foreign-education-loan

Education Loan to study in Canada

Canada is one of the top destinations when it comes to pursuing higher education. The country is the first choice of majority students due to the various advantages it has to offer.

The cost of education in Canada is quite budget-friendly and less compared to other overseas destinations. The educational institution in the country offers courses at various levels. They are namely,
• UG Diploma
• PG Diploma
• Bachelor’s degree
• Master’s degree

Cost of education in Canada
The major cost to study at an overseas university is the tuition fees. Here we have mentioned the average tuition fee required for a different course in Canada.

Sr.No.	Study program	Average annual fee
1	Undergraduate program	$13,000 to $20,000
2	Postgraduate master’s degree	$17,000 to $25,000
3	MBA	$30,000 to $40,000

As mentioned above, it is the average cost to study in Canada however to get the details relating to any course at any university, it is recommended to go check the university website. Even if the expenses to study in Canada is quite budget-friendly, students do apply for an education loan for Canada.

Living Expenses in Canada
To show the living expenses required while studying in Canada, students must open a GIC account well in advance at any of the mentioned banks like Scotiabank, ICICI Bank Canada, HSBC, SBI Canada Bank or Canadian Imperial Bank of Commerce. An amount of CAD 10,200 should be released towards the GIC account by the student, and they should retrieve the GIC certificate for the same.

Types of education loans accepted by the Canadian Embassy
The Canadian embassy accepts two types of overseas education loans i.e., Secured Education Loan and Unsecured Education Loan. Students can avail any of these loans from any financial institution like Nationalized Banks, Government Banks, NBFCs and International Lenders.
The financial institution has divided the Canadian universities into two categories. The nationalized banks offer an education loan for study in Canada up to 7.5 lakhs whereas the private banks offer up to 40 lakhs. This differs according to the university category. International lenders offer an overseas education loan for the complete amount as mentioned in the offer letter while NBFCs offer an overseas education loan between 20 to 25 lakhs. In the case of the secured education loan, the loan amount completely depends on the current market value of the property.

Steps to avail an education loan to study in Canada
Follow the mentioned steps to avail an overseas education loan to study in Canada:
• Frist and foremost, the applicants must fulfil the academic requirement as per the university criteria.
• On the basis of the offer letter, students must proceed to apply for an overseas education loan.
• Get a checklist from the financial institutions for the list of documents required to be submitted and begin with the documentation process.
• The financial institution checks the documents and sanctions the loan application within the span of 2 to 3 weeks.
• After sanction, an overseas education loan to study in Canada, the bank disburses the tuition fee for the first semester.

We hope you have got a brief idea about an education loan for abroad studies process for Canada, if you have any more queries do get in touch with ELAN loans

Get Assistance for Overseas Education Loan

Pursuing higher education from an overseas university is a costly affair and majority of the aspirants look for ways to finance their international degree. Scholarships, bursaries, fellowships, and education loans are some of the ways of financing. Scholarships are majorly based on the academic profile of the student and there is no surety if the student will be granted the same however in education loan there are great chances of approval.

There is a common misconception that the process of applying for an education loan is quite tricky due to which students often resist from considering this option. But this is not the case. Almost all the banks offer proper guidance to help the students.

In this article we are going to discuss how to get assistance for overseas education loan process for higher studies.

There are number of reputable and trustworthy financial institutions in India and overseas that offer an Education Loan For Higher Studies Abroad. Right from private banks, government banks, NBFCs to international lenders, students can approach to any of the aforesaid mentioned institution for an education loan.

In India, there are various kind of overseas education loan platforms that offer support and end to end assistance towards foreign education loan. These platforms help students in the overall process i.e., right from choosing the bank, loan to processing and sanctioning of the overseas loan. One such platform is E’lan Loan Services. Let’s know about it.

