Education Loan : Tips to Boost Your Eligibility and Manage Your Finances Accordingly
In this article we will highlight some of the most effective tips to boost your loan eligibility and manage your finances well,

Students who need financial assistance to finish their courses might apply for an education loan. To aid in the education of the future leaders and innovators, many banks and NBFCs in India provide education loans at affordable rates. Any individual places a high priority on receiving a quality education, thus students go above and beyond to get it. However, the fee structures have recently increased, choosing an education loan today accounts to be the only viable option for students who come from a economically weak or humble background,
In this article we will highlight some of the most effective tips to boost your loan eligibility and manage your finances well,
Effective Tips that can help you in Boosting your Loan Eligibility
1. Improve your academic scores
To remain in the top 5% to 10% of their individual courses, students must put a lot of effort into their academic performance. It displays their mastery of the material and attests to the discipline and commitment necessary to uphold the reliability of these scores.
2. Engage in project-based work opportunities
Increasing numbers of employers now accept degree holders with prior work experience who are prepared for employment. The best course of action is to look for employment or project-based possibilities while getting a degree. Due to the fact that all types of internships and part-time employment increase employability, they can also assist borrowers in obtaining more favourable terms on their student loans.
3. Gain more knowledge about the scholarship program
Spend time learning about and submitting applications for the many scholarships offered in your field. Receiving a scholarship is a wonderful indicator of a student’s all-around development and of their tenacity in pursuing their objectives. One would increase their chances of obtaining a student loan approved if they had a scholarship to their name.
4. Engage in part-time employment opportunities
Taking on project work or any other part-time job opportunity is a great way to augment your income and demonstrate your commitment, dependability, and subject matter experience. This greatly enhances an applicant’s profile and helps them get a student loan.
Effective Tips that can help you in Managing your Finances Accordingly
1. Plan your loan repayment EMIs
Plan your EMI. Borrowers should choose a manageable EMI. They might decide to pay low EMIs and lengthen the loan’s term or they can decide to pay high EMIs and shorten the term. Only if they are financially stable and able to pay more in EMIs should they be willing to do so.
2. Refrain from ‘untimely payments’
Avoid defaults: Borrowers risk facing serious consequences if they make unpaid educational loan obligations. It will negatively impact their credit score and lessen their chances of obtaining loans in the future.
3. Pay off your existing loans before applying for an education loan
It is recommended that applicants pay off all of their prior debts before applying for an education loan (if they have any). They ought to start by repaying the loans with the highest interest rates. They should also carefully prepare their monthly budget if they already have debt from other loans before increasing the burden of an education loan.
4. Work on your credit score
Maintain a high credit score: Maintaining a high credit score will make it simpler for you to get an education loan. If you repay your loan on time, you’ll be able to get loans in the future without any problem.