Studying abroad can be a life-changing decision, but it is not easy. Those Indian students who want to study abroad, but have difficulty in funding, now they have the option to manage to fund for their education. In this article, we will discuss every detail related to the education loan for studying abroad. We will also discuss its’ process to apply for a study loan, eligibility or documents required for it. This article will focus on the role of Indian banks providing student loans. Higher education in abroad is now becoming a credible reality for Indian students. However, many students are not fully aware of education funding options for studying abroad. Students often lost their lifetime opportunities due to regular financial constraints. Loan information for study abroad is essential for Indians to realize their academic aspirations and independently.
Eligibility criteria for education loan for studying abroad:
The first thing to do is to verify that you are eligible for a loan application. Below are the criteria which the Indian banks follow in order to verify the eligibility criteria of the applicants given below:
- Applicant must be an Indian citizen
- The applicant must be 18 years of age otherwise his or her parents can apply for a loan.
- Applicants must have a good academic score.
- Applicant must be admitted to a recognized foreign university/institution/college.
- The desired course that applicants are about to study must be technical or professional, as banks give priority to job-oriented courses.
Documents for applying education loan for studying abroad:
Before applying for an education loan, the applicant must be fully aware of the documents required for the loan application. The following documents are essential for an education loan:
- Admission application form
- Passport size photo of the applicant and co-applicant.
- The photo ID of the applicant and co-applicant. It can be a PAN card, driving license, voter ID card, Aadhaar card, or passport.
- Residential proof of applicant and co-applicant
- Academic Documents including mark sheet, certificates, score reports of GRE, GMAT, TOEFL, IELTS etc. are applicable
- Admission letter shared by a university or college
- The last six months bank statement of the co-applicant
- Proof of income of co-applicant
- In case of security (real estate) it may be flat, house or non-agricultural land the following documents are required:
- Property Title Agreement
- Building approved plans
- NOC for a mortgage from a builder or society
Procedure for getting a loan:
The entire loan process is time taking, so it is always advisable to apply for a loan a little early. Follow the below steps to apply for student loan:
- Check if the banks accredited the course that you are going to study.
- Determine how much loan you need.
- Compare student loans provided by various banks for studying abroad.
- After finalizing the loan amount, complete the loan application form and go to your bank.
- As soon as your loan is approved, the bank will issue a loan document that contains various components of the loan.
The above discussion clearly shows the way to avail education loan for studying abroad by the Indian students.