Student Loans for International and Study Abroad Students
Studying abroad can be a life-changing decision, however, this doesn’t come easy. Those who want to pursue higher studies abroad, but finding it difficult to arrange for funds, now have the option to make arrangements for funding their education. In this article, we will cover each and every detail related to education be it the process to apply for a loan, eligibility or documents required for it.
What all documents required for applying for Education Loan for Study Abroad?
Before applying for an education loan, the applicant must be completely aware of the documents required to apply for a study loan for abroad. Following documents are required to apply for an education loan for abroad studies:
- Filled application form
- Photographs: Passport size photographs of the applicant and the co-applicant.
- Photo ID: Photo ID of the applicant and the co-applicant. It can be a PAN card, driving license, Voter ID card, Aadhar Card, or Passport.
- Residence proof: Resident proof of the applicant and the co-applicant
- Academic documents:
o Mark sheet and certificates of the applicant
o Mark sheet (Score Report) of GRE, GMAT, TOEFL, IELTS etc. whichever is applicable
- Admission proof: Admission letter shared by the university or college.
- Bank statements: Last six months bank statements of the co-applicant
- Income proof: Income proof of the co-applicant
- In case of collateral (immovable property), it can be flat, home, or non-agriculture land the following documents are required:
o Property title deed
o Building approved plan
o NOC for a mortgage from builder or society
What is the procedure for getting an education loan for Studying Abroad?
From loan application to approval and disbursement, the entire loan process is time taking, so it is always advisable to apply for a loan a little early. Follow these steps for applying for a student loan:
- Check the course in which you are going to study is recognized by the banks or not.
- Figure out how much loan amount you require and how much you are going to arrange on your own.
- Compare the rates and schemes provided by different banks
- After finalizing the bank and the loan amount, fill out the application form and approach your bank.
- As soon as your loan is approved, the bank will issue a loan document that includes various elements of the loan.
- After signing the loan document, the bank will disburse the amount in installments or as asked by the university.
For further help please feel free to contact us at 3RDiConsulting, Ms. Kavitta Mehtta 7400133330. We have teams to smoothen the process for you.