Studying abroad can be a life-changing experience, but it is not for the faint of heart. Those who desire to pursue higher education overseas but are having difficulty raising cash now have the option of financing their education. In this piece, we'll go over everything you need to know about education, including how to apply for a study abroad loan, how to determine your eligibility, and what documentation you'll need. We'll go through every detail for anyone searching for an education loan for abroad studies.
Criteria for obtaining an education loan for abroad studies. The first and most important step is to determine whether you are eligible to apply for an education loan.
The following are the standard criteria used by Indian banks to determine a loan applicant's eligibility:
- The claimant should be an Indian citizen.
- The borrower must be at least 18 years old. Otherwise, he or she will have to borrow money from his or her parents.
- A high academic record is required of the applicant.
- The applicant must have been accepted into a reputable university/institution/college overseas.
- Because banks give preference to job-oriented courses, the applicant's preferred course must be a technical or professional course.
The applicant must be aware of the documents needed to apply for an education loan abroad before applying for an education loan for abroad studies. To apply for a loan for studying abroad, the following documents are required:
- Filled application form.
- Photographs: The applicant's and the co-applicant's passport-size photographs.
- Photo ID: The applicant's and co-applicants photo ID. It can be a PAN card, a driving licence, an Aadhar Card, a Passport, or a Voter ID card.
- Residence proof: The applicant's and the co-applicant's resident facts
Academic documents:
- Mark sheet and the applicant's certificates
- GRE, GMAT, TOEFL, IELTS, etc. mark sheet (Score Report), whatever is applicable
- Evidence of acceptance: Letter of acceptance exchanged by the university or college.
- Bank statements: The last six months of a co-applicant's bank statements
- Income proof: Co-applicant's income proof
In the case of collateral (immovable property), the following documents may be needed for flat, domestic, or non-agricultural land:
- Property title deed
- Building approved plan
- NOC for a mortgage from builder or society
