The Indian education loan market was estimated at around Rs.93,000 crore as of the end of July 2020. In other words, an increasing number of students are willing to avail credit to fund their higher education from premier institutions in India or abroad.
There are two types of study loans in India, secured and unsecured. And almost all financial institutions offer these loans to eligible candidates. However, before opting for funds, individuals need to know the application process to facilitate the speedy disbursal of funds.
If you’re unsure about how to avail an education loan in India, you can refer to the step by step guide below.
Step 1: Fill the application form
After deciding the loan requirement, applicants need to fill up a study loan application form, mentioning basic information, such as name, mobile number, email ID, personal information, educational qualification, and parents’ income details. Applicants can fill up and submit the form online to proceed with the borrowing process.
Step 2: Discuss with a lender
After submitting the education loan application form, you will have to sit with a loan manager who will ask for details regarding your educational background, the chosen institution, the placement process, the course selected, and current scholarship details (if any).
Individuals who are not availing a scholarship scheme and still aspire to pursue courses from a prestigious institution need access to substantial funding. In such cases, they can opt for a loan against property and raise enough funds for self-financed courses.
Step 3: Relevant document submission
The next step requires individuals to submit all relevant documents to prove their eligibility for the study loan.
Below listed are some of the documents required for an education loan.
- KYC of the applicant
- 2 passport-sized photographs.
- Certificates and mark sheets of all exams passed
- Proof of admission to the course, including the original stamp and signature of the institution head
- Scholarship letter copy (if applicable)
- Bank account statement of the borrower (student/parent/guardian) for the last 6 months
- ITR documents for the last 2 years
Applicants can upload the documents online for verification further.
The documents needed to apply for a loan against property are different and can vary from one lender to another.
Step 4: Loan status
After assessing the eligibility and documents, the lender decides if the study loan will be approved or not. In most cases, you need to have a guarantor if you are a minor or unemployed.
In such cases, lenders also check the credit score of the guarantor. Since a LAP is secured with a high-stake asset, lenders generally approve the funds quickly. For the same reason, they also offer lower mortgage loan rates that facilitate repayment.
Step 5: Loan disbursal
Once all the formalities are completed, the lender will disburse the amount directly to your account if you opt for a loan against property. Otherwise, the lender will pay the fees on your behalf. Leading financial institutions offer LAP loans for education up to Rs.3.5 crore, with the disbursal taking as little as 4 days.
Lenders also extend pre-approved offers that simplify and expedite the credit availing process. Besides education loan against property, these offers are also available on other financial products such as home loans. All you have to do is enter your name and contact number to check your pre-approved offer.
Features of LAP for education
Listed below are a few things to know before applying for a loan against property for education.
- Besides course fees, individuals can also finance travel costs, admission fees, accommodation, etc.
- The repayment tenor can extend up to 20 years; you can use a LAP EMI calculator to check which tenor will suit you best
- Applicants can opt for a flexi loan facility wherein the property loan interest rate applies only to the fund utilised
Overall, a study loan helps students bear the expenses of higher studies without liquidating their savings. On the other hand, with a loan against property, they can also gain funds for other expenses apart from the fees.
What are the perks of the education loan?
- A large amount
As per your eligibility, you may borrow up to Rs.1 crore from top lenders. You can use the LAP EMI calculator to know how much EMI you will pay. Sanctioned money can also be known after using the mortgage loan eligibility calculator.
- Easy loan disbursal
Once you get the loan approval, leading banks and NBFCs in India don’t take much time to disburse the amount. You may have to wait only up to 96 hours to get your approved study loan amount credited into your bank account.
- Minimal documentation
The education loan eligibility criteria and the documents required for the education loan is uncomplicated and minimal. What’s more, reputed lenders also collect your documents from your doorsteps. It helps you stay protected during the crucial COVID-19 surge.
If you wish to avail of a significant amount, you can check out your education loan against property eligibility right away.
- Flexible repayment tenor
There is no need to worry about repaying the education loan faster and hurting your wallets. It is possible to stretch your loan amount over a tenor ranging 2 and 20 years.
