The expenses of education are escalating on average by 15% per year as per studies. Moreover, to pursue higher studies or overseas education considerable funds are needed. Hence, it necessitates the importance of availing education loans.

However, an education loan only covers the institution fee. So, you can avail a student credit card in India to cover the expenses related to lodging, food, and other miscellaneous costs.

Things to consider

Now, while you are applying for an education loan, you should compare all available products to select the best loan for you. Some important considering factors are- low-interest rate, easy process, multiple tenors and high loan amount. As interest rates accumulate the total payable amount that is principal and interest, you should always consider a loan with a low interest rate.

An easy and hassle-free process is also a crucial factor to look for. However, you can also avail the best credit card in India with minimal procedures. For example, the Bajaj Finserv RBL Bank SuperCard is one such credit card that offers multiple attractive benefits together, like, welcome bonus, ATM cash withdrawal, etc.

As education costs for higher studies are huge, you should opt for a high loan amount. Consequently, while repaying the EMIs of the loan you should look for multiple tenors as per your financial stability. Now, after deciding the loan and the provider you can apply for the loan online with the following steps.

How do I do it?

First, you have to fill up the loan application form with your details such as name, residential information, parents’ name, occupation and income, contact number. After filling up the form you have to upload scanned copies of your photograph and signature. After you get the notification of your successful loan application on your registered mobile number, your loan provider will fix a discussion meeting with you. The details of your academic history, choice of further education will be discussed.

In the next step, on a mandatory basis, you will need a guarantor to get your loan sanctioned. And after validating your details and the credit history of your guarantor, your loan will be approved and disbursed to the concerned institution as required fees.

In conclusion, you should have thorough knowledge about loans and student credit cards in India before availing any of these.