India has the largest youth population in the world. In the past few years, a tremendous number of students have joined higher education and a majority rely on education loans for paying the fees and cost of living.
The demand for education loans has spiked up making the process more selective for the average Indian student.
To make this process easier and less burdensome, apply for an education loan with EduFund is the answer. Here is a step-wise guide on securing the right loan for your college degree.
Understanding EduFund
Before we embark on the journey of understanding the application process, let us take a moment to familiarize ourselves with the ethos and mission of EduFund.
As a trusted and reputable education planning platform, EduFund is deeply committed to empowering students by bridging the financial gap between their aspirations and the resources needed to achieve them.
EduFund offers 3 different financial products to help Indian parents and students achieve their dreams: Investments in the Indian market, Scholarships, and Education Loans.
Benefits of applying for an education loan with EduFund
1. Research and planning
The first and foremost step in successfully applying for an education loan with EduFund is conducting thorough research and meticulous planning.
This initial phase involves exploring EduFund’s website in detail, where you will find a wealth of comprehensive information pertaining to their loan offerings, interest rates, repayment options, and eligibility criteria.
Take the time to carefully peruse the website and make note of any specific requirements or documents needed, based on the course or institution you intend to pursue.
2. Eligibility criteria
EduFund’s education loan program has been thoughtfully designed to cater to a wide range of students hailing from diverse backgrounds.
To determine your eligibility, it is imperative to take into account various factors such as academic performance, the chosen course and institution, financial background, and any collateral that you may be able to provide.
By thoroughly reviewing these criteria, you can ensure that you meet the necessary requirements before proceeding with the loan application process, thereby maximizing your chances of approval.
3. Online application process
EduFund has meticulously crafted an intuitive and user-friendly online application process, ensuring that applying for an education loan is a hassle-free and accessible experience for all prospective borrowers.
To initiate the application process, simply visit the EduFund website and navigate to the dedicated loan application section.
Once there, fill in the required information accurately, providing comprehensive details pertaining to your personal information, academic background, the course you wish to pursue, and an estimated cost of education.
4. Document submission
Once you have completed the online application, the subsequent step entails gathering and submitting the requisite documents.
These documents may include proof of identity, address, academic records, admission letter from the educational institution, an estimate of the cost of education, income proof of co-borrower (if applicable), and any collateral documents, should you possess them.
It is of utmost importance to ensure that all the documents are properly attested and prepared for submission, as this expedites the loan processing and verification stage.
5. Loan processing and approval
Upon receipt of your application and accompanying documents, EduFund promptly initiates the loan processing and verification procedure.
Their team of experienced professionals meticulously assesses your application, verifies the provided information, and evaluates your creditworthiness.
It is crucial to note that this process may take a few weeks, as EduFund adheres to a meticulous and diligent approach to ensure a fair and accurate assessment.
During this period, it is essential to maintain open lines of communication with EduFund, remaining proactive and responsive to any updates or additional requirements that may arise.
6. Loan disbursement and repayment
Congratulations! Upon approval of your loan application, EduFund proceeds with the disbursement of the loan amount directly to the educational institution, in accordance with the agreed-upon disbursement schedule.
It is imperative to familiarize yourself with the terms and conditions of repayment, including the interest rate, repayment tenure, and monthly installment amounts.
EduFund prides itself on providing flexible repayment options, tailored to suit your individual financial capabilities. Additionally, they offer a grace period for repayment, allowing you to settle into your post-graduation phase before commencing repayment in earnest.
7. Regular communication and support
Throughout the entire loan application and repayment process, EduFund places great emphasis on establishing and maintaining regular and transparent communication with its borrowers.
Their dedicated customer support team is readily available to address any queries, concerns, or updates that you may have. It is highly recommended to remain in close contact with EduFund and promptly inform them of any changes in your circumstances that may potentially impact the repayment of the loan.
By fostering open lines of communication, you can ensure a smooth and mutually beneficial partnership with EduFund.
Applying for an education loan with EduFund is an empowering and transformative step toward realizing your educational dreams. No hidden fees or processing hassles, you get the right education loan for your degree without the daily bank visits!
