Education can be extremely financially demanding, especially if it is higher education. An easy way out is to go for a higher education loan. One of the most beneficial financial options are education loans against property.
Any applicant for one such loan needs to look into the details of it. While applying for education loan in India, an applicant needs to keep 3 basic steps in his or her mind.
Documentation: The few documents that a financial institution usually requires in order to approve an education loan against property are listed underneath. One needs to arrange them beforehand in order for his or her application to be processed smoothly.
Latest salary slip.
Bank account statements of last 3 or 6 months.
PAN/Aadhaar card.
Documents of the mortgaging property.
Income Tax returns.
Application: Top lenders offer loan application options online. Applicants for education loan can find many pre-approved offers provided by renowned financial institutions online.
Following the online application, representatives from the respective institution meet the applicant. This is followed by the verification of documents.
Funds: The final step while applying for a loan for higher education is the disbursement of funds. Once the application process is completed, an individual needs to wait for the disbursal. This takes a few days depending on the verification procedure.
With application procedures simplified over the years along with the option of availing the loans online itself, the above steps should assure any potential applicant of a hassle free experience.
Additional Read: How you Get Education Loan on Property in 3 Simple Steps?