Get Assistance for Your Education Loan via E’lan Loans

E’lan Loans is an exclusive platform that assists hundreds of students every year with the best funding options for their overseas education. The platform has designed a unique solution to need the demands of the candidates. The expert team at E’lan provides customized services in just 3 steps:

Step 1: Connect with a Loan Expert

Visit http://www.elanloans.com and connect with the loan expert. Fill in your details and get started.

Step 2: In-depth Profile Analysis

Once you submit your academic and financial profile, Elan Loan counsellors will do an in-depth analysis of your profile and if you meet the overseas education loan requirements, further steps would be taken.

Step 3: Apply at the Right Bank

The Loan counsellors will help you choose the right bank from a hand-picked list of the loan vendors based on your profile.

Step 4: Submit the Loan Application

Fill in the overseas education loan application and submit it to the chosen bank via Elan Loans.

Step 5: Get the Loan Sanctioned and Disbursed in the University Account

Majority of the international universities require the education loan to be disbursed in the university account. Get assistance for the same by the Elan counsellors.

Benefits of applying for Education Loan via Elan Loans

• Free of cost services
• Assistance from experienced loan experts
• Experience a hassle-free process
• Personalized consultation
• Tie-up with the leading education loan providers

So, if you are looking forward to applying for an overseas education loan then we would highly recommend you apply via Elan Loans. The team of highly experienced professionals make the entre process swift and hassle-free. Book a free counseling session today.

Confused between Government or Private Bank for Foreign Education Loan

Majority of the students willing to study overseas opt for student loans for studying abroad due to the increasing cost of education. In India, banks are divided into two broad categories i.e., private and government banks. State Bank of India and Bank of Baroda falls in the category of government banks whereas Axis Bank and ICICI Bank comes under private banks. The best bank for foreign education loan depends on what a student is looking for as all the banks have pros and cons. Let us look at the factors that will help you decide a suitable bank for your education loan.

Government Bank vs Private Banks
• Quantum of Finance: The overseas education loan has two categories, Secured Education Loan and Unsecured Overseas Education Loan. SBI offers a loan amount of up to 1.5 Crore whereas Bank of Baroda offers an education loan amount of up to 80 lakhs. Private banks like Axis Bank and ICICI Bank offers the overseas education loan amount of up to 75 lakhs and 1 Crore respectively. For unsecured education loan, the private bank offers up to 40 lakhs whereas the nationalized bank offers up to 7.5 lakhs.

• Interest Rate: The interest rate offered on the education loan by SBI and BOB is 9.30% and 9.0% respectively. These banks also offer a special concession to the girl child. Axis Bank and ICICI banks offer an interest rate of 9% to 10% on secured education loan whereas 11% to 13% on unsecured education loan.

• Processing Time: The processing time for an overseas education loan in a government bank is of 3 weeks and in private banks, it is of 10 days.

• Processing Fees: The processing fee in a government bank is 10,000 + GST whereas at private banks it is 1% of the total loan amount.

• Tax Benefits: Loans availed from both financial institutions i.e., private and government are eligible for the tax benefits under section 80E.

• Repayment Tenure: For the repayment of an overseas education loan, applicants are given the time span of 15 years at both government and private banks.

• Moratorium Period: The moratorium period for the State Bank of India and Bank of Baroda is 6 to 12 months whereas for Axis Bank and ICICI Bank it is of 6 months only.

• Disbursement: Government and private banks remit the tuition fees directly to the university account whereas the living expenses are transferred to the Forex card of the respective bank.

• Serving Simple Interest: Serving simple interest is optional in government banks whereas for private banks, it is compulsory to pay the simple interest once the loan is disbursed.

• Age Limit: To avail an overseas education loan from government and private bank, student must be in the age bracket of 18 to 35 years of age.

Both private and government banks have their own pros and cons of an overseas education loan. Hence, it is advisable for the applicants to decide on what financial institution is suitable for them for their foreign education loan. You can also consider visiting ELAN Loans and our financial experts will assist you with the right education loan for yourself.

