Know Everything About Education Loan for Abroad Studies

Studying in the desired abroad nation is the dream of numerous Indian students. It is because this seems to be an exciting desire that offers a life-changing experience. Thus, numerous scholars set a goal to go foreign for higher learning. Although, every learner does not make this come true due to the expenses. In this case, such students can look for education loan for abroad studies. It can be valuable for them to achieve their dream and open several doors to success. Although, it can not possible for students to find suitable loans. So. most scholars prefer to take help from Gradding.com to ease the education loan process.  

If you are also an aspirant and looking to understand the process of "How to get education loan for abroad studies?" Then this blog will be helpful for you. It can be valuable to clear your doubts about the procedure, documents and everything.

Eligibility Criteria of Education Loans for Abroad Study

So the first thing is arranging funds when talking about going abroad. It can be valuable for those scholars who do not have enough expenses to look for education loan for study abroad. The reason behind that is last minute preparation can cost them to settle for an unfulfilled dream. They should clear their mind about the eligibility criteria for availing bank funds. Without preparation, it can be challenging to ease the loan process. Scholars can dodge the complex path by knowing the eligibility criteria of study loan for abroad. 

Students should have knowledge about whether they are eligible for the interested education loan or not. So scholars should know about the general bank requirements in order to be eligible for availing banking funds. Please make sure to check the specific guidelines from the bank for which learners want to take the loan. Other than that, student loans for studying abroad can be availed by adhering to the below given requirements. 

The candidate must be an Indian ( They must have a nationality document)

Candidate must be older than 18 years old. 

If a candidate is under 18 years, then parents can take a loan. 

The candidate must have an impressive academic record.  

Most bank favour job-oriented courses to give an education loan for abroad studies. 

These are some eligibility students have to fulfil to avail the education loans. It is beneficial for scholars to choose the best study abroad loans which suit their requirements well. Doing this makes the path easier for learners. After understanding whether you are eligible for the loan, the next step is to be ready with the essential documents required for education loan for abroad studies. To know about the necessary papers, read the below section.   

Essential Documents to Apply for Study Abroad Education Loans

The dream of students to study abroad with an education loan can not be completed easily. They should know about the essential documents required to avail of loans. It can be valuable for them to be aware of not face issues. There are different documents for education loan required which are mentioned below. 

General Documents for Study Abroad Education Loans

The following general documents are required to apply for a study abroad education loan. 

Application Form: Correctly filled application form.

Photographs: Applicant and co-applicant Passport size photographs.

Photo ID: Applicant and co-applicant Photo ID proof (for example- Any one from PAN Card, Aadhar Card, Driving License, and Passport)

Residence Proof: Residence proof document of the candidate. 

Academic Documents: All academic original mark sheets of 10th, 12th, and PG. Also, the candidate should take a photocopy of all documents. 

Admission Proof: Admission letter from the foreign university. It is taken by universities as security and reduces risk.

Bank Statement: Bank statement for the last six months of the co-applicant. 

Income Proof: The candidate has to show the income certificate of the co-applicant. 

These are the general documents required when students ask “How can I get education loan for studying abroad?” It can be valuable for scholars to organize such papers to avoid convenience. After understanding the general documents, scholars should know about the technical forms required in this process. They can get knowledge from the upcoming section.  

Technical Documents for Education Loans to Study Abroad

Apart from the general documents, students should take essential technical papers to clear the education loan. 

• Deed of the title
• Revenue documents if asked
• Approved plan and permission documents copy
• Latest property tax documents
• Certificate of conversion

These are some documents required in different cases from the education loan providers. Many times, education loan for abroad interest rate is based on the papers provided by the students. So it can be valuable for scholars to arrange all documents. The next point talks about the legal papers required in the education loan process. 

Legal Documents Required for Education Loan to Study Abroad

Documentation is a complex process for students when talking about education loans. It is because they face challenges and take help from Gradding.com study abroad consultants. In addition to the general and technical documents, scholars should provide some legal papers. Read the below section to know about legal documents required for education loan.  

