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There is a tremendous hike in the number of students going abroad for their higher education in the past ten years, this has led to an increase in the number of students opting education loan to fund their study abroad dream. The current scenario of lenders offering loans to students has changed completely; there are not one but many lenders from which a student can choose to process his loan. Every lender has its own criteria, interest rate, the period and the mode of repayment. So a student might choose the one which fits well to him.
When applying for a Study abroad loan, the following points shall be kept in mind:
- It is must to have a co applicant who could be parents, a sibling or a spouse.
- For a loan of lesser amount, between Rs 4- 7.5 Lacs it is required t have a third party guarantor.
- For a higher amount of loan i.e above 7.5 Lacs, collateral needs to be provided to raise such loans.
- The repayment period generally commence 6 to 12 months after the course completion.
- What will Education Loan for abroad usually covers?
- Tuition fees
- Admission fee, Caution money, refundable deposit, etc
- Charges of examinations, library, labs.
- Travel expenses
- Assignments, exchange programme, study tours, etc
- Living expenses
- The lenders also usually have some pre- approved courses and institutions, and they sanction the loan on the basis of the quality of the institution, how relevant is the course according to the career options, credit worthiness of the co-applicant or the guarantor.
What documents are required to apply for Study Abroad Loan?
- Mark sheet for last qualifying examination for school and graduate studies in India
- Proof of admission to the course
- Schedule of expenses for the course
- Copy of letter confirming scholarship, if any
- Copy of Foreign Exchange permit ( if available)
- Two passport size photographs
- Statement of borrowers bank account for last six months
- Income Tax assessment order not older than two years
- Brief statement of Borrowers Assets and Liabilities
- If not a customer of the lending bank provide proof of identity and residence
Here at VDIEC, once you get the offer letter from your dream university, we will make your loan application process simpler, by assisting and guiding you with the banks to process your loan application and giving references of the banks associated with us or with the institute through which a student can process the loan.
Contact us to know more on study abroad education loans.