Higher education can strain your budget if you do not hold the required funds. One way to finance your education is by availing secured advances such as a loan against property for education. Before availing the loan you must have the education loan information and satisfy the eligibility criteria required for it.
Given below are steps on how to get an education loan against property that you can follow:
Analyse your requirement
Know the loan amount you want to apply for and also evaluate your repayment capability. A loan against property can be better for you than an education loan. Make sure to check the maximum amount and tenor your loan can offer to analyse if it can cater to your needs.
Meet the eligibility criteria
To apply, you are required to –
Be between the age of 25 and 70 years of age
Have a stable source of income
Be a resident of India residing in any of the cities where your lender operates
Apply for the loan
After meeting the eligibility criteria, you can apply for the loan by filling up an application available on the official website of your lender. You are required to share details like your name, contact number, address, income, employment status, etc.
Submit the necessary documents
You are required to submit the following documents –
Identity proof such as Aadhaar card, PAN card, Passport, Driving License, etc.
Income proof such as salary slips, income tax returns, account statements, etc.
A residential address like the latest electricity/telephone bills, property tax receipt, etc.
After the above documents are verified, your student loan will be disbursed to your account within 4 working days.
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