Leading Education Loan Providers in India for Foreign Education

A large number of international students are now aspiring to pursue their higher education overseas from the top ranked global universities. Some students finance their higher studies on their own with the help of savings whereas few others apply for an education loan. All the financial lenders in India provide two kinds of overseas education loan i.e., Secured Overseas Education Loan and Unsecured Overseas Education Loans. In this article, we are going to discuss about the top education loan providers in India. So, let us get straight into it.

Government Providers

Government Providers are referred to the government banks in India that offers financial services to the citizens. In a government bank, the large number of stakes are held by the government itself.

State Bank of India:

State Bank of India established in the year 1806, is the oldest and the popular financial lender in the Indian subcontinent. An SBI education loan is the go-to option for majority of the students in India due to varied benefits it offers. Students willing to pursue technical and job-oriented courses at undergraduate, postgraduate and PHD level, can apply for a study abroad loan via SBI. In case of an unsecured overseas education loans, banks offer up to 7.5 lakhs of loan whereas for secured overseas education loans, it offers up to 1.5 Cr. In India, SBI is considered to be the best Bank For Overseas Education Loan.

Bank of Baroda:

Bank of Baroda with its wide network of over 9,288 branches across India is financing the dreams of study overseas aspirants for over 100 years now. Bank of Baroda only offers secured overseas education loan and the limit for the same is up to 1.5 Cr. Students willing to study overseas and finance their degree program can opt for two types of education loans. They are as follows:

• Baroda Scholar: Baroda Scholar Overseas Education Loan Scheme is for the aspirants willing to pursue their higher education in foreign universities at Bachelors, Masters and PHD level.

• BOB Executive Development Program: BOB Executive Development Loan Program is for the working professionals applying for full-time or part-time online programs in Indian or overseas universities.

Private Providers
Private Providers is referred to the private banks in India offering financial services. Here, majority of the shares are held by the shareholders of the bank itself.

Axis Bank:

Axis Bank, established in the year 1994, is the third-largest commercial private bank in India. The bank has categorized the foreign educational institution into 3 categories i.e., Prime A, Prime B and Non-Prime. In the Prime A category, students securing an admission at the top ranked universities can avail an unsecured education loan up to INR 40 lakhs whereas for Prime B, students can avail up to INR 25 lakhs of unsecured overseas education loan. In the Non-prime listing, students can avail an education loan of INR 7.5 lakhs.

So, these are the top financial institutions that offer foreign education loan. If you require any kind of assistance for overseas education loan process, reach out to us at Elan Loans.

Here’s how to create an Ideal Scholarship Application!

One of the best ways to pay for the higher education abroad is via international scholarships. Over thousands of students apply for these scholarships every year but only a handful become lucky to get it. Pursuing higher education from an overseas university can be an expensive affair and not everyone can afford it. Here’s when the scholarships come into the picture.

International scholarships can cover up to 100% of the overseas education amount but they are quite competitive. So, what’s the secret to get it and reduce your overseas education loan burden? A well-written scholarship application!
Right from educational institutions and government to NGOs and MNCs, there are multiple organizations that offer scholarships to study abroad for Indian students. But what makes difference is your scholarship application. Read on to know some remarkable tips that will help you in presenting your international scholarship on point.

