.
Before applying to study loan, every applicant must know that what is the process of the loan application and how to apply for student loans? A simple process of applying for getting a loan is given in this article. Take a look at the 3 step process for getting student loans.
Step – 1 Apply online and get an educational loan offer within 10 minutes
- In the application profile page, enter all correct details and complete your online application form.
- When you click on the submit button after filling the online application form, you will see all types of educational loans offer instant.
- Accept the online education loan offer and choose the required amount as well as your prescribed tenure.
- A call will come to you and you will get a provisional sanction letter.
Step – 2 loan sanction and agreement
- In this stage, upload all the asked documents so that you can get an official sanction letter without any cost. You have to present this official sanction letter if you have to apply for US student visa and are interested to fill the I – 20 form.
- After receiving the student visa and I– 20 form, upload both these documents on your application profile page.
Step – 3 disbursal and repayments
- You will receive a loan agreement when both parties have to sign the loan agreement.
- For the education loan amount, leap finance charges take 1-2 % of the amount as processing fees. If you have made fund requests, then only you need to pay processing fees.
- Now, all steps have been done. When you need money to be in your account, tell us and we will transfer money in your account.
When you get an education loan, you will also get some discount on income tax. Education loan tax benefits are important benefits and you must know about all benefits. Many factors should be known such as how to claim tax benefits and what are the tax benefits when you have an education loan. Every financial institution is not providing tax benefits to the applicant. So, as an education loan applicant, you should also check that either you are eligible for getting education loan tax benefits or not. A tax benefit is different from one finance institute to another finance institute. Interest paid on the education loan will be deducted from the loan amount on an annual basis while some finance institutes deduct loan interest every month.