Who Leads the Blue World City Islamabad?
In Islamabad’s real estate sector, Blue World City Islamabad is regarded as a symbol of trust and innovation. That is something we can confidently declare due to the recent developments and success that Blue World City has continued to demonstrate, proving that it is the best real estate project ever presented.
Blue World City is one of those real estate developments in Islamabad that will bring world standards to the table in terms of amenities. Blue World City is owned and developed by the Blue Group of Companies (BWC). The society’s owner and leader are Saad Nazir, the son of Chaudhry Nazeer, a former Deputy Commissioner of Lahore.
While the RDA has yet to approve the housing society’s NOC, we believe it will be only a matter of time before receiving the document. The importance of the NOC certificate is that it guarantees a consistent supply of amenities that Blue World City Islamabad intends to provide to its residents. Water, electricity, and gas are some of them. The project’s personnel is believed to be working nonstop to ensure that these basic facilities are always available.
Blue World City, a real estate project in Islamabad, is constructing an elaborate and well-connected infrastructure. The roads are wide—40, 60, 80, and even 129 feet wide—and set out precisely so that drivers feel like they are gliding down the road. The project is well-lit throughout.
One of our favorite aspects of the project is that it has underground electrical systems, which eliminates the need for bothersome overhead wires. Such an option will enhance the overall beauty of the project, but it will also reduce the number of instances of broken electrical lines. The gated community’s safety measures are the next key feature.
All entrances to the Islamabad real estate project are closely monitored to protect the residents and their precious belongings. Facial recognition and key cards are being introduced as additional security features, which are not yet common in Pakistan. It is based on the concept of a more customised project.
While many housing projects in Pakistan halt delivering basic facilities, Blue World City Islamabad goes above and beyond to serve its residents with various leisure opportunities. The list includes theme parks, sports complexes, cultural complexes, lakes, an IMAX cinema, an adventure club, a safari zoo, and so on.
If the affordable cost of living in Blue World City in Islamabad weren’t enough to persuade you to invest, then these interesting features would. In addition, the housing project has several resourceful business complexes with stores where you may fill up on anything you require. Apart from the recreational areas described here, Blue World City Islamabad also has places of worship for its residents. These are large facilities where members of all faiths can worship together. In addition, Jamia mosques are constructed across society for the convenience of the people who live there.
The real estate project in Islamabad is also helping to turn the city into a tourism destination. Blue World’s developers plan to build many tourist attractions, including replicas of world-famous landmarks such as the Burj Al Arab and the Blue Mosque in Turkey. Additionally, the housing society is constructing the world’s largest horse mascot.
Blue World City Islamabad is predicted to become one of the city’s top housing societies in the future, and investors are heavily involved in selling and acquiring plots there. The housing society will produce residences for the country’s low-income citizens, and they will be able to build their own homes for a fraction of the existing real estate market’s high prices. As a result, society is making significant contributions to the economy, helping the needs of the underprivileged, giving a futuristic investment destination for Pakistanis, and developing tourism attractions for people from all across the country. Therefore, Sigma Properties highly suggests that you invest in Blue World City.
Muhammad Junaid is a senior Analyst and Search Engine Expert. Extensive experience being a lead writer in Taj Residencia. Work for years with local and international enterprises. Also, represent well-known brands in the UAE.
4 Ways to the Best ITIL Framework
When it comes to running the best IT business you can, following the ITIL framework is the way to go.
Today, we’re here to help you understand what this framework is, and we’re going to go over a few ways you can use it. Read on to learn everything you need to know, and to start advancing your business today.
What Is ITIL Framework?
So, what is ITIL framework? ITIL stands for Information Technology Infrastructure Library. It defines the organizational structure for a company, and it lays out any necessary skills.
It’s a compilation of 30 books filled with outlines that can help you build your own frame of reference.
1. Change Management
Change management is essentially a balancing act between moving forward and assessing the risks associated with doing so.