5 Tips to Make Your Scholarship Application Stand Out:

Do Your Homework
After browsing through hundreds of scholarships, you might have finalized few scholarships that you are eligible to apply for. Majority of the these are named after the inspiring individuals, organizations, or some significant event from the history, know and educate yourself about the same. While drafting your scholarship application, highlight the aspect that is relevant and of significance to you. It will make your application Unique.
Be Personal and Passionate
Include your personal experiences, feeling, stories and share why are you choosing to apply for that program or the university. Maybe you decided to work in healthcare because you lost your parent to illness or maybe you want to pursue journalism because you want to dig out the truth. Focus on how the hardship and challenges in life shaped you into the person that you are today. Make your essay personal and passionate.
Choose your References Wisely
References plays a crucial role in a scholarship application form so be mindful while choosing your references. It is very important that the person you are going to ask for the recommendation should be reliable and in the position of authority. Their testimony to your application should be positive, impactful and must crease a weightage to your scholarship application. Make sure to request for the letters of recommendation at least 4 weeks in advance.
Present Yourself Professionally
Make sure that you are paying attention to the tone communicated in your essay. For an instance, an ideal essay will be the one speaking to a professional in a formal setting. Usage of text abbreviations, slang language, shortcuts is a big no. So, make sure that your professionalism should reflect through your application.
Check and Recheck!
Once you are done with filling your application and attaching the required documents, proofread and check for typos or any other errors. Get it reviewed from a senior or someone who is aware about the scholarship application process. Once you are one hundred percent sure about the data that you have filled, send it to the scholarship committee right away and wait for the results.
A scholarship application can be a game changer. Be it Indian Government scholarships for studying abroad or the university scholarships, remember to follow the aforesaid tips to make your application stand out from the rest. So, what are you waiting for? Short-list the suitable scholarships and start applying NOW.

EMI Calculator for Overseas Education Loan and its Benefits

In search of the quality of education, a huge number of students are migrating to a foreign country for getting the best quality education. For pursuing higher education, overseas universities offer degree courses in various fields. To finance the same, some students have their savings, whereas some prefer to avail student loan for studying abroad.
Once the student has availed an overseas education loan, the repayment period begins, and it is when the EMI plays a crucial role. Students must pay the EMIs i.e., Equated Monthly Instalments during the repayment period of an education loan.

Advantages of Using an EMI Loan Calculator:
An EMI calculator is an easy tool that allows the applicants to visualize the amount required to be paid to the institution. Here are some of the benefits of using an EMI loan calculator:

Simpler: Only put in your principal loan amount, tenure and education loan interest rate.
Ensures good credit score: Gives clarity on EMI payments that helps in maintaining a good credit history.
Finance planning: Easy to plan on the budget more efficiently and hence borrow the required amount.
Easy comparison: This makes it convenient and easy to compare interest rates offered by different lenders.

Let us understand the term EMI:
Equated Monthly Instalments are called EMI. It is a monthly payment towards the repayment of an overseas education loan. It includes the monthly contribution towards both principal and interest on the loan amount.
In the beginning stages of an EMI, the interest component constitutes the huge portion and as the loan borrower progresses along with the tenure of an education loan, the portion of the interest payment reduces, and the contribution towards the principal repayment increases. Here is the formula to calculate EMI:
EMI = P × r × (1 + r)n/((1 + r)n – 1) where P denotes the loan amount, r denotes interest rate, n denotes loan tenure in number of months.

Calculate the EMI:
There are various tools available for calculating the EMIs on an overseas education loan. To calculate the loan EMI, the applicant simply has to insert the principal amount, ROI and the loan tenure in the EMI calculator that eventually helps the borrows in getting an idea of how much EMIs and the total amount are required to be paid to the financial institution.

A majority of the students use EMI Calculator for Overseas Education Loan to find out the exact loan amount that is required to be paid to the financial intuition. It is simple and easy-to-use that helps them in getting a clear idea about how much loan amount is required to be paid to the bank.

We at Elan Loans help students in all their financial needs, right from choosing the right financial institution to applying for an education loan, to getting it sanctioned. If you are someone willing to apply for an overseas education loan and require assistance for overseas education loan process, we will advise you to get in touch with us at ELAN Loans. Our loan experts shall assist you.

