The Role Of Credit Score In Professional Education Loan Application

Check the eligibility parameters of a professional education loan and the credit score will be there on the list. Do you know why? Let’s decode.

The credit score measures your creditworthiness. It depicts the likelihood of loan repayment. A score of 700+ is usually needed for an education loan.

Effect of credit score on education loan

Loan amount

The score determines the loan amount you can get.

High score = high amount and vice versa.

Loan sanction

If your credit score is lower than the minimum required by the lender, the loan application will be rejected and you won’t get the funds.

Loan term and collateral

With a good score, you can choose a flexible repayment tenure. Moreover, you can also get the loan without any collateral.

Maintain your credit score. For hassle-free loans, choose IDFC FIRST Bank Education Loans and get collateral-free loans up to Rs.50 lakhs.