A Detailed Guide about Education Loans for Studying Abroad

Pursuing higher education in a foreign country is a dream for many Indian students. It allows them to broaden their horizons by gaining a global perspective and also helps ensure better personal and professional growth. However, the hefty price tag that foreign education comes with is one of the major obstacles that may students face. From tuition fees to accommodation and travel, there are several things one needs to take care of. Availing an education loan for abroad studies provides an ideal solution in such cases.

An Overview of Education Loans

Foreign education loans are financial products designed specifically for students who want to pursue their higher education in a foreign country. These loans help cover all the expenses associated with pursuing higher studies abroad. Nowadays, a large number of financial institutions, like banks and NBFCs offer education loans at highly competitive interest rates. Just like regular education loans, these loans also come with flexible repayment options as well as the facility of a grace period for repayment.

The Eligibility Criteria

The eligibility criteria for education loans to study abroad can vary from one lending institution to another. However, there are a few general conditions that are required by almost every lender:

• The applicant must be an Indian citizen.
• If the student is applying for the loan, they must be above the age of 18 years.
• The applicant must have been accepted to a recognised institute, university, or college abroad.
• Generally, education loans are granted for job-oriented courses. So, the course the applicant is going to pursue must be professional in nature.

Documentation

Here is a list of the common documents that are required by almost every lending institution for an education loan application:

• Identity proof
• Address proof
• Admission letter from a recognised foreign institute
• Fee structure of the institute
• The student’s academic records
• Relevant financial documents (salary slips, income tax returns, bank statements)

There is no denying the fact that foreign education loans can help students turn their dreams into reality without having to worry about the finances. If you’re also someone who wants to study in the USA, the UK, or any other foreign country, there are several loan options that you can choose from. A number of banks and NBFCs offer quick and hassle-free education loans that can pave the way for you towards professional growth.