In today’s time, everything is too costly even the study and many families can’t afford the amount for their children’s study. In this case, students can apply for a study loan. We know that applying for a study loan is difficult and stressful. Many students don’t know how to apply for study loan, let us tell them. But you should also know that many of the documents you have to submit when you are applying for the study loan. You can apply for study loans in Banks or NBFC.
Apply in Bank
When you go to the bank for applying fora study loan, it requires the documents from you. You can apply for a loan online, it takes just some minutes, and once your loan offer is accepted, it starts the process of collecting documents from you, and evaluate the course for which you want to take the study loan, after that the bank will notify you. Banks such as BoA facilitate the whole process making getting a loan a very easy thing to do.When the loan is sanctioned, it will distribute in the parts and the responsibility of financial transferring of tuition fee and lodging fee to the universities is upon you.
Apply in NBFC
NBFC takes less time according to the bank, but they are very strict in terms of clearing the interest rate and the loan offer. NBFC files the loan offer application offline mostly. For clearing the rate of interest and period and the documents related to the study loan, the student has to come to NBFC place to sign on paper. The loan rate is again at floating and processing fees & interest rates are high. Moreover, the NBFC takes time more than 30 days to complete the process of the loan after you submit all the documents.
Leap Finance loan process
Now, we discuss the leap finance loan process, it is easy to provide study loans to the students in an easy way. There are few steps which you have to follow:
Step1- Apply online and get a loan in 10 minutes
- Fill the details in the application form of a study loan online.
- When you submit the form after 10 minutes bank will show you loan offers immediately.
- Accept the loan offer online and select an education loan that is best for your study.
- You can take an assessment online with the leap finance agent.
- After that assessment, you can get your loan sanction letter.
Step2- Loan sanction and the agreement
- Upload all the necessary documents and get the sanction letter of study loan offer free of cost. Because you will need the sanction letter later when you apply for the US visa and I-20 form.
- And when you obtain the visa and I20, you have to upload all the previous documents.
Step3- Repayments and disbursal
- After all this, you get the loan agreement on that student and leap finance agent have to sign.
- Leap Finance charges for 1-2% of the loan and if you ask for funds then it will change.
- Now, you are done.The leap finance sends you money when you need it and request it.
These are the simple and easy steps that the students have to take for their study loan and the leap finance provides them a loan on the easy interest rate and all the process is transparent so the students can understand all the process.