If I’m planning to study overseas, when is the right time to apply for an education loan - before admission confirmation or after?

Like the chicken or egg situation, most borrowers are often faced with a question as to what route needs to be tackled first – the admission or the education loan? Most lenders require confirmed admission before sanctioning an education loan, while universities prefer students with assured funding.

Further, colleges both in India and abroad do not grant much time between the admission and fee payment, which can get cumbersome with last-minute financing.

Advantages of applying early for an education loan:

• Increases the probability of getting admission to your dream university
• Assures no last-minute surprises, especially during visa approval or fee payment

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