Before talking about Education Loan for abroad we have to know about Education Loan
What is Education Loan?
Education Loan is financial help, which is offered by the banks or financial Institutions to the students who are interested to pursue education in abroad. The Banks & financial Institutes allows to students to repay the loan amount after completion the course and a period of 6 months is also provided as a grace period until students get a job.
There are many banks, financial Institutes & Government offers Educational loan for abroad in various aspects. Studying in abroad has become more popular in India, Earlier it was believed that it is meant for only financially backward students but now the scenerio have changed.
Advantages of Education Loan for abroad?
There are few percentage of people who can afford studies of their child for abroad but in India maximum peoples are not rich and they can’t afford overseas education. In such cases Banks and other financial Institutions much be approached for a student loan (NBFC) you can utilise student loan to pay for all or part of your education expenses. A student who takes out a student Loan for abroad is guaranteed to be able to complete their degree programme without encountering any financial issues.
The first and foremost thing is to check whether you are eligible to apply for an education loan or not. Provided below are the general terms and conditions that are usually followed by any bank in the process of granting an education loan. Kindly note that individual banks could have their eligibility guidelines which would have to be adhered to when applying to that particular bank.
• The candidate must be an Indian nationalality.
• If the applicant is under 18 years old, then his or her parents will have to take out the loan.
• The candidate must have a strong academic record.
• The candidate must have been accepted to a reputable overseas university, institution, or college.
• Since banks favour courses that are job-oriented, the applicant’s chosen course must be technical or professional in nature.
• Underwriting norms are the standards set out by loan providers to guarantee that only safe and secure loans are made available. They are also important as they are used to determine whether or not to provide a person a study loan for overseas study, as well as how much money the firm is prepared to loan and at what interest rate.Educational loan is a key to get success for students. Earlier it was believed that it is meant for only financially backward students but now the scenerio have changed..
Documentations required for Education loan for abroad
There are some documentations required are as follow
Nationality Proof :- Adhar Card, Pan Card/Form 60 if Pan is not available, Voter ID & Passport
Residence Proof :- Electricity Bill , Municipal Tax Receipt, Rent Agreement (if rented), Bank statement & Landline Phone Bill
Academic Documentations :- 10th, 12th, UG or PG mark sheets, Degree or Provisional Certificate
Admission Proof :- Invite/Admission Letter from University/College and fee structure
Conclusions
I have tried to cover almost all main topic related to Education Loan for abroad but documentations process can vary depends on bank to bank according to their T&C.
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