How to Get an Education Loan for Hotel Management Courses

A degree in hotel management unlocks the doors to various fruitful career options in India and abroad. While a higher education in this realm is pursued by many a hotel management course from a reputed institute comes with its many significant costs. Opting for an Education Loan for hotel management is a practical way to fund this journey, helping you cover a range of expenses while offering various benefits.

Read this blog as we delve into the factors that can help you get a student loan for hotel management course.

How to Get an Education Loan for Hotel Management

1. Choose the Right College and Course

While many students worry about the right time to start applying for a loan , your first step to get a student loan for hotel management course is to pick a suitable course and a recognised institute to pursue it from. Lenders often assess the credibility of the institution and course to understand the risk of lending and process your education loan application.

As such, these factors play a significant role in expediting the loan approval process. The more credible the institute, the better the chances of getting easy loan approvals. Some lenders may also offer instant sanctions for a specific list of institutes they cover.

2. Understand the Total Cost of Education

Obtaining a hotel management degree from a reputed institution can involve substantial costs. Hence, doing the math to figure out your total expenditure can help you understand the exact loan amount you’ll need. Keep in mind that your expenses can go beyond just the admission/tuition fees to include hostel fees, food, travel, uniforms, textbooks, and even kitchen tools or course kits.

Luckily, most lenders cover these variables costs under their Education Loan. Ensure that you confirm this list with your selected lender before applying for the loan. Estimating the actual loan amount required can also help you manage repayments better.

3. Check Your and Co-Applicant’s Eligibility Criteria

Typical criteria for an Education Loan are for students to be Indian citizens within a certain age bracket who are already admitted to their hotel management course. Academic background plays a role too, but another key factor is the co-applicant’s financial profile.

Lenders often require you to apply for an Education Loan with a co-applicant. While the list of eligible family members may vary, a co-applicant is often a parent or guardian with a stable income and a good credit history. Their financial capability assures the lender of repayment. While collateral is sometimes required for higher amounts, many NBFCs offer unsecured loans up to a certain limit for domestic courses as well. This makes it easier for borrowers to access the funds.

4. Understand the Repayment Process

Most lenders offer a pre-determined moratorium or grace period to repay an Education Loan. For example, lenders may allow you to start repaying the loan 6 to 12 months after you’ve completed your course or once you’ve start working, whichever comes first. For the best loan experience, understanding such repayment benefits is important before you apply for a student loan.

Depending on the amount and on your repayment capacity, the loan tenure can vary from lender to lender. It is worthwhile to opt for a lender that offers flexible repayment options and competitive interest rates to reduce future stress.

5. Collect the Required Documents

Having your documents ready before you start applying for an Education Loan can help streamline the application process. Check your lender's website to find out what documents are required to be furnished with your student loan application.

The required documents generally include your admission letter with course fee details, your entrance test results (wherever applicable), identity proof, past academic records, and the co-applicant’s income documents (salary slips or income tax returns).

6. Apply in Due Time

In the digital age, Education Loan applications and approvals are much faster today than ever before. Even then, it is best recommended to always work with a buffer of time by applying early, especially during peak admission periods.

When it comes to an Education Loan for overseas degree, many students wait until they have visa confirmation before applying. However, starting the loan application process as soon as you receive your admission confirmation is a smarter move. That way, you’ll be ready to make fee payments when the institution sets a deadline.

To Conclude

A degree in hotel management offers lucrative career opportunities both in India and abroad. However, it begins with securing the right education and it can often be expensive. An Education Loan for hotel management course does not only help you pursue your goals with financial confidence but also make repayments easy and the process seamless.

If you're looking to finance your hotel management degree effortlessly, the Poonawalla Fincorp’s hassle-free Education Loan can help secure funds up to ₹3 Crore with minimal documentation and an easy online application process. The best part is you can get instant sanctions for select institutes that covers everything from tuition fees to study materials and much more. Apply now and enjoy seamless financing for your hotel management course.

Frequently Asked Questions

1. Is collateral required to get an Education Loan?

Poonawalla Fincorp offers up to ₹1 Crore Education Loan without any collateral. However, for higher loan amount, you can avail up to ₹3 Crore by pledging collateral.

2. Can I get an Education Loan for hotel management course abroad?

Yes. Poonawalla Fincorp’s hassle-free Education Loan can finance your hotel management course from a domestic or overseas university.

3. What documents are required to apply for an Education Loan?

Ideally, KYC documents of both the applicant and co-applicants are required to apply for an Education Loan. In addition, the applicant is required to submit past academic certificates, admission letter and entrance test results (wherever applicable). Co-applicants have to employment and income details.