Education loans for study abroad

Education loans for study abroad

With the rise in the cost of education, pursuing higher education can become tough. It is quite a shame when low finances hold back deserving students from excelling career-wise. And to make sure that students get the best of what they want, there are many banks and financial institutions that help students cover their education-related expenses with simple education loans. There are a lot of students who take education loans for study abroad when they study overseas. If you are planning for the same, the following are a few frequently asked questions that could help you understand the loan better.

 Question 1: What makes you a fit student applicant?

An eligible student applicant must be an Indian citizen who is between the ages of 18 to 57 years. You also need to have secured a seat at university of your choosing and that which is has been accredited by the UGC or other education boards.

While these are the main eligibility criteria, other factors are also taken into consideration when the loan is being processed. Your past academics, the course you choose to take up, the university where you will be studying, everything is looked into.

Question 2: Do you need a guarantor?

Like every other personal loan, when you take a study loan, you must have a guarantor/co-borrower. Your co-borrower has to be an Indian citizen with a checking account with any bank in India. Usually, the lender encourages students to have their parents or guardian as their co-borrower, but there are a few lenders who are open to you having other relatives as your co-borrower.

Now, as a student applicant, you are not expected to have a job. And so, your guarantor must have a stable source of income. In some cases, you can have two guarantors instead of one for higher education loans for study abroad.

Question 3: What expenses do education loans for study abroad cover?

Seeing that you will be studying abroad, you might have to arrange for accommodation when you don’t have any friends or relatives to live with. So, if you need funding to help you with the same, you can get it covered under your education loan itself. Along with this, you can also include travel, study-supplies, college miscellaneous and other expenses that are important when you are studying.

 Question 4: How much loan can one apply?

There is no particular limit of how much loan you can avail from a lender. However, there are secured and unsecured loans. Basically, it is whether you want to have collateral or not. With banks, you can get an unsecured loan of up to 7.5 lakh. With non-banking financial companies (NBFC) you can get an unsecured loan of up to Rs. 40 lakh. If you need more, you can have collaterals and based on your profile and collateral, your education loans for study abroad will be approved.

Question 5: How long is the application process?

Depending on how long it takes you to apply and process, you can get the loan you want. There is no specific time frame for knowing when you get the sanctions. However, if you need the loan immediately for whatever reason, mention it to your lender. There are education loan services that will fast track your loan in time for the disbursal and admissions. You won’t have to worry about a thing.

These are a few basic points you should keep in mind. Hope you get the loan you are looking for. All the best!


RELATED ARTICLE - How you can smoothly repay your education loan for studying abroad


Author's Score
Up Votes
Down Votes
Voted on
4 articles

Comments on Education loans for study abroad, Fastest Growing Classifieds Marketplace, #1 Free Classifieds Marketplace
Study Abroad Loan, Study Abroad Loan, Abroad Study Loan, Abroad Study Loan, Education Loan Abroad, Education Loan Abroad, Study Loan Abroad, Study Loan Abroad, Overseas Study Loan, Overseas Study Loan, Education Loan For Abroad, Education Loan For Abroad,

Recent Articles

With the repo rate remaining constant at 4%, following the recent announcement from the RBI, India's prospective...
Choosing a credit card very carefully   Picking the correct Mastercard, specialists say, can be similarly...
Payment gateways in India are, generally, provided by banks. They act as a trusted intermediary between the...
Sözcü , 2007 yılı 27 haziran tarihinde kurulmuş İstanbul merkezli Atatürkçü bakış...
Intraday trading is a risky type of investment where both equity and commodities bear risk factor. Equity markets...
Backpage EscortsEscorts Canada, TorontoEscorts VancouverEscorts CalgaryEscorts Ottawa

Copyrights © 2021 Voticle. All Rights Reserved.