April 13, 2019
Nothing can be a hurdle if you have set your mind on your dreams. If you have dreamt of pursuing your higher education in engineering but finance is a constraint, you do not have to give up on your dreams. Education loan for engineering students can bail you out of the financial shortfall.
However, there are a few vital aspects you should take into account before you can take the plunge. And this is exactly what has been discussed in the write-up. So, let us catch a glimpse of the same.
Important Points You Must Keep in Mind
Check out these facts before you apply for education loan online-
1. Personal versus Education Loan
As a parent, you might want to avail personal loan, but education loan for engineering students is always a better option. This is because unlike personal loan, which attracts a very high interest rate, education loans are meant especially for students, so are extended at comparatively lower rates.
Also, education loans come with several features and benefits extended only to students. So, you can also reap the benefits of these additional features.
2. Eligibility Criteria for Education Loan Online
Not all engineering students qualify for this loan. You must be eligible for applying for the same. These are the prerequisites-
- You must obtain admission into the engineering institute where you will finish the course, regardless of whether it is at the graduate or postgraduate levels.
- You must have an offer letter from the educational institution without which it will be difficult for the banks to work with you.
- Your academic background and how much you have scored in the qualifying test are taken into account while applying for education loan online.
- Your grades or examination scores matter too.
- If you have any awards, certificates or any other accolade in academics, mention the same as it counts too.
- Whether or not the engineering course you are pursuing is recognised by authorised bodies (AICTE and the like).
- How well known your intended engineering college is vital for applying for education loan for engineering students.
Remember, even if you are a student, you have to return the money in due course. Avail only as much as will suffice. Most importantly, maintain the repayment schedule religiously.