Monday, July 1, 2019

Step By Step Guide: How to Take a Personal Loan For Higher Education

The step-by-step process of acquiring a personal loan for higher education can be different for every financing organization. Therefore, to get more information on the same, you would have to visit the official website of the firm. However, there are certain stages which are always evident when you apply for higher education loan.

If you want to know about the different stages that you might come across during the application process of a personal loan for higher education, then here is an article.

Knowing about the stages in advance will allow you to narrow down the personal loan eligibility terms and make sure that you are ready with everything.

1. Employment Category

A personal loan for higher education is available to a large group of people. Therefore, one of the stages that you might come across is the employment. In other words, you will see options like a salaried individual, self-employed, Government jobs, and more. You will have to select an option that best defines your job type. It will allow the financing firm to understand the kind of work background you have.

2. Loan Amount and Tenor

While applying for a personal loan for higher education, you would also need to select the loan amount and tenor that you prefer. Without doing so, the process can never go further. Moreover, the personal loan interest rate is based on the amount and tenor that is selected by the borrower. Typically, the loan tenor is up to 60 months maximum, while the amount that can be borrowed is up to Rs.25 lakh.

3. Filling Application

One of the stages in the personal loan process step, whether online or offline, is of filling the actual form. In case of online submission, you will be able to fill a virtual form with basic information like your name, address, and employment, or company name. It might also require certain other details like your age, date of birth, and more. In the case of a physical form, you can obtain the same from the financing firms’ local branch.

4. Gathering Documents

Similarly like the application form, the documents can also be submitted either online, or offline. However, in both cases, the documents required are the same. When it comes to online submission of documents, you can scan the copies and attach it with the application. Some online lenders’ agent can also collect documents from you. On the other hand, in physical submission, you will have to take hard copies of the documents and submit them along with your form.

5. Verification and Disbursal

The last stage, which is available under each Bajaj Finance personal loan process step, is of verification and amount disbursal. Once the application has been submitted, the financing firm will then conduct their verification and decide whether you are approved or denied. Once done, you will be able to get the amount in your account within 24 hours.

Bajaj Finserv can give you pre-approved offers for financing services of different kinds. Whether it is a personal loan, business loan, home loan, or more, you can find offers for each of these financing alternatives.

By utilizing the pre-approved deals, you can reduce the loan processing time and make it hassle-free as well.

For unlocking your special pre-approved loan offers, you can simply submit using your name and contact information.

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