3 simple steps to get an education loan on a property

With the cost of education becoming expensive, parents often look for additional funding to finance their child’s higher studies. An education loan against property addresses this monetary need adequately with credit up to Rs.5 crore and fulfils dreams effortlessly. Borrowers can cover diverse expenditures like tuition fees, admission fees, study materials, food and accommodation, travel, medical needs, and more.

An education loan for abroad can help you meet your educational cost in a foreign country. As a secured credit, it assures affordability with a comparatively lower rate of interest. All you need is to approach a reputed lender.

Before application, however, evaluate the expected monthly outflows towards repayment using an education loan calculator. This online EMI calculator computes EMIs based on your preferred tenor, loan amount and the applicable rate of interest. Also termed as a loan against property EMI calculator, it helps you make an informed decision regarding the credit.      

How can you avail an education loan on property?

The best education loan scheme can be availed by following these 3 simple steps:

1. Fulfil the eligibility criteria 

Eligibility is the primary factor determining if you qualify for a loan against property for education. While the criteria may differ with lenders, there are some general parameters to fulfil:

• Applicants must be earning members – either salaried individuals or self-employed professionals or non-professionals.

• A stable monthly or regular income is essential to ascertain repayment capability.

• Self-employed individuals must fall within the age bracket of 25 years to 70 years. The same for salaried applicants is 33 to 58 years. 

• Salaried applicants must be employed at a trusted private or public enterprise or an MNC. 

• Irrespective of job profile, applicants must be residing citizens of India. 

Apart from the above, you can qualify for the best features and benefits on an education loan against property by:

• Maintaining a healthy CIBIL score above 750. The closer to 900, the better. This score helps financers assess your creditworthiness before approving a loan. 

• Keeping existing financial obligations to a minimum. This not only eases your new loan repayment but also frees you from huge burden. 

• Try to pay off small debts before taking the bigger ones.

1. Submit essential documents for processing and verification 

To process an education loan application, it is mandatory to submit certain essential papers that are valid and updated. Any missing or erroneous document can delay the process, often leading to the application’s rejection. Below are a few common requirements from a list of essential documents:

• Proof of income like the latest salary slips 

• Proof of address like Aadhaar card, driving license, passport, etc. 

• Identity proof such as Voter ID, PAN card, Aadhaar card, etc. 

• Financial documents like updated bank statements 

• IT returns of salaried applicants 

• Copies of important property documents

1. Drop your loan application online 

An eligible applicant prepared with the essential documents can now apply for a loan against property online. Many financers allow borrowers to apply via an easy online application. Here are the steps to proceed: 

Step 1: On the lender’s official website, access the application form and fill up with essential details. 

Step 2: Wait for the company’s representatives to contact you usually within 24 hours.  

Step 3: Receive an approval confirmation email or call in minimum time.  

Step 4: Finally, submit the documents required for an education loan against property.

Get the entire sanctioned amount credited to your account directly. If you are an existing customer, look for pre-approved offers and manage your finances in a foreign country.

Pre-approved offers ease the process of taking loans and help save loan application time. These schemes are available on a host of financial products like a loan against property, home loan, etc. To check your pre-approved offer online, you simply need to provide your name and contact number.