• Sale deed in favour of customer- the minimum age for this is 13 years. 
• Khata certificate and extract of the current owner
• Encumbrance certificate paper

These are the legal documents required by education loan providers. Students can arrange all the papers to ease the process. After this, the path to getting an education loan for studying abroad can be painless. Thus, read the below section to know the process of applying for a loan. 

How to Get Education Loan for Abroad Studies?

Education loan is an excellent investment and gives assured returns. Although, the process may seem challenging to scholars because it requires effort and drains too much time. However, this path can be simple by getting help from Gradding.com study abroad mentors. With the guidance of experts, availing suitable education loan interest rate for abroad study can be possible. To know the process of how consultant help in this process, read the mentioned five step guide.

Decide the Loan Amount

Firstly, students should calculate and decide the estimated amount they want throughout their study abroad journey. Scholars should include the cost of food, tuition, accommodation, personal expenses and other extras. Learners can take help from our experts to make an estimation. It can be helpful to know “How much education loan can I get?” with discussion after making the decision.  

Compare Different Education Loans Providers

The next step after deciding on the loan amount, students have to seek a suitable loan provider. There are a number of banks and financial helpers in India, which makes the work easy as well as challenging to choose one. Scholars should approach different providers and explore one that gives customized and better education loan interest rate for abroad study.  

Apply for a Suitable Student Loan for Study Abroad 

After comparing different loan providers, choosing the most suitable can be smoother. Thus, once the scholar finalizes the lender, fill out the application as soon as possible. The reason behind that is correctly filling out the form is necessary. If scholars do not work in this way, there is a chance of form rejection. So when scholars ask “How to get study loan for abroad?” they should fill out the form accurately. 

Read Before Signing the Loan Amount

Students should carefully read the documents before signing the loan amount. It is because the bank provides the terms and conditions forms after the education loan approval. In this form, students can find vital details such as loan tenure, the moratorium period duration, education loan for abroad interest rate and the repaid amount. It can be valuable for scholars to read this carefully for future inconvenience.

Disbursement and Loan Repayment

After signing the loan amount form, the bank directly credits the amount to the university on the fee schedule time. It can be valuable for scholars to use this amount letter to show proof of funds. Doing this also helps scholars to secure admission to the dream institute. Also, it eases the visa process as students have sufficient funds. So it can be valuable for learners to ease the process of the education loan for study abroad. 

These are the steps of the procedure to apply education loan for studying abroad. Following them can be valuable for scholars to get rid of stress. Also, scholars can smoothly achieve their dream of further education at a top-known university without facing problems. 

Now that you understand the process for a student loan for study abroad, the next step is to know about education loan providers in India. You can read about the top study abroad education loan providers in the below section. 

Top Study Abroad Education Loans Providers in India

The dream students of studying abroad can not be possible without money. Although, these days the going process is easier than ever. Many financial helpers out there help scholars to achieve their goals without facing issues. So when students ask for top providers of abroad education loan, this section is helpful for them to know and get funds. Know the different and top sectors of loan providers in India. 

Top Study Abroad Education Loan Providers from Banking Sector

There are top banking providers which offer the best education loan for students. It can be valuable for scholars to know the mentioned section to approach them to avail of loans. 

State Bank of India (SBI)

SBI is a widely known and trusted bank that offers a maximum amount of 30 Lakh for abroad education loan. The interest rate changes timely, but currently, it is up to 2% on the loan amount. Also, the repayment period duration is from 1 year to 15 years. 

ICICI Bank

The ICICI bank offers a loan of up to 1 Crore for International courses. Although, this limit is with the collateral, and the interest rate charges start at 9.50% pa. The ICICI education loan for abroad without collateral limit is up to 20 Lakh for UG and 40 Lakh for PG courses.  

HDFC Bank

HDFC is one of the largest and the world's 4th leading banks that offer different education loans. The maximum loan amount for study abroad is up to 20 Lakh. Although, the benefit provided by the HDFC bank is they even approve student loans for studying abroad before the admission confirmation. 

