Studying abroad is a dream of many Indians. However, the sheer cost of studying abroad is taxing on most individual persons, however you have nothing to fear as education loan for study abroad is the best solution to finance your studies. We have the following 6 common requirements for availing education loan to study abroad.
Get admission in eligible college
It is important that if you are looking for education loan for study abroad, you must get admission into a college/ University which is eligible. Banks / NBFCs / International Funds / US Banks require you to be a full time student in a Degree or Diploma course. Short term courses or trade schools are not funded by any private players
Get Admission into eligible Course
Financial institutions look at the course to decide the loan parameters. Generally all financial institutions are very happy to provide loans to STEM ( Science, Technology, Engineering & Mathematics) courses. You would get a higher amount of Unsecured loans on the same profile in case you go for NON STEM courses.
Score is competitive Exams & General GPA
The student profile as in his GPA and academic profile play an important part in providing the students education loan. Students who have failed in exams, have year drops or have a lot of GAP in studies are less likely to get education loan for study abroad.
Parents / Guardian Income Tax Returns
Most of the financial institutions insist on having a parent or guardian as an education loan study abroad. The Parents / Guardian can look to provide the additional comfort to the lender. The financial institutions generally look at the Income TAX returns of the parents and the net earnings of the parents to facilitate education loan for study abroad.
Parents / Guardian CIBIL Score
Financial institutions do look at the CIBIL score of the parent which actually provides the parents credit history. It gives an indication of the parents track record for repayment of other loans as well as the amount and nature of loan outstanding on the parent.
Property Availability and Documentation
In case the education loan for study abroad is based on the Property, the financial institutions generally checks for the registered chain of agreements. They are also looking at clear titles with no disputes. With the help of a Collateral in the form of a House, Shop, Office, warehouse etc the chances of approval for study abroad education loan become higher . In case the Student profile and parent profile is weak collateral can play a significant role in approval of study abroad education loan.
Shopping for the best private student loan with EduLoans
Once you’re a ready for the private student loan or education loan for study abroad, you can shop around on the basis of Eligibilty, Cost and Convenience. Private loans for education in foreign locations can mostly cover the cost of your education. EduLoans provides a comprehensive and Model-Based Financing solution for students to fit their specific needs of education loan study abroad. We have dedicated professional education experts available for students counseling, which assists them at every step in understanding all aspects. With EduLoans, all your paperwork is handled seamlessly. EduLoans is your one stop solution for private student loans or education loan study abroad.EduLoans also helps you get the most flexible global / local interest rates, processing fees and other incidental expenses.