How to Get Education Loan for Engineering
Now that your child has expressed an interest in studying engineering, it’s time to figure out how to make their dream a reality. Consider an education loan instead of digging into your hard-earned savings.
A loan for your ward’s engineering education allows you to pay a large fee without drastically altering your lifestyle. Do you want to apply for education funding? Here’s how to strengthen your loan application to increase your chances of approval.
How to get an education loan for engineering?
Whether a student wants to pursue an engineering degree in India or abroad, the following factors will increase their chances of receiving a study loan.
Apply to renowned universities and colleges
Most lending institutions have a preferred list of Indian and international colleges and universities. They also have a list of institutions that have been blacklisted. Fortunately, the former list is long and includes several engineering colleges.
As a result, it is best to apply to reputable colleges. These do not have to include only Ivy League institutions in the United States or IITs and NITs in India. Any college with the necessary credentials and accreditations will suffice.
Furthermore, if your child has been accepted to a prestigious engineering college abroad, you can apply for a separate travel loan in addition to a study loan. Travel finance covers the entire cost of international flight tickets and lodging.
Complete the paperwork all at once
Visit the website of your lending institution to learn more about their documentation requirements. It is best to prepare a document checklist. Incorrect or incomplete paperwork can result in rejection. For a study loan, most lenders require the following documents:
- Student identification documents include names, addresses, photographs, and so on.
- Mark sheets from class 10th and 12th grades are examples of educational records.
- The name of the institution to which they have been admitted, as well as the tuition structure.
- Proof of identity and income of the parent or guardian taking out the loan on behalf of their ward.
Do you want to apply for a travel, personal, or education loan? Kuhoo is the end of your search. We provide study, travel, and personal finance loans with low-interest rates, flexible repayment terms, and minimal paperwork.