Step by Step Guide to Take Education loan In India for Study Abroad

Step-by-Step Guide to Applying for an Education Loan in India for Studying Abroad:

You aced your GRE/GMAT score and have gotten selected to your dream college also, but now you’re worried about availing a study loan for abroad. Banks have simplified the tactic of availing a foreign education loan by resolving the complexities of financing. The value of education abroad can range from INR 40 Lakhs to above INR 1 cr counting on the type of course, and therefore the country. With proper guidance, students can complete the loan process hassle-free with no complication. While the appliance, approval, disbursement, and repayment process may differ among various financial institutions, most banks, and NBFCs, International Funds follow a simple procedure. Take a Look!

Step 1: Determine the loan amount

To start out the tactic of overseas education loans you would like to place the trouble into evaluation of loan amount before the admission is confirmed. The expenses evaluated should cover the hostel and college fee, examination, laboratory, library fee, cost of books and equipment, and travel expenses. The loan amount should be precise because it can make a difference in the interest and the security required.

Step 2: Compare lenders to get overseas education loan

The entire process of comparing different banks is overwhelming to students and their families since it requires plenty of time and energy. Instead of going to different banks, use Eduloans because it provides one window platform i.e Students can compare and choose from all the lenders on various different parameters to suit the simplest needs. You need to look at your eligibility among lenders for Overseas education loan for study abroad

The Three Major criteria are

  1. Student Profile – Student profile includes GPA, Competitive Exams(GRE/GMAT), Course, University and Country.
  2. Co-signer Profile – Parents IT returns, CIBIL Score, Net Worth and free cash flow are taken into account.
  3. Collateral Profile – Collateral should be mortgageable which means it should be registered with proper OC & CC.

Step 3: Apply for Study loan for Abroad from India

The application process starts with filling out the appliance form alongside all the required documents like-
● Offer letter is given by the university (proof of admission)
● Loan application form (filled)
● The estimated cost of study (as per the I-20 form)
● Original education certificates/mark sheets
● Documents of qualifying exams (GRE, TOEFL)
● Residential Proof of student and co-borrower
● IT returns of co-borrower
● PAN card and other identity proofs of student and co-borrower
● Proof of income of co-borrower
● Passport copy
● Details of assets and liabilities of parents/co-applicants.
We at edu loans provide you a single window to upload your documents.

Step 4: Repayment

The repayment for education loan in India for study abroad  starts after the moratorium period (EMI holiday) or as soon as the person gets employment (whichever is earlier). Some financial institutions require you to have partial interest payments during the period of study.The interest is charged even during the study period and therefore the moratorium period but is accrued for overseas education loan.

The Bottom Line!

Eduloans, for years, has helped millions of students to move forward with ease. We match the most convenient lender based on your eligibility, cost, and convenience. We have over 10,000 students on our platform looking to study loans abroad. We have a team of dedicated counselors who are available 24*7 to help you get the best interest rates for your profile. So hurry up and call us today or register on our website.


FAQ’s to Take Education loan In India for Study Abroad

1. What factors determine the loan amount for studying abroad?

To determine the loan amount, evaluate expenses covering hostel and college fees, examination costs, books, travel, and more. Precision in this assessment impacts interest rates and collateral requirements.

2. How can students simplify the process of comparing different lenders?

Utilize Eduloans, a one-window platform, to efficiently compare and choose from various lenders based on parameters like eligibility, course, university, and country.

3. What are the three major criteria for eligibility among lenders for an overseas education loan?

Student profile, co-signer profile (including IT returns, CIBIL score, net worth), and collateral profile (requiring mortgageable assets with proper registration) are essential eligibility criteria.

4. What documents are needed when applying for a study loan abroad?

Required documents include the university offer letter, filled loan application form, estimated study cost, original education certificates, qualifying exam documents, residential proof, IT returns, PAN card, passport copy, and assets/liabilities details.

5. When does the repayment for education loans in India for studying abroad begin?

Repayment typically starts after the moratorium period or upon securing employment, whichever comes earlier. Some institutions may require partial interest payments during the study period.

6. Is interest charged during the study and moratorium period for overseas education loans?

Yes, interest is charged during the study and moratorium period, though it may be accrued for overseas education loans. Some institutions may require partial interest payments during this time.

7. How does Eduloans assist students in finding the right lender?

Eduloans helps students by matching them with the most suitable lender based on eligibility, cost, and convenience. With over 10,000 students on their platform, they provide dedicated counselors available 24/7.

8. What makes Eduloans a reliable platform for study loans abroad?

Eduloans has assisted millions of students, offering a streamlined process to match the most convenient lender based on eligibility, cost, and convenience. The platform has a team of dedicated counselors available 24/7.

9. How can students get the best interest rates for their profile through Eduloans?

Students can call Eduloans or register on their website to connect with dedicated counselors who work to secure the best interest rates based on the student’s profile and needs.

10. How many students are currently on Eduloans’ platform seeking study loans abroad?

Eduloans boasts over 10,000 students on their platform, all seeking study loans abroad. The platform’s extensive network and services make it a valuable resource for aspiring international students.

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