Making Study Abroad Easy
Making Study Abroad Easy
Studying abroad can be a dream come true for many students, but the high cost of tuition and living expenses can make it difficult for some students to afford. Fortunately, there are many options available for students in India looking to finance their education abroad, including education loans from Indian banks. In this blog post, we’ll discuss how to get an education loan from Indian banks to study abroad.
1. Research different loan options:
Before applying for an education loan, it’s important to research the different loan options available to you. Many Indian banks offer education loans for students studying abroad, so it’s important to compare the interest rates, repayment terms, and other features of each loan to find the one that best meets your needs. Some popular options include SBI Global Ed-Vantage Loan, HDFC Credila, Axis Bank Overseas Education Loan, and ICICI Bank Student Travel Loan.
2. Check your eligibility:
To be eligible for an education loan, you must be an Indian citizen and have a good credit history. You’ll also need to meet the bank’s minimum age and income requirements. Additionally, you’ll need to provide proof of your admission to the university or college you’re planning to attend, as well as proof of your ability to repay the loan.
3. Gather required documents:
Once you’ve decided to apply for an education loan, you’ll need to gather the required documents. These may include your passport, proof of admission to the university or college, proof of your income and assets, and a co-signer if required. Additionally, you’ll need to provide a detailed breakdown of the costs associated with your study abroad program, including tuition fees, living expenses, and any other costs.
4. Submit your application:
Once you’ve gathered all the required documents, you can submit your application to the bank. The application process can take several weeks, so it’s important to apply well in advance of your planned departure date.
5. Provide Collateral Security:
Many banks require collateral security for education loans, which can be in the form of property, fixed deposits or National Saving Certificates (NSCs). The value of the collateral security must be equal to or greater than the loan amount.
6. Repayment:
Most education loan schemes have a moratorium period during which the borrower is not required to start repaying the loan. This period starts after the completion of the course or six months after getting a job, whichever is earlier. The repayment period can range from 5 to 15 years. In conclusion, getting an education loan from Indian banks to study abroad is a great way to finance your education. By researching different loan options, checking your eligibility, gathering the required documents, and submitting your application, you can take the first step towards achieving
your goal of studying abroad. Remember to consider all the options, compare the interest rates, repayment terms and other features of each loan and make an informed decision.
