When pockets seem to stop you from pursuing your dream to study abroad. This is where comes the idea of taking a scholarship program and foreign education loan. However, how will you decide which one is the perfect choice for you? Here we are going to discuss about Education loan for study abroad – Interest, eligibility, documents. Hence, this is going to be useful information. Make sure to read carefully.
Interesting Right? You can also read 5 Best Government Education Loan for Study Abroad
Interest Rate
The interest rate depends on the provider of the loan. Thus, the interest rate of a public sector bank, private sector bank, or any government scheme may vary for study abroad. For example, public-sector banks like the State bank of India offer an interest of 8.65% per annum, and Bank of Baroda 8.25% per annum for boys and 7.75% per annum for girls students. Whereas, private sector banks like ICICI bank and Axis bank offer an interest rate of 11% per annum. On the other hand, some government schemes provide an interest rate of 4%. Meanwhile, some NBFCs or Non-Banking financial companies offer an interest rate of up to 12% per annum.
Eligibility
- The candidate must be an Indian citizen.
- If the candidate is under 18 years of age then his parents will be responsible for taking out the loan.
- Candidate must have a strong academic profile.
- Candidate must have passed out 10+2 from a recognized board.
- Candidate should have been accepted by any foreign university or educational institution.
- For some government schemes, the candidate’s family’s annual income must be below INR 6 lakhs. However, some private sectors require the guardian to be financially strong.
Documents
- Filled application form
- Passport size Photographs
- ID or proof of authenticity (It can be Aadhar, PAN card, Voter Card, Birth Certificate, Passport, or Driving License)
- Residence Proof
- Academic documents (Marksheets of 10+2/ UG/ PG, Certificates of IELTS/ TOEFL/ GRE/ GMAT based on the requirement, admission letter from a foreign university)
- Bank statement
- Income proof
- Title Deed
- Revenue Document
- NOC and Allotment letter
- Non-Encumbrance certificate
In conclusion, we can say that getting a foreign education loan is not a tough bird to catch. In this article, we did our best to tell you about the education loan for study abroad – interest, eligibility, documents. However, if you have any queries, we would be happy to assist you.
Liked this one? Must check Education loan for study abroad by Gujarat government
