A word of caution for those who are planning to apply for an education loan with collateral. Make sure that you have sufficient time in hand when applying for such a loan. This is because secured loans take a longer time to get sanctioned because -
The bank needs to verify and cross-check all the documents related to the collateral being pledged.
Missing or wrong documents may lead to rejection of loan applications or more processing time.
Bank conducts a property evaluation.
The best way to cross the above-said hurdles is by applying early so that you have sufficient time to collect and submit the documents while the bank also has enough time to verify the collateral documents.
When seeking an abroad education loan, understanding the various collateral security options available is crucial. Ultimately, collateral security can help you secure the funding you need to pursue your dreams of studying abroad, but it's essential to manage it responsibly to avoid potential risks.
To ease the process, you can start your journey with GyanDhan. When you apply via GyanDhan, the evaluation of the property and legal report will be done in advance so that it reduces the time later on. The valuation or legal report has a validity period between three months to three years, so getting it done earlier would only benefit the applicant in the quick processing of their education loan application. To start your abroad education loan journey with GyanDhan, all you need to do is check your education loan eligibility here.