The change management process in the ITIL framework is brought about for big, scheduled changes, and also small routine ones. Both are needed to help a company thrive, and knowing how to balance it all is essential.
2. Incident Management
An incident is simply an unplanned interruption in service. This could mean a full stop or a reduction in quality, but the ITIL framework can help you learn to handle it with ease.
These incidents usually affect more than one party in a company, but management focuses on the downtime caused by them.
Whether it’s a faulty laptop or an inability to access a certain application, it’s important to know the effect that can have on an IT business, but also how to minimize the damage it does to the company as a whole.
3. Problem Management
Incident and problem management do actually differ from one another. Accidents are the cause of the incidents — no matter the size.
Problems come from incidents, but they’re also what creates the solution for an ongoing or recurring one. They’re typically identified through reports records, and they help to get to the bottom of any issue at hand.
These typically take longer to resolve than incidents do, but they also come with longer-term solutions that ensure it won’t happen again.
4. Time Management
This one is a given, but it’s going to continuously help you run the best IT business you can.
Time management is all about staying organized and focused on your end goals, and learning about different ways to do that is going to help you a lot in the long run.
It can also help you and your business learn how to manage all of the other principles we just talked about. Running any business like a well-oiled machine is important, and it’s easy to do with a framework.
ITIL Best Practice Framework
Once you have the basic ideas down, it’s time to move to the other principles covered in the ITIL framework. The great thing about these four, however, is that they can be used outside of this reference as well, and you can carry them anywhere you go.
For more on the latest in technology, check out the rest of our website.
7 Things to Consider When Hiring a Waterproofing Service
Are you looking for someone to fix your leaking walls, bathroom, basements, and balcony? If you suspect a water leak in your house, you should promptly address the problem and call a team to repair it.
As you know, delaying may aggravate the situation by creating structural damage to your home, and thus raising the cost of addressing those problems altogether. In addition, your property’s total value may suffer as a result. So, it would be best if you looked for reputable waterproofing services to address that.
If you scan the Internet, you may find yourself confused with the many companies on the table. The overwhelming options may lead to choosing less than what you desire. So, before you select a team randomly, there are several things to think about.
Well, it should be your priority to choose someone with enough or significant experience in the field. As you know, waterproofing requires a skilled and experienced crew who understands how to pinpoint the source of the leak and then use the necessary tools to repair it. So, don’t give it to someone you don’t trust and if you’re considering hiring a beginner in this industry, think twice.
- Modern Techniques
Waterproofing techniques have advanced in recent years. But, of course, it’s always good to opt for services that use current approaches to fix leaks to ensure that the work is long-lasting and of high quality.
So, look for a company that provides the widest range of waterproofing services, as well as industry experts who can advise you on the best path to take to get the results you want. And yes, that includes using the proper tools to achieve optimum results.
You also want to ensure that the service provider is a specialist in all relevant services, as the scope of their services will give you an indication of their expertise. So, choose a business that offers waterproofing services for all of your needs, both now and in the future.
It would help if you chose a staff that gives fast service. As you know, water leaks can be terrifying for homeowners, and in many cases, they result in a major emergency issue that requires rapid treatment.
Fortunately, some companies give prompt services, and all you have to do is search for them. But remember, even though your contractors are skilled and experienced, they can’t tackle all of these crisis concerns if they have a laid-back mindset.
Any reputable business will, in most cases, offer a warranty on its services. So, before you get into hiring them, make sure to ask this first. Check the terms and conditions as well, so you don’t run into any problems later.
Many people overlook this point, only to come to regret it later. So, what you can do is to examine the company’s website extensively to verify their credentials. A license and insurance should be presented properly and if conditions aren’t met, move on to the next.
Last but not least, make sure to read what previous clients have said about their job. And if there is a lot of bad feedback, you should move on to the next company. You need to at least hold your standards to reputable top-tier waterproofing companies.
While it may be tempting to opt for a less expensive service, you’ll wake up only to find out that you must not have taken a bargain in the long run. So, make sure that you do your homework extensively.
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