Higher education is the key to success. However, the increasing prices of education in India have made it difficult for many students to access good-quality education. This is when the ‘education loan’ comes in handy. An education loan is a type of personal loan that many students take to fulfil their dreams of higher education either within the country or abroad.
Digitalisation has made the process of loan accessibility very simple and convenient. Many education loan app in India are available through which students can easily apply for their education loan from the comfort of their homes. This comprehensive guide covers the benefits of an education loan app to help you make the right decision for your studies.
Benefits of Education Loan App in India
Getting an education loan was never as quick and easy as it has become, after the advent of online loan apps. These apps have several advantages, let us explore some of their major benefits.
Accessibility and Easy to Use
The major benefit of education loan apps is accessibility. People willing to apply can access the app from anywhere at any time; they just need to have access to the internet. Also, these apps are designed to provide clear, step-by-step instructions on how to apply for a loan, thus providing a hassle-free loan application process without the need to visit banks physically.
Instant Approval and Disbursals of Loan Amount
One of the key benefits of education loan apps is instant approval and disbursal of loan amounts. Unlike traditional offline loan approvals, individuals do not need to make several visits to banks or stand in queues for hours. With the help of artificial technologies, education loan apps offer quick approval, which is usually a time-consuming task when done manually. Once the loan amount is approved within a few minutes the funds are disbursed in the bank account of the applicant.
Less Documentation
When applying for a loan online, there is often very minimal documentation required, in comparison to offline procedures. Thus, fewer document submissions result in quick approvals. Also, as the document verification is done digitally, it streamlines the approval procedure and enables faster disbursement of funds.
Real-Time Tracking
Applying for loans online through the app helps students track the status of their loans in real-time, offering transparency. This also provides peace of mind to applicants as they are aware of each stage of the loan approval procedure.
Flexible Repayment Options
Several education loan apps offer applicants flexible repayment options. Thus, they allow individuals to choose a comfortable repayment plan depending on their financial situation. The students can select the suitable repayment option for themselves that fits them and reduces their financial burden.
Manageable EMI Plans
Many loan apps offer manageable EMI plans, allowing borrowers to choose flexible repayment options that align with their financial capabilities. Some Apps provide tailored EMI options, making it easier for users to budget and manage their monthly payments effectively.
EMI Calculators
Many online loan apps often come with a loan EMI calculator. Students can use it to compare various loan amounts, loan tenure, and interest rates. This helps students estimate their monthly instalments, which seamlessly align with their financial capabilities. Once they are aware of their EMIs, they can proceed with their education loan application.
Customer Support
Along with convenience, the online loan app also offers customer support. So, in case of any difficulties throughout the procedure, applicants can contact customer support and get their queries cleared right away. Many loan apps provide 24/7 customer care facilities through phone, email, and chat. Additionally, some apps also have an FAQs section where the most common questions are discussed to ensure customers’ queries are instantly resolved, offering a smooth experience.
Conclusion
Education loan apps are a convenient way for students aspiring to fund their education. It reduces the financial burden for both families and students. These apps are easy to use, provide comfort, quick access to funds, flexible repayment options, and low interest rates. It is essential to check different education loan apps and compare their interest rates and repayment options. Make sure you choose an app that is easy to access, offers easy application, low interest rates, loan repayment flexibility, and instant loan approval. Also, read the terms and conditions carefully, and check the reviews, ratings, and feedback of customers.