Education Loan from International Lenders

Overseas education aspirants willing to fund their international degrees have most of the financial institutions offering foreign education loan. Right from Indian Lenders like private banks, government banks to NBFCs and International lenders there are many options from where an aspirant can avail an overseas education loan. In this article, you are going to know about the process of education loans from the international lender company called Mpower Finance.
Established in the year 2014, a US-based financing platform Mpower Finance provides an overseas education loan to the aspirants for financing their international degree. Before getting straight into the education loan process, let us look at the benefits first:

Benefits of Availing an Overseas Education Loan from MPower Finance:

• Fixed rates avoid interest rate fluctuations and facilitate budgeting
• Interest rate discounts for regular payments and graduation
• 10-year term, $50K maximum loan amount
• Covers tuition, housing, meals, and other school expenses
• Direct disbursement to the school avoids administrative hassles
• Builds credit through small payments while in school
• Free sanction letter to help with immigration
• No prepayment penalty to encourage money-saving early payoff

3-Step Guide to Apply for an Education Loan Process at the MPower Finance:

To apply study loan for abroad studies at the MPower Finance, students are required to visit its official website i.e., mpowerfinancing.com and begin with the application process.
Step 1: Fill in the form by entering a name, e-mail address, educational qualification, details of English Language Proficiency Tests, and other required details.
Step 2: For the verification, applicants are required to update the necessary documents on the MPower portal along with the duly filled application form. The documents are as follows:
• Updated CV
• Conditional or an unconditional offer letter from the university
• Poof of the country of study address
• Proof of home country address
• Past transcripts from previous universities
• National ID or other
• Estimated cost of attendance
• Proof of family savings
Step 3: Once the student has applied to MPower Finance, it takes nearly 5-7 working days to hear back from them.

Important Terms for an Education Loan from the MPower Finance:

While applying for an education loan from the Mpower Finance, students must look at these important terms:

Education Loan Terms	International Lenders
Abroad Education Loan Interest Rate	9% to 10.5% Per Annum
Education Loan Currency	USD
Processing Fees	MPower Finance: 5% of loan amount
Repayment	Begins immediately after the first disbursement
Income Tax Benefits under Section 80 E	No
Requirement of Collateral	No
Eligible Courses	Programs with a duration of 1 year are applicable. Education loans will be granted for MBA courses in Europe and MS courses in the US and Canada.

This was a brief about an overseas education loan process of MPower Finance. International lenders are the best option when the applicant does not want to pledge a property.
If you are willing to apply for an education loan in India for study abroad via MPower Finance, feel free to reach out to us. We will help with the overall education loan process. Visit our website at Elan Loans.

Types of Overseas Education Loans for USA and UK

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.

Know about the Expenses Required to Study in Canada

Teenagers and youth are nowadays aware of everything. They are well-read, know what they want to pursue. In short, they are self-aware and know about what are the best choice for themselves. Most of the students are now planning to apply to an overseas university to pursue their higher education. This allows them to get international exposure. There are various financial institutions offering education loan in India for study abroad, when it comes to financing an overseas degree.

One of the top destinations, Canada is the first choice of students for pursuing higher education overseas. Canada is considered to be one of the budget-friendly countries as a result of which more and more students opt to study there. Apart from being affordable on the pocket, it is also known worldwide for offering excellent education and ample work opportunities for the students.

Canada offers four types of courses at the higher education level. They are an Undergraduate Diploma, Postgraduate Diploma, Bachelor’s degree, and a Master’s degree. The cost of studying in Canada is quite less as compared to other overseas destinations like the USA, UK, and Australia. An average tuition fee of an undergraduate program lies somewhere between $13,000 to $20,000, for postgraduate courses it is between $17,000 to $25,000 and for MBA it is $30,000 to $40,000.

Apart from tuition fees, another required amount is living expenses. An average amount of CA$10,000 is required annually to live as a student in Canada. This includes the rent of the accommodation, groceries, transport, extra activities, and other expenses.

