Every year millions of students aspire to study abroad in top universities and colleges, which require a good financial backup. So some end up facing challenges to fulfil their dream of studying abroad. For such students, opting for education loans provides a relieving source to study abroad and to fulfil your overseas dream. Today, different financial institutions like Public and Private Sector Banks, NBFCs are coming forward to support students who aspire to study abroad with education loans. The education loans covers:
- Tuition and Education Fees
- Fees for the library, laboratory, and hostel
- Purchase of books, equipment, instruments, and uniform.
- Travel expenses.
- Caution money, refundable expenses, and so on.
The eligibility check for a study loan to abroad require:
- The applicant must be of Indian origin.
- Students between the ages of 18 – 35 can apply for an education loan.
- The applicant must have a confirmed admission to a foreign institution.
- The applicant must have an excellent academic record.
- The applicant must have a co-borrower, such as parents or guardians, who will act as a guarantor for the loan.
- A collateral deposit may be required to secure an education loan.
- The applicant must be accompanied by a co-borrower, such as parents or guardians.
Our team of experts at Fuera Global Services, assist you with the process of education loans, acquisitions, documents required etc., Let’s look at the list of the documents needed to apply loan:
- Mark sheet for the most recent qualifying examination.
- Proof of Admission.
- Expense schedule for the course.
- a copy of the letter confirming the scholarship. (if any)
- Two passport-sized photos.
- Statement of the borrower’s bank account for the previous six months.
- Income tax assessment order that is no more than two years old.
- A summary of the borrower’s assets and liabilities.
Some of the top Financial Institutions that support overseas education include,
- State Bank of India
- Punjab National Bank
- Canara Bank
- Bank of Baroda
- ICICI Bank