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March 2020
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Vidya Lakshmi Portal is a web portal for students and aspirants who want to apply for a loan to bear their higher education related expenses. Aspirants can apply for several variants of loans and offers provided in the hub ranging from an easy to apply education loan to a loan against property that offers substantial amounts of credit.
Minimum Criteria
Application procedure: The ease of use of the portal makes a student loan significantly accessible. The following steps include:
Key Features and Benefits:
With the provision of a variety of financing options, as well as the availability of applying for a loan against property, is likely to help students collect the necessary finances for their higher study with ease.
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Pursuing higher education abroad will require substantial finances. Students who are inclined towards overseas education can opt for an education loan on property to meet the financial requirements for the entire course duration, added with the living expenses and maintenance costs. However, borrowers do have a few things to know before applying for a loan against property.
3 Things to check before availing education loan 1. Interest rates – Interest rates offered by lenders is an essential factor that every individual should consider comparing before selecting any particular financial institution. Lower the interest rate, lesser is your EMI payment, leading to increased affordability for individuals while repaying it. 2. Application procedure – Individuals should opt for lenders who offer hassle-free education loan against property procedures for easy application and fast-tracked disbursal upon approval. Minimal documentation, easy to meet eligibility criteria, and application status tracking through a dedicated app should be the three critical aspects that every lender should have on their checklist while choosing a lender. 3. Flexible repayment options – Every borrower should be well assured that their preferred financial institution offers flexible loan repayment options on education loan against property, from which individuals can select based on their financial solvency. The options may include balance transfer facility, part-prepayment or foreclosure, and extended tenors. However, individuals may be charged a nominal fee on availing such opportunities. An accurate estimation of the monthly payoffs along with interest calculated on the principal should be in every borrower’s to-do list to avoid any financial obligations. Apart from this, it helps an individual to gain clarity in their expenses and manage their finances better. |