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
The Three Major criteria are
- Student Profile – Student profile includes GPA, Competitive Exams(GRE/GMAT), Course, University and Country.
- Co-signer Profile – Parents IT returns, CIBIL Score, Net Worth and free cash flow are taken into account.
- Collateral Profile – Collateral should be mortgageable which means it should be registered with proper OC & CC.
Step 3: Apply for Study loan for Abroad
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.