7 Tips to Get Your Education Loan Application Approved

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A Personal Loan for education is an unsecured funding source that helps cover various education-related expenses, including fees, accommodation, travel, visa, equipment, study material, etc. Here are a few tips to boost approval chances for those planning to apply for a loan:

  1. Check the lending institution’s eligibility criteria before applying to avoid unnecessary rejection.

  2. Calculate the expenses and decide on a reasonable loan amount.

  3. Use the NBFC’s Personal Loan eligibility calculator to see how much you can borrow, based on which plan the application form.

  4. Maintain an Experian credit score of 630 or above to get fast approval, competitive interest rates, and higher loan amount.

  5. Pay off existing loans and credit card bills to reduce the debt-to-income ratio.

  6. Avoid credit card usage to reduce the credit utilization rate.

  7. Avoid applying for multiple loans, as it reduces your credit score and projects you as a credit-hungry individual.

Adding a co-borrower, increasing income, opting for a longer tenure, and avoiding job switches are other ways to improve the chances of easier personal loans for education approval and getting the best loan deal at attractive interest rates. 

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