In today’s world education plays a vital role in one’s life. Students from a well off family may get help from their parents in seeking education. But students from a not well to do family may not get the financial support to pursue their education. To help this kind of students some banks and financial organizations have come forward to provide student loans.
This helps the student to pursue his education.
There are some procedural steps to be followed if a student has to apply for a student loan.
1. Find an educational institute where one wants to pursue degree, higher studies etc. ensure that the educational institute is legitimate. Also find the fees that are the tuition fees, fee for extra-curricular activities, library fee, hostel fee etc.
2. Find an appropriate financial organization or a bank in the locality that is ready to offer a student loan. The types of student loan schemes may differ from bank to bank.
3. Get to know the rules and regulations stated by the bank. The rules may be such eligibility of the student from his previous educational qualification and ranking etc. A guarantor proof for the student.
4. The percentage of loan required by the student has to be told to the bank in the application form or in an official letter.
5. If the required details are fulfilled by the student, the bank may take some day’s time to process the loan. If the loan is sanctioned, then the bank may offer a demand draft to the specified institution.
6. Next would be the repayment of loan. This would start as soon as the student completes his education course. The bank also has the right to cancel the loan in case of the student not performing well in studies in the intermediate stage of specified educational course. The repayment should be paid in EMI’s and the duration may vary depending on the banks rules and regulations.
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