There is only one step between you and your ambition of study in USA now that you have achieved your target GRE/GMAT score and chosen your college. obtaining a student loan!
By eliminating the difficulties of financing, banks have made it easier for Indians to obtain an education loan. With the appropriate direction, students may successfully finish the loan application process without any difficulties.
While the application, approval, disbursement, and repayment processes for loans may vary amongst financial institutions, the majority of banks and NBFCs adhere to a straightforward process: -
Step 1: Determine the loan amount
Before the admission is officially verified, it is advisable to begin the loan evaluation process. The costs to be considered should include tuition, housing costs, exam costs, lab and library fees, the price of books and supplies, and travel costs. The loan amount is important because it can affect the interest rate. While an education loan application may be submitted before acceptance is verified, the disbursement will not begin until the student receives an I-20 form from the college, which includes information on the cost of living.
Step 2: Compare lenders to avail loan
Since it takes a lot of time and effort, evaluating several banks and NBFCs may appear overwhelming to students and their families. Instead of visiting many banks, you can apply through Credence, which offers a one-window platform that allows students to compare and select from a variety of banks and NBFCs.
On the following variables, banks and NBFCs can be compared: -
INTEREST RATE: The borrower should compare school loans and consider the interest rate the bank is offering. Lower interest rates make the loan offer more attractive. Different banks use different standards to determine loan interest rates; among the variables that might be negotiated are the borrower's academic standing, college attendance, family background, the amount of collateral offered, etc.
LOAN AMOUNT: A borrower must take into account the loan amount the bank is willing to provide. The applicant should look into loans offered by other banks if the loan amount the bank is offering is less than what the borrower requires.
REPAYMENT PERIOD: The repayment time has an impact on the interest rate, therefore the borrower should select a repayment period that would result in an EMI that he or she is comfortable paying after finishing their course.
Original Content:- A Comprehensive Guide to Student Loans in the USA