Getting quality education is essential in today's competitive employment scenario, which has increased the demand for foreign studies among aspiring students. If you are one of them and lack the funds needed, an education loan for abroad studies offers financial assistance. It opens a pathway for your dreams of a prosperous future to take flight.
If you plan to pursue your higher studies overseas, it is the right option for you. It allows you to fulfil your aspiration through your hard work. However, the process involved has multiple steps and requirements. Learning about them early on helps you successfully get approval without any hassle.
Let us understand what it entails:
Eligibility criteria: The typical parameters set by lenders on education loan for abroad include Indian citizenship, good academic record, secured admission in a foreign university or institution, course with lucrative career scope, etc. If you are aged below 18 years, your parents or guardian must take the loan on your behalf.
Documentation: You should submit the necessary paperwork to support the claims made by you in the application form. The loan providers use this to verify your student loan qualification.
The documents needed are stated as follows:
Duly filled application form with two-three passport-sized photographs
Identification proof such as PAN card, Aadhar card, Voter ID, Passport, etc.
The address proof should include co-applicant details if you are a minor.
Academic certificates like mark sheet of 12th class, degree and entrance exam.
Six months bank statement
Income proof in case of employment
Property papers for collateral submission
Process: Applying for a study loan for abroad is multifaceted as you need to first look into getting an admission to a university, then proceed with the loan request along with the collateral arrangement. It is best to prepare for it proactively to ensure timely approval. This helps you continue your academic years without delay.
You must first check whether your study programme is included in the loan by various lenders. The next step is to compute the total loan amount required based on the university fees, travelling expense, accommodation, stationery requirements, etc. Once you get a tentative estimate, you can understand your eligibility and repayment with the education loan calculator.
The last step is to apply on the website of your selected lender.
Terms: You must consider the lenders' policies regarding the loan amount, interest rate, moratorium period, marginal portion, exchange rate, etc. This enables you to get a precise estimate of what to expect from the foreign education loan.
Also, make sure to verify these details in the loan agreement once your loan gets approved.
Lastly, take the necessary measures to procure employment immediately after completing your course to repay the loan with ease.