The Embassy accepts two types of education loan for studying in Canada, Secured Overseas Education Loan and Unsecured Overseas Education Loan. There are government and private banks along with NBFCs and International Lenders who avail these two types of education loan. Some of the financial lenders are as follows:

• State Bank of India: Nationalized Bank
• Bank of Baroda: Nationalized Bank
• ICICI Bank: Private Bank
• Axis Bank: Private Bank
• Avanse Education Loan: NBFC
• MPower Finance: International Lender

In order to study in Canada, students will require a Canadian study permit which is also called a student visa. For this, students are required to apply at the Canadian Embassy. The cost to apply for a student visa is around CA$150. After receiving the letter of acceptance from the university, students can proceed to apply for a student visa to study in Canada.

So, these are some of the insights that you should know while making an online loan application for abroad studies to pursue higher education in Canada. If you still have any more queries, you can consider connecting with us at ELAN loans and we will assist you in your overall application process.

ELAN Loans is a specialized wing working in the education loan sectors for many years now. Our mission is to provide affordable funding options, end-to-end guidance while education loan sanction process before admission, first-hand assistance in showing ‘proof of funds’ to the universities. Check out our website and book a free counselling session with us today.

Education loan for studying MS in Canada

Canada, one of the fastest growing study overseas destination is a hub for higher education. Every year hundreds of students migrate to this beautiful country in search of quality education and high standard of living. The country is a home for ample world-class universities and the Canadian Degree is also globally recognized. The cost of education in Canada is less as compared to other study overseas destinations and students also gets up to 3 years of post-study work visa after the successful completion of the program. Canada offers courses at various levels, right from UG Diploma, PG Diploma to bachelors and master’s degree.

Read on to know about an education loan for studying in Canada for the above-mentioned courses.

Cost of a master’s degree in Canada:

The cost of education for a masters course in Canada is quite budget friendly. An average cost for a postgraduate masters program in Canada ranges from CA$14,000 to CA$24,000 for one year. However, it differs from the university to university. To get the details relating to an exact cost of a master degree for a particular program, it is advisable to check the university website.

Types of Education Loan accepted in Canada and Quantum of loan offered for Master degree:

The Canada Visa Immigration Officers accepts two types of overseas education loans for student visas i.e., Secured Education Loan and Unsecured Education Loan. These education loans can be availed from the Government Banks, Private Banks, NBFCs or International lenders. In case of unsecured loan, students can avail loan from the Nationalised banks, Private Banks, NBFCs or international lenders. Nationalised banks offer loan up to 7.5 lacs and Private banks offer 40 lacs for Prime A and 20 Lacs for Prime B universities respectively. NBFC offer up to 20 to 25 lacs of education loan and International lenders like MPower & Prodigy Finance sanctions as per the expenses mentioned in offer letter. For secured education loan, the loan amount totally depends on the market value of the property.

6-step Guide for Education loan for MS in Canada

Applicants can avail an overseas education loan from any of the financial lender institution as per their eligibility criteria. Mentioned below are the steps to avail an overseas education loan for Canada:

Applicants are required to fulfil the academic requirement according to the university criteria
After receiving the offer letter from the university, applicants can proceed for the overseas education loan.
First, the applicants are required to proceed with the loan documentation process and submit the necessary documents to the bank.
The bank takes up to the span of 15 to 20 days to acknowledge the education loan application.
Once the loan is sanctioned, the bank disburses the tuition fee of the first semester.
After the disbursement of the loan amount to the university, applicants can retrieve the Letter of Admission from the university.

Living Expenses to study in Canada:

Applicants must show the living expenses in advance that will be required while studying a master’s degree in Canada. They must open a GIC account to show the same as it is the proof of living expenses for Canada. For the living expenses, applicants must release an amount of CAD 10,200 i.e., approximately Rs. 5,50,000 towards GIC and retrieve the GIC Certificate. GIC is the short-term liquid investment for a limited period. Out of six banks like Scotiabank, ICICI Bank Canada, HSBC, SBI Canada Bank and Canadian Imperial Bank of Commerce, students can choose any one to open their GIC account.