Student Loan Eligibility Conditions for Studying Abroad 2023 –Hi everyone! Hope you are all doing well. Welcome back to another Blog. So, guys are you looking for an education loan to fund your educational expenses? If yes then you are on the right platform, because today I will help you provide information related to eligibility conditions to apply for an education loan, and avail opportunities for a bright future. So read the whole blog carefully, and get all the details.
|Minimum- 18 and Maximum- 35
|Good academic record in 10th, 12th and graduation (if applicable)
|Accepted with a conditional or unconditional offer by a foreign university
|Parent, spouse, or parent-in-law
|Land, house, Mutual Funds, Fixed Deposits, etc.
Eligibility Conditions to Apply for Education loans
Now I will tell you about all the general eligibility conditions to apply for an education loan in detail;
Only the permanent resident and nationality holders of India verified by the government of India, are only eligible to apply for the Education loan.
An applicant that is willing to apply for an education loan, must have to follow a range of age limits. The students that are willing to study in India and outside India must range in age from 18 years to 35 years. Applicants that are below the age of 18 years are not eligible to apply for the education loan.
Students having excellent academic careers have a high chance to get education loans. The students that have completed their 10th, 12th, and graduate degrees are eligible to apply for education. No grade or percentage limit is applicable to apply for the education loan. The students that are at the standard below 10th are not eligible to apply for education loans.
University Application status is also necessary to apply for the loan. The students that have secured admission to any Indian or Foreign University are only eligible to apply for the loan.
Co-applicant is an individual that gives a guarantee to the applicant, that will be accountable if a student is unable to pay the debt. The applicant’s parents, guardians, spouses, and parent-in-law (if married) are eligible to become the applicant’s co-applicant.
Every loan is granted against collateral security. If the student is taking a loan below the amount of or amount of INR 7.5 lakhs, then no collateral security is applicable. And, if you want a loan above the amount of INR 7.5 lakhs, then collateral security is applicable in the form of;
- Immovable property or assets like non-agricultural land, house, etc.
- Intangible assets like mutual funds, fixed deposits, life insurance policies, etc.
- Immovable assets or property of the third party (friends, relatives, etc.)
With these above three collateral securities, you can get a loan number ranging from INR 10.5 lakhs to INR 1.5 crores.
The following documents must be attached to the application form to apply for an education loan;
- Evidence of Identity through PAN Card, AADHAAR Card, or Voters ID
- Evidence of Residence through Electricity bill, water bill, LPG/gas pipe bills
- Legal Passport (not expired)
- All academic transcripts-
- Entry Test results (IELTS, TOEFL, GMAT, or GRE)
- Offer Letter offered by the university abroad that has accepted you
- A statement stating your projected cost of studying and living costs
- 2 passport-size photographs
- Preceding Loan statement (if taken)
- Bank Statement
- Details of Co-Applicant
- Student loan application form
Process for Getting an Education Loan
The following steps are involved to apply for an education loan;
- Select the course for which you are going to apply
- Also, estimate the precise tuition fees you are essential to pay for that course
- Make a comparison of the several types of education loans you can apply for and select the one which provides all of your educational expenses
- After selecting the appropriate education loan, fill out the application form carefully on the official website of the relevant bank or by visiting the nearest branch of the bank
- The bank administration will reach you with all the additional information as soon as your loan gets permitted
- After you sign the final legal responsibility form the bank will transfer your loan amount to your account
Top Education Loan Providers in India
Now I will provide you a list of top and great banks and organizations that provide education loans to students for studying abroad, and prove to be suitable and easygoing for the students in previous years;
- HDFC Bank
- State Bank of India
- Axis Bank
- Punjab National Bank
- International Student Loan Program (ISLP)
- Global Student Loan Corporation (GSLC)
How to Improve Chances of Getting a Student Loan to Study Abroad?
After fulfilling the eligibility conditions, you have to make yourself more eligible to get a loan and make a bright chance of getting a loan. If you make yourself more able, then you will get a chance to study at any foreign university, where you want to study. Following are some other tips to improve your chance to get an education loan;
- Marking high grades in IELTS/TOEFL/GMAT/entry tests
- Being selected for a highly reputed foreign university
- Choosing a co-applicant with a strong financial background
- Providing a bright future statement while studying in a foreign university
- Having an excellent academic career
Things to Remember while captivating an Education Loan
Now I will tell you some points, that you have to remember, before applying for an education loan for studying abroad;
- Moratorium period –The moratorium period mentions the period for which you as a debtor are not obligated to begin your debt refunding.
- Loan Margin – Most students choose those education loans because they are not able to pay their university tuition fees. While most banks provide 90% coverage for the tuition fees, the other 10% is mandatory to be organized discretely by the applicant.
- Effects of Exchange Rates – Before submitting the application form for the education loan, check the currency exchange rate of the country you will be going for your studies.
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