Punjab National Bank

Punjab National Bank offers an education loan scheme name UDAAN. The bank offers different loan amounts for the UG, PG, Job oriented technical courses. Students should show a 15 % of loan margin to secure an education loan smoothly. Also, this bank offer study loan for abroad for more than 250 universities around the world. 

Axis Bank

Axis Bank offers competitive interest rates to help study abroad aspirants. Students who want to take a loan must show a 15% margin amount to take a loan of the maximum of 20 Lakh. It can be valuable for scholars to achieve their dream with student loan for study abroad at Axis Bank without facing difficulties. 

These are the top education loan providers in India students can take help. The next thing scholars should understand is NBFCs from the below section after knowing about the banks. 

Education Loan for Study Abroad from NBFCs ( Non- Banking Financial Companies)

Students can also take loans apart from Banks from the other options. They can avail of funds from Non-Banking Financial Companies. These organizations also distinguish complete education loans for abroad studies. Although, scholars have to submit the collateral as security of around 7.5 Lakh. Read the below section to know about NBFCs. 

Global Student Loan Corporation (GSLC)

The GSLC program offers students the to study internationally for a higher degree without any co-signer. 

International Students Loan Program (ISLP)

ISLP program is specially designed for US study abroad aspirants. Students can take loans from 1500$ and extend the repayment for up to 25 years.

Credila 

This program is a part of HDFC bank and provides education loans for abroad aspirants. It can be valuable for scholars to take funds with 10 years repayment option. 

Avanse

This program is part of DHFL and it is the most popular NBFC education loan provider. Also, this offers 100% of expenses including tuition fees and other expenses. 

These are some popular NBFC providers that students can take help with. It can be fruitful for scholars to turn their dream into reality with such study loan for abroad providers. Now, read the below section to know about the crowd funding companies in India.

Education Loan for Abroad Studies from Crowdfunding Companies 

Apart from the mentioned options, there is another option for scholars to secure the dream of study abroad. Various companies even focus on excellent students and help them in pursuing higher education. They provide the same currency as the nation to which learners have to go. These options can be valuable for working professionals. 

These are the various options for students when they think about “How to apply for education loan from which provider?” The mentioned pointers can be helpful for scholars to get help from suitable providers. 

After understanding different education loan providers, there are some things that students have to remember when they take loans. The upcoming section is helpful to know aspects scholars have to take in mind. 

3 Things to Remember While Taking Study Abroad Education Loans

There are several things students have to remember when they take an abroad education loan. The reason behind that is they have to take these aspects in mind help to clear the doubts for the future. To know the crucial things, read the below pointers. 

Loan Difference Amount

The bank often does not provide the 100% amount which students seek. So students should take this thing in mind while taking loans to save from any inconvenience. The major private bank disburses 90-95% of the total amount. The remaining amount scholars have to arrange by themselves. 

The Duration/ Tenure Period of Loan

Students have to keep a look at the tenure when looking for education loans for abroad studies. It can be valuable for scholars to accordingly remember the repayment. 

Moratorium Duration/ Period

Another crucial thing students have to be sure about is the moratorium duration. Generally, scholars do not have to make a repayment for this period. Although, this varies from bank to bank, so learners should be careful as per their convenience. 

These are some of the crucial things students have to remember when they seek “How to apply for education loan?” It can be valuable for scholars to make their dream come true without facing challenges. 

If you are still confused even after all this essential information, it can be valuable to take help from our study abroad consultants to clear the things in mind. 

How Gradding Consultants Help in Education Loan for Abroad Study?

Students who dream to go foreign for further education often face issues due to expenses. They seek education loan for abroad studies to make their desire come true. In such situations, it can be valuable for scholars to take help from the Gradding.com consultants. We provide tailored guidance to ease the journey for learners. It can be fruitful for students to clear the loan process. It directs to achieve the dream of scholars without facing any challenges. 

Why are you still waiting and confused about how to get education loan? Just seek the help of our experts and ease the complex loan process into a smooth one. We are there to assist in the other complicated stages. You can get support on each step, so the journey can be thrilling and exciting as well.