The number of students opting for Education Abroad has increased exponentially in the past few decades. Also, there is a drastic increase in the number of students opting for overseas education loans due to an increase in the expenses of quality education abroad. Today there are numerous lenders offering loans to students.
Education Loan For is also available for students wanting to study in Indian colleges. There is, however, some difference in the requirements for overseas and Indian education loans. Which Depend on Student Locality, when applying for a study loan, you must keep in mind the following criteria:
A co-applicant is a must (could be parents, a sibling or a spouse)
For loans between Rs 4 – 7.5 lacs a third-party guarantor is required
Collateral needs to be provided for student loans above Rs 7.5 lacs
Loan repayment commences 6 to 12 months after course completion
If a student goes abroad, lender recovers the remainder from co-applicant
Lenders have their own criteria developed for the upper limit of the loan, the interest rate to be charged and the period and mode of repayment.
Lenders usually have some pre-approved courses and institutions and usually sanction education loans on the basis of the quality of the institution, relevance of the course to career options,
the creditworthiness of the guarantor or co-applicant.
For those applying for education loans for India, lenders will look for AICTE or UGC as well as other body recognition.
Documents Required
Tuition fees
Charges for examination, library, laboratory, and hostel
Cost of purchasing books, equipment, instruments, and uniform
Travel expenses for study abroad
Caution money, refundable deposit, etc.
Study tours, exchange programs, and project work
Education loan for abroad or for India usually cover
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 borrower’s bank account for the last six months
Income Tax assessment order not older than two years
A brief statement of Borrowers Assets and Liabilities
If not a customer of the lending bank provides proof of identity and residence
Study in India
SSC, HSC or Graduation mark sheets whatever is applicable
KYC
Age Proof
Signature Proof
Identity Proof
Residence Proof
Application Form and Photographs
Income Documents of parents/guardian
Collaterals in the form of FDs / Immovable Property
Overseas Education Loan:
How Innovative Consultants Will Help
If you are a student from India aspiring to study abroad or in a good Indian university, you can make the process easier by choosing to apply through the Innovative Consultants. We have been providing high-quality education consultancy services to Indian students. Innovative Consultants has been helping thousands of students each year to identify the right studying opportunities abroad.
Backed by a team of qualified and dedicated staff, Innovative Consultants offers valuable advice to clients and helps them find the right university and study opportunities in countries like Canada, the US, Australia, UK, New Zealand, Russia, Ukraine, China, Belarus and more. Contact us today for more information on the India Education Loan and overseas education loans.