Availing an overseas education loan is one of the best ways to fund an international degree and the majority of the students opt for this option when it comes to funding their foreign education. USA and UK are two popular and the most sought-after study abroad destinations where students are migrating in search of quality education. For overseas education loans, every country has different rules and regulations for international students. Know about the kinds of overseas education loans recommended to study in the USA and UK.
Overseas Education Loan to study in the USA
To get an education loan to study in the USA, various financial institutions including government banks, private banks, NBFCs and international lenders offer an overseas education loan. Students can apply for a secured overseas education loan or an unsecured overseas education loan from any of the above-mentioned institutions. The Secured Education Loan can be availed for all levels of courses while an unsecured education loan is available only for the STEM programs and to the students with a minimum of 28 years of age.
For studying in the USA, students are also allowed to apply for a pre-admission loan i.e., a type of overseas education loan availed on the basis of the applicant’s GRE score. The pre-admission loan can be availed from financial institutions like Auxilo, Avanse, InCred, Credila and MPower Finance, Leap Finance and Prodigy Finance.
Overseas Education Loan to Study in the UK
The United Kingdom is one of the top three overseas education destinations due to the varied benefits it has to offer. When it comes to funding an overseas degree in the UK, the majority of the students opt for a foreign education loan. Nationalized banks like State Ba nk of India, Bank of Baroda and private banks like ICICI Bank, Axis Banks offer an education loan to study in the UK.
The first step to getting an education loan for studying in the UK is submitting the overseas education loan application to the lender institution and getting the loan sanction letter from the bank. For the sanction letter, the UK Embassy is specific about getting an education loan sanction letter in the UK-VI format. The Nationalized banks and private banks provide an education loan sanction letter in the UK-VI format whereas NBFCs like Avanse, Auxilo and InCred do not provide the sanction letter in the mentioned format. But still, students can avail an overseas education loan from these institutions and follow the given steps to get the overseas education loan approved:
- To apply and get the overseas education loan sanctioned from the chosen NBFC.
- Get the education loan amount disbursed in the student savings account.
- Students are required to maintain this balance for nearly 28 days as per the visa norms.
- Now, take the bank balance certificate and update the passbook for the processing of a visa application.
In short, study abroad aspirants can avail both secured and unsecured overseas education loans to study in the USA and UK. Do enquire with the financial institutions or get in touch with us at ELAN Loans to know the entire process for applying for an overseas education loan.
foreign-education-loan 