Studying abroad can be a life-changing decision, however, this doesn’t come easy. For most students, the idea of studying abroad comes with the promise of a new life experience in an unfamiliar country. For students from low-income families, however, this goal can be out of reach. Those who want to pursue higher studies abroad, but find it difficult to arrange for funds, now have the option to make arrangements for funding their education.

An education loan is a financial aid that students apply for to fund their studies abroad. Different banks and financial institutions offer these loans at competitive interest rates, making quality education more affordable for students.

Studying at renowned universities, especially abroad, opens doors to numerous opportunities. However, the cost of such education can be substantial. To bridge the financial gap, education loans for studying abroad become invaluable, enabling students from all backgrounds to pursue their dreams at top-tier institutions across the globe.

With various banks and lenders providing student loan for abroad, choosing the right option can be overwhelming.

Covers the basic course fee and some (not all) other related expenses such as accommodation, exams, and other miscellaneous charges.

While the student is the main borrower, a parent, spouse, or sibling can be the co-applicant.

Offered to all students who want to study and pursue higher education overseas. Note, that the maximum amount offered for studies varies from one bank to another

All students with Indian citizenship, that have secured admission into a college/university recognised by a competent authority abroad, and have completed their higher secondary schooling are eligible.

Our friendly counsellors are here to help you with your Student Education Loan!

Quality education is a must for a fulfilling and flourishing life. For many, it is equal to graduating from an abroad university or institution. The cost of education is, however, escalating speedily. In fact, the cost of studying at reputed foreign institutions is already towering.

Keeping this in mind, parents, invest their money in Mutual Funds (MFS), Fixed Deposits (FDS), Unit-Linked Insurance Plans (ULIPS), etc., for the long term, who wants to provide their children with the best possible education. But despite all this, one may still run into a scarcity of funds. Loan for higher education abroad, therefore, plays a vital role in such a scenario by helping to bridge the gap between the shortfall and the required amount.

Check out the basic eligibility guidelines to be met while you apply study loan for abroad studies

The student is required to be a citizen of India

The loan applicant must have attained the age of 18 else his/her parents will have to avail the loan

The candidate must possess a good academic background

The aspirant must have secured admission to a recognized foreign University, Institution or College

After knowing the basic eligibility guidelines, let’s discuss in detail the eligibility criteria for secured and unsecured overseas education loans.

Proof of Identity (any one): PAN, Aadhar Card

Proof of Residence or Address (any one): Recent copy of Telephone Bill or Electricity Bill

Passport

Academic Records: 10th Result and 12th Result.

Graduation Result: Semester-wise (if applicable)

Entrance Exam Result through which admission has been secured (GMAT, GRE, TOEFL or IELTS)

Offer Letter or Admission Letter from the applied University or Institution

In many cases Conditional Admission letter may be considered

Schedule of Expenses or Statement of Study Cost

2 Passport-size Photographs

Last 1-year Account Statement if any previous loan from other Banks or Lenders

Proof of Identity (any one): PAN or Passport or Driver’s License or Voter ID card

Proof of Residence or Address (any one): Recent copy of Telephone Bill or Electricity Bill or Aadhaar Card

2 Passport-size Photographs

Last 1-year Account Statement if any previous loan from other Banks or Lenders

For Income Proof for Salaried Co-applicant or Guarantor:

3 Months’ Salary Slip or Salary Certificate

Copy of Form 16 for last 2 years and a copy of IT Returns for the last 2 financial years, acknowledged by IT Department

Last 6 months Bank Account Statement (Salary Account)

Pension Passbook of the last 12 months along with the Pension Order (in case of Pensioner Parents)

For Income Proof for Self-employed Co-applicant or Guarantor:

Business registration proof

2 years IT returns

Last 2 year’s calculation of Income, Balance Sheet and Profit and Loss A/c

Bank Account Statement for the last 6 months

The extra documents required for a Secured Loan apart from the above are as follows:

Property Title Deed

Registered Sale Agreement

Original registration receipt for the above agreement

Municipal Corporation / Authorised Govt. sanctioned Allotment Letter

MHADA, CIDCO, etc. Please add HUDA, DDA, JDA, GIDC etc

Previous chain of Sale Deed Establishing Title

Recent Property Tax or Electricity Bill bearing the same address.

Approved Building Plan

Mutation Document

Tax Receipt

Electricity Bill

The above enlisted documents cover majority as required but the list may not be limited to it. There may be changes or add-ons as per the financial institution you approach.

Well, we know it’s a long list but don’t worry just approach us and get complete assistance right from the process initiation to the loan sanction.

Even the slightest possibility of the education loan denial can be avoided by getting in touch with our Education Loan Experts who will guide you through the entire process and make sure that you make the perfect fit for availing the Student Loans for studying abroad.

We provide Education Loan Services for Study Abroad Aspirants throughout India and those who can’t approach us in person can connect to us virtually. The entire process can be done online as well.