In the current digital era, the process of applying for a student loan has become more convenient due to the advent of education loan apps. These applications enable students and their families to verify eligibility, submit necessary documentation, and monitor the status of their applications directly from their mobile devices. Whether pursuing studies in India or abroad, education loan apps provide an efficient and streamlined approach to managing educational finances. The need for lengthy queues and extensive paperwork has been eliminated. This guide offers a step-by-step overview of how to apply for a student loan using an education loan app
Step 1: Choose the Right Education Loan App
The first step is to select a trusted and reliable education loan app. Many banks and NBFCs (Non-Banking Financial Companies) now offer mobile apps specifically designed to help students apply for education loan. Before downloading an app, check:
- Ratings and reviews on the Play Store or App Store.
- App security features.
- Whether the app supports loans for your specific course or destination country.
Step 2: Create Your Account
Once you’ve downloaded the app, the next step is to sign up or create an account. You will need to provide basic personal information such as:
- Full name
- Mobile number
- Email ID
- Password
Some apps may also require Aadhaar verification or OTP confirmation to activate your account securely.
Step 3: Fill in Your Loan Application Form
After registration, navigate to the “Apply Now” or “New Loan Application” section of the app. Here, you’ll need to provide detailed information about:
- Your academic background (previous qualifications, scores)
- The course and institution you’ve been admitted to
- Tuition fee and other estimated expenses
- Parent/guardian details (especially if they’re co-applicants)
Read also: The Benefits of Automating Your Personal Loan Payments
Step 4: Upload Required Documents
Many apps allow you to upload documents by simply taking photos or scanning them. Common documents required include:
- Admission letter from the university/institution
- Fee structure
- Academic records (10th, 12th, graduation)
- Income proof of co-applicant (usually parents)
- ID proof (Aadhaar, PAN, Passport)
- Residence proof
- Bank statements
Step 5: Check Your Eligibility Instantly
One of the key features of an education loan app is the instant eligibility check. After you enter all your information and upload documents, the app runs a background check (such as CIBIL score and income analysis) to let you know if you qualify.
Step 6: Choose Loan Amount and Repayment Terms
If you are eligible, the app will display the maximum loan amount you can borrow. Now, you can do the following:
- Choose how much funds you want to borrow
- Decide whether you want a full or partial loan
- Select repayment tenure (usually 5 to 15 years)
- Opt for a moratorium period (where repayment starts after course completion)
Use the EMI calculator in the app to see your monthly payment amounts. A clear idea of the repayment amount can help you choose the right loan amount, depending on your overall monthly expenses.
Step 7: E-sign and Submit Application
Now, you can digitally sign your loan agreement. This is usually done through an e-signature platform or Aadhaar-based e-KYC (Know Your Customer) process. After signing, your application is submitted to the bank or NBFC for final approval.
Some apps also offer video KYC, where a representative will call you for quick identity verification.
Step 8: Track Your Application
After submission, you can use the app to track the status of your loan application. You’ll receive notifications at each stage, such as:
- Document verification complete
- Loan approved
- Loan disbursed
You can also contact customer support through chat or call if you have questions during the process.
Step 9: Loan Disbursement
Once approved, the loan amount is disbursed either to your bank account or directly to the educational institution, depending on the agreement. Make sure to collect a copy of your loan sanction letter and repayment schedule for your records. Many apps also allow you to set automatic reminders for EMI payments and check your outstanding balance.
Conclusion
Applying for a student loan is no longer a stressful process. With the rise of modern education loan apps, students and parents can complete the entire process without visiting a bank. With features like instant eligibility checks, easy document upload, and real-time tracking, these apps make it faster and simpler to fund your education. Whether you’re pursuing studies in India or abroad, using an education loan app can save time and effort. Now that you know the steps involved, you can confidently take the next step toward your academic dreams.
