Over the years, education loans became the foremost reliable supply of funding teaching overseas. There has been associate exponential rise within the variety of Indian students choosing studies abroad in the past 20 years despite its significant price. There are infinite banks and different money establishments within the market providing education loan. several oldsters aren’t aware of the country-specific money needs nor that financial establishments to approach. it’s not terribly simple to make a decision that money institute may be a higher choice as there are minute variations in every of them.
Well, 1st step is to fulfil the requirements of the loan, which are stated briefly below.
- Credit Score
- Documents Checklist based on the University
- Students Document Checklist
- Parent’s/Sponsor’s Documents Checklist
- Collateral Security Documents Checklist
Now, before applying for an education loan, a student should have an estimated expense value in mind. You may seek the assistance of an experienced loan advisor for this purpose.
Statement of Expense
A written breakup of the education expense is necessary to be displayed at the bank. The document should comprise of tuition fees for entire duration for course, living expenses, study material expenses and the airfare. Do not mislead bank with any fake information. Display the cost of books as mentioned in the offer letter, only.
In addition to the statement of expense sheet, a few supplementary documents should be submitted as well.
- An offer of place letter or letter of acceptance is other words.
- A copy of air ticket if confirmed or an estimated cost of ticket.
- If you have taken laptop for coursework, then a quotation from the vendor is also necessary.
Congratulations! Now you may submit all the documents in the bank with your application for overseas education loan. You can try online loan application for abroad studies as well to gain more information and to do transactions as well.
What other documents you may require to submit in the bank?
- In most cases, parents sponsor the education loan. Whether unsecured or secured, the sponsors should file an Income Tax Return and display last 2 ITR at the lender. If you’re borrowing unsecured education loan, then rental and agricultural income is not considered.
- Any financial institution validates whether you’re a citizen of India or not at the first hand. So, the applicant should provide proof of citizenship like the passport and Aadhaar card.
- Banks consider students who have secured at least 50% in their higher secondary and/or graduation period. Therefore, academic marksheets and certificates are also asked.
- For pursuing a post-graduate diploma course, be prepared to invest INR 15 to 20 lakhs. A postgraduation programme may cost you INR 35 to 45 lakhs. If you are looking for an under-graduation programme abroad, then it might cost you between 75 lakhs to a crore.
Your application for overseas education loan is just a step away with loan advisors and abroad education consultants.
Hope you found our article useful!
Read more:
Understanding the Concept of EMI and Moratorium Period for Education Loan
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