If you’re in college or recently graduated and need to take out a loan, you may be wondering how long it will take to get the money from your bank of choice. A lot of factors can affect how long it takes to get your hands on your money, but most students can get approved and have their money within a few days after applying online. Here are the top three banks for the fastest education loans. If you’re in college or recently graduated and need to take out a loan, you may be wondering how long it will take to get the money from your bank of choice.
List of banks offering instant education loans
A student who wants to do higher studies has to consider getting an education loan to finance his/her studies. Higher education today is a costly affair, and to meet these expenses banks are offering instant loans at competitive interest rates. While there are a number of banks providing educational loans, only a few provide fast loans that don’t make one wait for weeks or months before clearing off their dues. Given below is a list of banks and their current interest rates on fast track educational loans
How do you know if you qualify for an instant education loan?
The easiest way to determine if you qualify for an instant education loan is to apply for one. Some lenders ask for personal information about your income, assets, and other debts in order to help them make a decision. And some ask for official documents (such as tax returns or W-2s) that can prove whether you earn enough money to repay your debt. Many lenders evaluate your credit history when reviewing your application. If you’ve been rejected by other lenders, it could be because they don’t believe you have access to enough capital to cover your debt obligations; they may also see a blemish on your credit score as a red flag and pass over your application without requesting more documentation or explanations of any errors on record.
How to get an instant approval for an education loan
Here are some simple tips to help you get instant approval for your education loan. First, select a bank that is willing to give loans without any guarantor and is ready to process a second-generation (non-convertible) home mortgage. Second, make sure that your credit score is at least 680. Third, check your eligibility against different banks; don’t blindly go for one because it’s more convenient than another. Fourth, take a second look at how much monthly repayment will cost you – and use an interest calculator if necessary. And finally, make sure that your eligible income as per annual income tax returns (ITR) matches the eligibility criteria of various banks in mind when applying for an educational loan.
How much can I borrow with an Instant Education Loan?
There are no eligibility requirements to take out an instant student loan. Because these are high-cost loans with annual percentage rates ranging from 13% to 36%, you’ll want to avoid taking one out unless you have a good reason for doing so. If you need fast cash, consider requesting funds from your family or looking into private scholarships as a cheaper alternative. Our advice: Take advantage of grants and scholarships first, and only turn to a student loan if you can’t make ends meet any other way.
What documents are required while applying for an instant education loan?
Every student who is bright and wants to upgrade his/her level of education must have to go with a proper course from a reputed university. The competition at universities has become very high because, nowadays, they are getting flooded with candidates. Those people who would like to get admission to those universities can only get it by spending huge money. If a person has enough money he can spend it on his own but there are some students who don’t have enough money on their own to attend higher studies. Such students have no other choice but to ask others for help by means of taking Education Loan from banks or finance companies. But here comes a big question: Is it true that every bank provides fast approval against collateral property as security against repayment of an Education Loan?
Do all banks provide instant approval against collateral property as security against the repayment of an Education Loan?
The rules pertaining to Education Loan are governed by ‘The Education Loans (Regulation) Act, 1992’ as amended from time to time. According to Section 6 of ‘The Act’, where a borrower applies for an educational loan and where it is decided that a home or any other property belonging to such borrower, would be used as security for the repayment of such loan and where sufficient value exists in such property against which such loan may be advanced, then any bank can advance such education loan provided certain conditions laid down in Chapter III of The Act are satisfied. These conditions include eligibility of applicant on factors like age limit and qualification etc., type and amount of security acceptable, the period up to which demand draft facility will be available after disbursement, etc.