4 mistakes to avoid while taking an education loan

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4 mistakes to avoid while taking an education loan
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• Education loans are curated to fund higher
  education of students, be it in India or abroad.
  They have made higher education more accessible
  to common citizens. But many students are often
  barred from getting an education loan as they
  fill incorrect information in the education loan
  application form or submit incorrect documents.
  If students steer away from such mistakes,
  getting an education loan would become much
  easier. In this article, we have compiled
  information about the common mistakes students
  make while getting an education loan, and how to
  avoid them.

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Not reading the education loan terms and
conditions carefully

• Students do not carefully read the terms and
  conditions based on which lenders offer them
  education loans. This mistake is avoidable. They
  should carefully read the terms mentioning the
  benefits they would get from the education loan.
  They should also read the conditions that let
  them fully enjoy those benefits, and the
  conditions that exclude them from reaping the
  benefits of their education loans. Students
  should also ask their lenders to put
  case-specific conditions in their education loan
  agreements if need be. For instance, ask the
  lender to include a third-party FOREX vendor you
  want, to convert the education loan money from
  Indian Rupees to your host countrys currency.
•  

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Estimating the education expenses inaccurately

• Sometimes, students estimate the
  education-related expenses inaccurately. This
  mistake is avoidable as well. They should talk
  with their seniors, and calculate the tuition fee
  of their chosen course. If they are going to
  relocate to the city their university is based in
  then they should also consider the higher
  education-related costs like travel expenses,
  lodging and boarding expenses, mess expenses,
  exam fee, library fee, laboratory fee, stationery
  and books expenses, laptop expenses, and so on.
  Calculate these expenses accurately to the last
  penny.

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Filling incomplete or incorrect information in
the loan application form

• Students fill the study loan application form
  incorrectly. They should be attentive to avoid
  this mistake. They should read the important
  prompts carefully before filling the education
  loan application form. They should spell every
  detail such as their name, their residential
  address, their contact information, their social
  identity numbers, their academic record, and so
  on carefully in the application form. Be very
  careful about such details to ensure that your
  application form does not get rejected by the
  lender.
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Not submitting the right documents

• Students lose out on getting an education loan
  for their higher studies when they do not provide
  right documents to the lenders. They should
  provide relevant authentic documents to the
  lenders. They should avoid submitting an
  incomplete set of documents. If they provide
  incorrect or fake documents, their loan
  application might get rejected by the lender.
  This is something that is easily avoidable.

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• We hope this article was helpful to you.

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• You can find more interesting things on these
  sites mentioned below -
• Website
• https//www.auxilo.com/education-loan/studying-i
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