Studying abroad is normally a bit expensive than studying in one's home country, but it brings more opportunities, international exposure and many such benefits with it. Spending on education is the best decision one can ever make in life. The course expenses can put weight on your savings, but thanks to all the education and scholar loans in our country, that we can gain excellent overseas education with great financial support. To be eligible to apply for educational loans, there are certain criteria that you will have to satisfy.
Eligibility criteria to apply for an Education Loan
While applying for an education loan, the first and foremost step is to check whether you have the basic eligibilities to apply for an education loan. Go through the below basic criteria to check your eligibility.
- The applicant should be a citizen of India.
- The applicant must be the age of 18, otherwise, his/her parents will have to take the loan.
- The applicant must have a good academic background.
- The applicant must have secured admission at a recognised foreign university/institution/college.
- The desired course which the candidate is going to study must be a technical or professional one, as banks give preference to job-oriented programs.
Before you apply for an educational loan, make sure to keep all your documents ready. Ensure that all the documents are up-to-date and fulfil the required conditions.
Below are the documents which are necessary to apply for an education loan. Please note that the requirements may vary according to different banks and organisations.
- Filled application form
- Photographs : Passport size photographs of the applicant and the co-applicant meeting all the mentioned requirements.
- Photo ID : Provide a Photo ID of the applicant and the co-applicant. It can be a PAN card, driving license, Voter ID card, Aadhar Card or Passport.
- Residence proof : A Resident proof of the applicant and the co-applicant.
- Academic documents :
- Mark sheet and certificates of the applicant
- Mark sheet or the Score Report of GRE, GMAT, TOEFL, IELTS etc. whichever is applicable
- Admission proof : Admission letter bestowed by the university or college.
- Bank statements : The bank statements of the co-applicant for the last six months.
- Income proof : Income proof of the co-applicant
- In case of collateral (immovable property), it can be flat, home, or non-agriculture land the following documents are required:
- Property title deed
- Building approved plan
- NOC for the mortgage from constructor or society
What is the procedure for getting an education loan for Studying Abroad?
As we all know, loan approval is generally a time-consuming procedure. Ensure the authenticity and correctness of documents to ensure that the loan will not be further delayed. For additional check, go through the below checklist.
- Check if the course which you are going to study is recognised by the banks or not.
- Figure out the loan amount you require and how much you can arrange on your own.
- Compare the student loan provided by different banks for overseas education and choose the best bank which serves your needs perfectly.
- After finalising the bank and the loan amount, fill out the loan application form and approach your bank.
- Once your loan is approved the bank will issue a loan document.
- After signing the loan document, the bank will disburse the amount in instalments or as demanded by the university.